0001812554 2025-01-01 2025-12-31 0001812554 orcic:CommonClassSMember 2025-01-01 2025-12-31 0001812554 orcic:CommonClassDMember 2025-01-01 2025-12-31 0001812554 orcic:CommonClassIMember 2025-01-01 2025-12-31 0001812554 2025-06-30 0001812554 orcic:CommonClassSMember 2026-02-24 0001812554 orcic:CommonClassDMember 2026-02-24 0001812554 orcic:CommonClassIMember 2026-02-24 0001812554 orcic:RisksRelatedToTheEconomyMember 2025-01-01 2025-12-31 0001812554 orcic:RisksRelatedToOurBusinessAndOperationsMember 2025-01-01 2025-12-31 0001812554 orcic:RisksRelatedToOurAdviserAndItsAffiliatesMember 2025-01-01 2025-12-31 0001812554 orcic:RisksRelatedToBusinessDevelopmentCompaniesMember 2025-01-01 2025-12-31 0001812554 orcic:RisksRelatedToOurInvestmentsMember 2025-01-01 2025-12-31 0001812554 orcic:RisksRelatedToInvestmentInOurCommonStockMember 2025-01-01 2025-12-31 0001812554 orcic:RisksRelatedToInvestmentInOurUnsecuredNotesMember 2025-01-01 2025-12-31 0001812554 orcic:RisksRelatedToU.S.FederalIncomeTaxMember 2025-01-01 2025-12-31 0001812554 orcic:GeneralRisksMember 2025-01-01 2025-12-31 0001812554 orcic:GlobalEconomicPoliticalQndMarketConditionsRiskMember 2025-01-01 2025-12-31 0001812554 orcic:CurrentPeriodOfCapitalMarketsDisruptionAndEconomicUncertaintyRiskMember 2025-01-01 2025-12-31 0001812554 orcic:InflationRiskMember 2025-01-01 2025-12-31 0001812554 us-gaap:InterestRateRiskMember 2025-01-01 2025-12-31 0001812554 orcic:LackOfLiquidityInOurInvestmentsRiskMember 2025-01-01 2025-12-31 0001812554 orcic:DebtFinancingAndBorrowingCapacityRiskMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfDefaultUnderCurrentOrFutureBorrowingFacilityMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfInabilityToObtainAdditionalDebtFinancingMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfAdvisersAbilityToManageAndSupportOurInvestmentProcessMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfBlueOwlsRelationshipsWithCorporationsFinancialInstitutionsAndInvestmentFirmsMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfIncreasingCompetitionForInvestmentOpportunitiesMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfInvestmentPortfolioFairValueAsDeterminedByOurAdviserInAccordanceWithProceduresApprovedByOurBoardMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfChangeToOurOperatingPoliciesAndStrategiesByTheBoardWithoutPriorNoticeOrShareholderApprovalMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfUnrealizedDepreciationInOurPortfolioMember 2025-01-01 2025-12-31 0001812554 orcic:CybersecurityRisksAndOtherCyberDataSecurityIncidentsMember 2025-01-01 2025-12-31 0001812554 orcic:CybersecurityRisksAndCyberDataSecurityIIncidentsCouldAdverselyAffectOurBusinessMember 2025-01-01 2025-12-31 0001812554 orcic:RisksFromUseOfAITechnologiesMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfInformationSystemsFailuresMember 2025-01-01 2025-12-31 0001812554 orcic:RiskFromIncreasedDataProtectionRegulationMember 2025-01-01 2025-12-31 0001812554 orcic:RiskFromIncreasedScrutinyFromInvestorsThirdPartyAssessorsAndShareholdersWithRespectToESGRelatedTopicsMember 2025-01-01 2025-12-31 0001812554 orcic:RiskFromESGRelatedIssuesAndTheRegulatoryDisclosureLandscapeMember 2025-01-01 2025-12-31 0001812554 orcic:RiskThatOurAdviserAndItsAffiliatesMayFaceConflictsOfInterestCausedByCompensationArrangementsWithUsAndOurAffiliatesMember 2025-01-01 2025-12-31 0001812554 orcic:RiskThatTimeAndResourcesFromOurAdvisorMayBeDivertedMember 2025-01-01 2025-12-31 0001812554 orcic:RiskThatOurAdviserOrItsAffiliatesMayHaveIncentivesToFavorTheirRespectiveOtherAccountsAndClientsAndorBlueOwlOverUsMember 2025-01-01 2025-12-31 0001812554 orcic:RiskThatOurAdviserMayHaveIncentiveToDelayALiquidityEventMember 2025-01-01 2025-12-31 0001812554 orcic:RiskThatReductionsWaiversOrAbsorptionsOfFeesCanResultInHigherReturnsToShareholdersThanIfFullFeesAndCostsWereChargedMember 2025-01-01 2025-12-31 0001812554 orcic:RiskThatProductsWithinBlueOwlsRealEstatePlatformMayEnterIntoSaleLeaseBackTransactionsWithOurPortfolioCompaniesOrWithBorrowersUnderOurCreditFacilitiesMember 2025-01-01 2025-12-31 0001812554 orcic:RiskThatOurAccessToConfidentialInformationMayRestrictOurAbilityToTakeActionWithRespectToSomeInvestmentsMember 2025-01-01 2025-12-31 0001812554 orcic:RiskWeMayBeObligatedToPayOurAdviserIncentiveFeesEvenIfWeIncurANetLossMember 2025-01-01 2025-12-31 0001812554 orcic:RiskFromRestrictedAbilityToEnterIntoTransactionsWithOurAffiliatesMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfConflictOfInterestFromInvestmentsWeMakeMember 2025-01-01 2025-12-31 0001812554 orcic:RiskFromLimitationOfAdvisersLiabilityUnderTheInvestmentAdvisoryAgreementMember 2025-01-01 2025-12-31 0001812554 orcic:RisksAssociatedWithAnyPotentialMergerWithOrPurchaseOfAssetsOfAnotherFundMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfOurAdvisersFailureToComplyWithPayToPlayLawsRegulationsAndPoliciesMember 2025-01-01 2025-12-31 0001812554 orcic:RiskThatOurAdvisersNetWorthIsNotAvailableToSatisfyOurLiabilitiesAndOtherObligationsMember 2025-01-01 2025-12-31 0001812554 orcic:RiskArisingBecauseOurClassSAndClassDSharesAreEachSubjectToAnOngoingServiceFeeMember 2025-01-01 2025-12-31 0001812554 orcic:RiskThatInvestmentRequirementsCouldPrecludeInvestmentsInAccordanceWithOurCurrentBusinessStrategyMember 2025-01-01 2025-12-31 0001812554 orcic:RiskFromFailureToMaintainOurStatusAsABDCMember 2025-01-01 2025-12-31 0001812554 orcic:RiskThatRegulationsGoverningOurOperationsAsABDCAndRICWillAffectOurAbilityToRaiseCapitalOrBorrowForInvestmentPurposesMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfInvestmentsInPortfolioCompaniesMember 2025-01-01 2025-12-31 0001812554 orcic:RiskFromStrategicInvestmentsMember 2025-01-01 2025-12-31 0001812554 orcic:RisksFromBroadlySyndicatedLoansMember 2025-01-01 2025-12-31 0001812554 orcic:RisksAssociatedWithInvestmentsInBankLoansMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfInsufficientCollateralFromDecreaseInAssetValueMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfLossFromPortfolioCompanyDefaultsMember 2025-01-01 2025-12-31 0001812554 orcic:RiskThatWeMayNotRealizeAnyIncomeOrGainsFromOurEquityInvestmentsMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfAnInvestmentStrategyFocusedPrimarilyOnPrivatelyHeldCompaniesMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfInvestingInPubliclyTradedCompaniesMember 2025-01-01 2025-12-31 0001812554 orcic:RiskThatTheCreditRatingsOfCertainInvestmentsMayNotBeIndicativeOfTheActualCreditRiskOfSuchRatedInvestmentsMember 2025-01-01 2025-12-31 0001812554 orcic:RiskThatPrepaymentOfDebtInvestmentsByOurPortfolioCompaniesCouldAdverselyImpactOurResultsOfOperationsAndReduceOurReturnOnEquityMember 2025-01-01 2025-12-31 0001812554 orcic:RiskThatRedemptionOfConvertibleSecuritiesHeldByUsCouldHaveAnAdverseEffectOnOurAbilityToAchieveOurInvestmentObjectiveMember 2025-01-01 2025-12-31 0001812554 orcic:RisksAssociatedWithDeferredReceiptOfCashRepresentingOriginalIssueDiscountOIDAndPaymentInKindPIKInterestIncomeMember 2025-01-01 2025-12-31 0001812554 orcic:RiskThatOurPortfolioCompaniesMayIncurDebtThatRanksEquallyWithOrSeniorToOurInvestmentsInSuchCompaniesMember 2025-01-01 2025-12-31 0001812554 orcic:RiskThatOurPortfolioCompaniesMayBeHighlyLeveragedMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfAdverselyAffectedAbilityToAcquireInvestmentsAndExpandOperationsIfWeCannotObtainDebtFinancingOrEquityCapitalOnAcceptableTermsMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfDefaultsByOurPortfolioCompaniesMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfSubordinatedLiensOnCollateralSecuringInvestmentsWeMakeToPortfolioCompaniesMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfLawsRelatingToFraudulentConveyanceOrVoidablePreferencesAdverselyAffectingOurInvestmentsMember 2025-01-01 2025-12-31 0001812554 orcic:RiskFromCircumstancesWhereOurDebtCouldBeSubordinatedToClaimsOfOtherCreditorsOrWeCouldBeSubjectToLenderLiabilityClaimsMember 2025-01-01 2025-12-31 0001812554 orcic:RiskThatWeMayNotBeAbleToDisposeOfInterestsInOurPortfolioCompaniesMember 2025-01-01 2025-12-31 0001812554 orcic:RisksAssociatedWithChangesInInterestRatesMember 2025-01-01 2025-12-31 0001812554 orcic:InternationalInvestmentRiskMember 2025-01-01 2025-12-31 0001812554 orcic:RiskFromRiskManagementActivitiesMember 2025-01-01 2025-12-31 0001812554 orcic:RiskToUseOfOverTheCounterDerivativesForHedgingPurposesImposedByTheDoddFrankActTheU.S.CommodityFuturesTradingCommissionAndTheSECMember 2025-01-01 2025-12-31 0001812554 orcic:RiskFromLimitedAbilityToEnterIntoTransactionsInvolvingDerivativesAndFinancialCommitmentTransactionsMember 2025-01-01 2025-12-31 0001812554 orcic:LeverageRiskMember 2025-01-01 2025-12-31 0001812554 orcic:RiskFromConcentrationOfPortfolioCompaniesOrIndustriesMember 2025-01-01 2025-12-31 0001812554 orcic:LicenseRiskMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfInvestmentAnalysisAndDecisionsByOurAdviserUndertakenOnAnExpeditedBasisMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfInsufficientFundsOrInabilityToMakeAdditionalInvestmentsInOurPortfolioCompaniesMember 2025-01-01 2025-12-31 0001812554 orcic:CLOPreferredSharesRiskMember 2025-01-01 2025-12-31 0001812554 orcic:RiskFromTheSubordinationOfTheCLOPreferredSharesMember 2025-01-01 2025-12-31 0001812554 orcic:RiskFromLimitedRightsInConnectionWithAnEventOfDefaultOrDistributionsUnderTheCLOIndenturesMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfMandatoryRedemptionOfCLODebtForFailureToSatisfyCoverageTestsMember 2025-01-01 2025-12-31 0001812554 orcic:ClimateChangeAndClimateRelatedRisksMember 2025-01-01 2025-12-31 0001812554 orcic:StockSubscriptionPriceRiskMember 2025-01-01 2025-12-31 0001812554 orcic:ShareRepurchaseProgramRisksMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfShareholderInterestDilutionMember 2025-01-01 2025-12-31 0001812554 orcic:RiskThatCertainProvisionsOfOurCharterAndActionsOfOurBoardCouldDeterTakeoverAttemptsAndHaveAnAdverseImpactOnTheValueOfSharesOfOurCommonStockMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfInvestingInOurSecuritiesMember 2025-01-01 2025-12-31 0001812554 orcic:RiskThatTheValueOfOurCommonStockMayFluctuateSignificantlyMember 2025-01-01 2025-12-31 0001812554 orcic:RiskThatWeMayExperienceFluctuationsInOurQuarterlyResultsMember 2025-01-01 2025-12-31 0001812554 orcic:RiskFromUncertaintyOfAmountOfAnyDistributionsWeMayMakeOnOurCommonStockMember 2025-01-01 2025-12-31 0001812554 orcic:RiskThatDistributionsOnOurCommonStockMayExceedOurTaxableEarningsAndProfitsMember 2025-01-01 2025-12-31 0001812554 orcic:RiskThatStockholdersCouldReceiveSharesOfOurCommonStockAsDividendsWhichCouldResultInAdverseTaxConsequencesMember 2025-01-01 2025-12-31 0001812554 orcic:RiskThatShareholdersWillExperienceDilutionToTheirOwnershipPercentageIfTheyDoNotParticipateInOurDistributionReinvestmentPlanMember 2025-01-01 2025-12-31 0001812554 orcic:RiskThatPreferredStockCouldBeIssuedWithRightsAndPreferencesThatWouldAdverselyAffectHoldersOfOurCommonStockMember 2025-01-01 2025-12-31 0001812554 orcic:RiskThatTheNetAssetValueOfOurCommonStockMayBecomeMoreVolatileIfWeIssuePreferredStockOrConvertibleDebtSecuritiesMember 2025-01-01 2025-12-31 0001812554 orcic:RiskThatHoldersOfAnyPreferredStockThatWeMayIssueWillHaveTheRightToElectCertainMembersOfTheBoardAndHaveClassVotingRightsOnCertainMattersMember 2025-01-01 2025-12-31 0001812554 orcic:RiskToAbilityToRaiseCapitalFromComplianceWithTheSECsRegulationBestInterestByParticipatingBrokerDealersMember 2025-01-01 2025-12-31 0001812554 orcic:UnsecuredNotesSubordinatedRiskMember 2025-01-01 2025-12-31 0001812554 orcic:UnsecuredNotesSubordinatedToDebtAndOtherLiabilitiesOfSubsidiariesRiskMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfDowngradeSuspensionOrWithdrawalOfCreditRatingAssignedByARatingAgencyToOurNotesMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfAnIncreaseInMarketInterestRatesResultingInADecreaseInTheMarketValueOfUnsecuredNotesMember 2025-01-01 2025-12-31 0001812554 orcic:LimitedProtectionForHoldersOfUnsecuredNotesRiskMember 2025-01-01 2025-12-31 0001812554 orcic:RiskThatOptionalRedemptionProvisionMayAdverselyImpactReturnOnTheUnsecuredNotesMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfInabilityToRepurchaseUnsecuredNotesUponAChangeOfControlRepurchaseEventMember 2025-01-01 2025-12-31 0001812554 orcic:UnsecuredNotesActiveTradingMarketDevelopmentRiskMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfInvestmentsInAustralianDebtIssuanceProgramAndGMTNProgramMember 2025-01-01 2025-12-31 0001812554 orcic:NewTaxLegislationRiskMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfLosingTaxTreatmentAsARICUnderSubchapterMOfTheCodeMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfPayingRequiredDistributionsFromRecognizedIncomeBeforeReceivingCashMember 2025-01-01 2025-12-31 0001812554 orcic:TreamentAsAPubliclyOfferedRegisteredInvestmentCompanyRiskMember 2025-01-01 2025-12-31 0001812554 orcic:RiskFromChangesInLawsOrRegulationsMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfHeightenedScrutinyOfTheFinancialServiceIndustryMateriallyAndAdverselyAffectingTheBusinessMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfMarylandGeneralCorporateLawAndOurCharterAndBylawsDeteringTakeoverAttemptsMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfUnfavorableJudicialForumForDisputesMember 2025-01-01 2025-12-31 0001812554 orcic:RiskOfCostsToComplyWithRequirementsOfBeingAPublicEntityMember 2025-01-01 2025-12-31 0001812554 orcic:CommonClassSMember 2023-02-28 2023-02-28 0001812554 orcic:CommonClassDMember 2023-02-28 2023-02-28 0001812554 orcic:CommonClassIMember 2023-02-28 2023-02-28 0001812554 orcic:CommonClassSMember 2023-05-31 2023-05-31 0001812554 orcic:CommonClassDMember 2023-05-31 2023-05-31 0001812554 orcic:CommonClassIMember 2023-05-31 2023-05-31 0001812554 orcic:CommonClassSMember 2023-08-24 2023-08-24 0001812554 orcic:CommonClassDMember 2023-08-24 2023-08-24 0001812554 orcic:CommonClassIMember 2023-08-24 2023-08-24 0001812554 orcic:CommonClassSMember 2023-11-27 2023-11-27 0001812554 orcic:CommonClassDMember 2023-11-27 2023-11-27 0001812554 orcic:CommonClassIMember 2023-11-27 2023-11-27 0001812554 orcic:CommonClassSMember 2024-02-27 2024-02-27 0001812554 orcic:CommonClassDMember 2024-02-27 2024-02-27 0001812554 orcic:CommonClassIMember 2024-02-27 2024-02-27 0001812554 orcic:CommonClassSMember 2024-05-24 2024-05-24 0001812554 orcic:CommonClassDMember 2024-05-24 2024-05-24 0001812554 orcic:CommonClassIMember 2024-05-24 2024-05-24 0001812554 orcic:CommonClassSMember 2024-08-30 2024-08-30 0001812554 orcic:CommonClassDMember 2024-08-30 2024-08-30 0001812554 orcic:CommonClassIMember 2024-08-30 2024-08-30 0001812554 orcic:CommonClassSMember 2024-11-26 2024-11-26 0001812554 orcic:CommonClassDMember 2024-11-26 2024-11-26 0001812554 orcic:CommonClassIMember 2024-11-26 2024-11-26 0001812554 orcic:CommonClassSMember 2025-02-26 2025-02-26 0001812554 orcic:CommonClassDMember 2025-02-26 2025-02-26 0001812554 orcic:CommonClassIMember 2025-02-26 2025-02-26 0001812554 orcic:CommonClassSMember 2025-05-23 2025-05-23 0001812554 orcic:CommonClassDMember 2025-05-23 2025-05-23 0001812554 orcic:CommonClassIMember 2025-05-23 2025-05-23 0001812554 orcic:CommonClassSMember 2025-08-26 2025-08-26 0001812554 orcic:CommonClassDMember 2025-08-26 2025-08-26 0001812554 orcic:CommonClassIMember 2025-08-26 2025-08-26 0001812554 orcic:CommonClassSMember 2025-11-26 2025-11-26 0001812554 orcic:CommonClassDMember 2025-11-26 2025-11-26 0001812554 orcic:CommonClassIMember 2025-11-26 2025-11-26 0001812554 orcic:PromissoryNoteMember 2025-12-31 0001812554 orcic:PromissoryNoteMember 2024-12-31 0001812554 orcic:PromissoryNoteMember 2023-12-31 0001812554 orcic:PromissoryNoteMember 2022-12-31 0001812554 orcic:PromissoryNoteMember 2021-12-31 0001812554 orcic:PromissoryNoteMember 2020-12-31 0001812554 orcic:SPVAssetFacilityIMember 2025-12-31 0001812554 orcic:SPVAssetFacilityIMember 2024-12-31 0001812554 orcic:SPVAssetFacilityIMember 2023-12-31 0001812554 orcic:SPVAssetFacilityIMember 2022-12-31 0001812554 orcic:SPVAssetFacilityIMember 2021-12-31 0001812554 orcic:SPVAssetFacilityIIMember 2025-12-31 0001812554 orcic:SPVAssetFacilityIIMember 2024-12-31 0001812554 orcic:SPVAssetFacilityIIMember 2023-12-31 0001812554 orcic:SPVAssetFacilityIIMember 2022-12-31 0001812554 orcic:SPVAssetFacilityIIMember 2021-12-31 0001812554 orcic:SPVAssetFacilityIIIMember 2025-12-31 0001812554 orcic:SPVAssetFacilityIIIMember 2024-12-31 0001812554 orcic:SPVAssetFacilityIIIMember 2023-12-31 0001812554 orcic:SPVAssetFacilityIIIMember 2022-12-31 0001812554 orcic:SPVAssetFacilityIVMember 2025-12-31 0001812554 orcic:SPVAssetFacilityIVMember 2024-12-31 0001812554 orcic:SPVAssetFacilityIVMember 2023-12-31 0001812554 orcic:SPVAssetFacilityIVMember 2022-12-31 0001812554 orcic:SPVAssetFacilityVMember 2025-12-31 0001812554 orcic:SPVAssetFacilityVMember 2024-12-31 0001812554 orcic:SPVAssetFacilityVMember 2023-12-31 0001812554 orcic:SPVAssetFacilityVIMember 2025-12-31 0001812554 orcic:SPVAssetFacilityVIMember 2024-12-31 0001812554 orcic:SPVAssetFacilityVIMember 2023-12-31 0001812554 orcic:SPVAssetFacilityVIIMember 2025-12-31 0001812554 orcic:SPVAssetFacilityVIIMember 2024-12-31 0001812554 orcic:SPVAssetFacilityVIIIMember 2025-12-31 0001812554 orcic:SPVAssetFacilityVIIIMember 2024-12-31 0001812554 orcic:SPVAssetFacilityIXMember 2025-12-31 0001812554 orcic:SPVAssetFacilityXMember 2025-12-31 0001812554 orcic:CLOVIIIMember 2025-12-31 0001812554 orcic:CLOVIIIMember 2024-12-31 0001812554 orcic:CLOVIIIMember 2023-12-31 0001812554 orcic:CLOVIIIMember 2022-12-31 0001812554 orcic:CLOXIMember 2025-12-31 0001812554 orcic:CLOXIMember 2024-12-31 0001812554 orcic:CLOXIMember 2023-12-31 0001812554 orcic:CLOXIIMember 2025-12-31 0001812554 orcic:CLOXIIMember 2024-12-31 0001812554 orcic:CLOXIIMember 2023-12-31 0001812554 orcic:CLOXVMember 2025-12-31 0001812554 orcic:CLOXVMember 2024-12-31 0001812554 orcic:CLOXVIMember 2025-12-31 0001812554 orcic:CLOXVIMember 2024-12-31 0001812554 orcic:CLOXVIIMember 2025-12-31 0001812554 orcic:CLOXVIIMember 2024-12-31 0001812554 orcic:CLOXVIIIMember 2025-12-31 0001812554 orcic:CLOXVIIIMember 2024-12-31 0001812554 orcic:CLOXIXMember 2025-12-31 0001812554 orcic:CLOXIXMember 2024-12-31 0001812554 orcic:CLOXXIIMember 2025-12-31 0001812554 orcic:SeniorSecuredRevolvingCreditFacilityMember 2025-12-31 0001812554 orcic:SeniorSecuredRevolvingCreditFacilityMember 2024-12-31 0001812554 orcic:SeniorSecuredRevolvingCreditFacilityMember 2023-12-31 0001812554 orcic:SeniorSecuredRevolvingCreditFacilityMember 2022-12-31 0001812554 orcic:SeniorSecuredRevolvingCreditFacilityMember 2021-12-31 0001812554 orcic:September2026NotesMember 2025-12-31 0001812554 orcic:September2026NotesMember 2024-12-31 0001812554 orcic:September2026NotesMember 2023-12-31 0001812554 orcic:September2026NotesMember 2022-12-31 0001812554 orcic:September2026NotesMember 2021-12-31 0001812554 orcic:February2027NotesMember 2025-12-31 0001812554 orcic:February2027NotesMember 2024-12-31 0001812554 orcic:February2027NotesMember 2023-12-31 0001812554 orcic:February2027NotesMember 2022-12-31 0001812554 orcic:September2027NotesMember 2025-12-31 0001812554 orcic:September2027NotesMember 2024-12-31 0001812554 orcic:September2027NotesMember 2023-12-31 0001812554 orcic:September2027NotesMember 2022-12-31 0001812554 orcic:AUD2027NotesMember 2025-12-31 0001812554 orcic:AUD2027NotesMember 2024-12-31 0001812554 orcic:May2028NotesMember 2025-12-31 0001812554 orcic:June2028NotesMember 2025-12-31 0001812554 orcic:June2028NotesMember 2024-12-31 0001812554 orcic:June2028NotesMember 2023-12-31 0001812554 orcic:March2025NotesMember 2025-12-31 0001812554 orcic:March2025NotesMember 2024-12-31 0001812554 orcic:March2025NotesMember 2023-12-31 0001812554 orcic:March2025NotesMember 2022-12-31 0001812554 orcic:January2029NotesMember 2025-12-31 0001812554 orcic:January2029NotesMember 2024-12-31 0001812554 orcic:January2029NotesMember 2023-12-31 0001812554 orcic:September2029NotesMember 2025-12-31 0001812554 orcic:September2029NotesMember 2024-12-31 0001812554 orcic:March2030NotesMember 2025-12-31 0001812554 orcic:March2030NotesMember 2024-12-31 0001812554 orcic:EUR2031NotesMember 2025-12-31 0001812554 orcic:March2031NotesMember 2025-12-31 0001812554 orcic:March2031NotesMember 2024-12-31 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2025-01-01 2025-12-31 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2025-01-01 2025-12-31 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2025-01-01 2025-12-31 0001812554 orcic:ContinuousPublicOfferingMember 2025-01-01 2025-12-31 0001812554 orcic:CommonClassSMember us-gaap:PrivatePlacementMember 2025-01-01 2025-12-31 0001812554 orcic:CommonClassDMember us-gaap:PrivatePlacementMember 2025-01-01 2025-12-31 0001812554 orcic:CommonClassIMember us-gaap:PrivatePlacementMember 2025-01-01 2025-12-31 0001812554 us-gaap:PrivatePlacementMember 2025-01-01 2025-12-31 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2024-01-01 2024-12-31 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2024-01-01 2024-12-31 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2024-01-01 2024-12-31 0001812554 orcic:ContinuousPublicOfferingMember 2024-01-01 2024-12-31 0001812554 orcic:CommonClassSMember us-gaap:PrivatePlacementMember 2024-01-01 2024-12-31 0001812554 orcic:CommonClassDMember us-gaap:PrivatePlacementMember 2024-01-01 2024-12-31 0001812554 orcic:CommonClassIMember us-gaap:PrivatePlacementMember 2024-01-01 2024-12-31 0001812554 us-gaap:PrivatePlacementMember 2024-01-01 2024-12-31 0001812554 orcic:CommonClassSMember 2024-01-01 2024-12-31 0001812554 orcic:CommonClassDMember 2024-01-01 2024-12-31 0001812554 orcic:CommonClassIMember 2024-01-01 2024-12-31 0001812554 2024-01-01 2024-12-31 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2024-01-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2024-02-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2024-03-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2024-04-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2024-05-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2024-06-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2024-07-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2024-08-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2024-09-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2024-10-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2024-11-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2024-12-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2025-01-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2025-02-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2025-03-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2025-04-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2025-05-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2025-06-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2025-07-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2025-08-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2025-09-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2025-10-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2025-11-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2025-12-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2024-01-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2024-02-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2024-03-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2024-04-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2024-05-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2024-06-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2024-07-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2024-08-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2024-09-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2024-10-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2024-11-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2024-12-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2025-01-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2025-02-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2025-03-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2025-04-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2025-05-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2025-06-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2025-07-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2025-08-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2025-09-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2025-10-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2025-11-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2025-12-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2024-01-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2024-02-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2024-03-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2024-04-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2024-05-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2024-06-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2024-07-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2024-08-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2024-09-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2024-10-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2024-11-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2024-12-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2025-01-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2025-02-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2025-03-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2025-04-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2025-05-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2025-06-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2025-07-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2025-08-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2025-09-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2025-10-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2025-11-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2025-12-01 0001812554 orcic:O2025M1DividendsMember 2025-01-01 2025-12-31 0001812554 orcic:O2025M1DividendsMember orcic:CommonClassSMember 2025-01-31 2025-01-31 0001812554 orcic:O2025M1DividendsMember orcic:CommonClassDMember 2025-01-31 2025-01-31 0001812554 orcic:O2025M1DividendsMember orcic:CommonClassIMember 2025-01-31 2025-01-31 0001812554 orcic:O2025M2DividendsMember 2025-01-01 2025-12-31 0001812554 orcic:O2025M2DividendsMember orcic:CommonClassSMember 2025-02-28 2025-02-28 0001812554 orcic:O2025M2DividendsMember orcic:CommonClassDMember 2025-02-28 2025-02-28 0001812554 orcic:O2025M2DividendsMember orcic:CommonClassIMember 2025-02-28 2025-02-28 0001812554 orcic:O2025M3DividendsMember 2025-01-01 2025-12-31 0001812554 orcic:O2025M3DividendsMember orcic:CommonClassSMember 2025-03-31 2025-03-31 0001812554 orcic:O2025M3DividendsMember orcic:CommonClassDMember 2025-03-31 2025-03-31 0001812554 orcic:O2025M3DividendsMember orcic:CommonClassIMember 2025-03-31 2025-03-31 0001812554 orcic:O2025M4DividendsMember 2025-01-01 2025-12-31 0001812554 orcic:O2025M4DividendsMember orcic:CommonClassSMember 2025-04-30 2025-04-30 0001812554 orcic:O2025M4DividendsMember orcic:CommonClassDMember 2025-04-30 2025-04-30 0001812554 orcic:O2025M4DividendsMember orcic:CommonClassIMember 2025-04-30 2025-04-30 0001812554 orcic:O2025M5DividendsMember 2025-01-01 2025-12-31 0001812554 orcic:O2025M5DividendsMember orcic:CommonClassSMember 2025-05-30 2025-05-30 0001812554 orcic:O2025M5DividendsMember orcic:CommonClassDMember 2025-05-30 2025-05-30 0001812554 orcic:O2025M5DividendsMember orcic:CommonClassIMember 2025-05-30 2025-05-30 0001812554 orcic:O2025M6DividendsMember 2025-01-01 2025-12-31 0001812554 orcic:O2025M6DividendsMember orcic:CommonClassSMember 2025-06-30 2025-06-30 0001812554 orcic:O2025M6DividendsMember orcic:CommonClassDMember 2025-06-30 2025-06-30 0001812554 orcic:O2025M6DividendsMember orcic:CommonClassIMember 2025-06-30 2025-06-30 0001812554 orcic:O2025M7DividendsMember 2025-01-01 2025-12-31 0001812554 orcic:O2025M7DividendsMember orcic:CommonClassSMember 2025-07-31 2025-07-31 0001812554 orcic:O2025M7DividendsMember orcic:CommonClassDMember 2025-07-31 2025-07-31 0001812554 orcic:O2025M7DividendsMember orcic:CommonClassIMember 2025-07-31 2025-07-31 0001812554 orcic:O2025M8DividendsMember 2025-01-01 2025-12-31 0001812554 orcic:O2025M8DividendsMember orcic:CommonClassSMember 2025-08-29 2025-08-29 0001812554 orcic:O2025M8DividendsMember orcic:CommonClassDMember 2025-08-29 2025-08-29 0001812554 orcic:O2025M8DividendsMember orcic:CommonClassIMember 2025-08-29 2025-08-29 0001812554 orcic:O2025M9DividendsMember 2025-01-01 2025-12-31 0001812554 orcic:O2025M9DividendsMember orcic:CommonClassSMember 2025-09-30 2025-09-30 0001812554 orcic:O2025M9DividendsMember orcic:CommonClassDMember 2025-09-30 2025-09-30 0001812554 orcic:O2025M9DividendsMember orcic:CommonClassIMember 2025-09-30 2025-09-30 0001812554 orcic:O2025M10DividendsMember 2025-01-01 2025-12-31 0001812554 orcic:O2025M10DividendsMember orcic:CommonClassSMember 2025-10-31 2025-10-31 0001812554 orcic:O2025M10DividendsMember orcic:CommonClassDMember 2025-10-31 2025-10-31 0001812554 orcic:O2025M10DividendsMember orcic:CommonClassIMember 2025-10-31 2025-10-31 0001812554 orcic:O2025M11DividendsMember 2025-01-01 2025-12-31 0001812554 orcic:O2025M11DividendsMember orcic:CommonClassSMember 2025-11-28 2025-11-28 0001812554 orcic:O2025M11DividendsMember orcic:CommonClassDMember 2025-11-28 2025-11-28 0001812554 orcic:O2025M11DividendsMember orcic:CommonClassIMember 2025-11-28 2025-11-28 0001812554 orcic:O2025M12DividendsMember 2025-01-01 2025-12-31 0001812554 orcic:O2025M12DividendsMember orcic:CommonClassSMember 2025-12-31 2025-12-31 0001812554 orcic:O2025M12DividendsMember orcic:CommonClassDMember 2025-12-31 2025-12-31 0001812554 orcic:O2025M12DividendsMember orcic:CommonClassIMember 2025-12-31 2025-12-31 0001812554 orcic:O2024M1DividendsMember 2024-01-01 2024-12-31 0001812554 orcic:O2024M1DividendsMember orcic:CommonClassSMember 2024-01-31 2024-01-31 0001812554 orcic:O2024M1DividendsMember orcic:CommonClassDMember 2024-01-31 2024-01-31 0001812554 orcic:O2024M1DividendsMember orcic:CommonClassIMember 2024-01-31 2024-01-31 0001812554 orcic:O2024M2DividendsMember 2024-01-01 2024-12-31 0001812554 orcic:O2024M2DividendsMember orcic:CommonClassSMember 2024-02-29 2024-02-29 0001812554 orcic:O2024M2DividendsMember orcic:CommonClassDMember 2024-02-29 2024-02-29 0001812554 orcic:O2024M2DividendsMember orcic:CommonClassIMember 2024-02-29 2024-02-29 0001812554 orcic:O2024M3DividendsMember 2024-01-01 2024-12-31 0001812554 orcic:O2024M3DividendsMember orcic:CommonClassSMember 2024-03-29 2024-03-29 0001812554 orcic:O2024M3DividendsMember orcic:CommonClassDMember 2024-03-29 2024-03-29 0001812554 orcic:O2024M3DividendsMember orcic:CommonClassIMember 2024-03-29 2024-03-29 0001812554 orcic:O2024M4DividendsMember 2024-01-01 2024-12-31 0001812554 orcic:O2024M4DividendsMember orcic:CommonClassSMember 2024-04-30 2024-04-30 0001812554 orcic:O2024M4DividendsMember orcic:CommonClassDMember 2024-04-30 2024-04-30 0001812554 orcic:O2024M4DividendsMember orcic:CommonClassIMember 2024-04-30 2024-04-30 0001812554 orcic:O2024M5DividendsMember 2024-01-01 2024-12-31 0001812554 orcic:O2024M5DividendsMember orcic:CommonClassSMember 2024-05-31 2024-05-31 0001812554 orcic:O2024M5DividendsMember orcic:CommonClassDMember 2024-05-31 2024-05-31 0001812554 orcic:O2024M5DividendsMember orcic:CommonClassIMember 2024-05-31 2024-05-31 0001812554 orcic:O2024M6DividendsMember 2024-01-01 2024-12-31 0001812554 orcic:O2024M6DividendsMember orcic:CommonClassSMember 2024-06-28 2024-06-28 0001812554 orcic:O2024M6DividendsMember orcic:CommonClassDMember 2024-06-28 2024-06-28 0001812554 orcic:O2024M6DividendsMember orcic:CommonClassIMember 2024-06-28 2024-06-28 0001812554 orcic:O2024M7DividendsMember 2024-01-01 2024-12-31 0001812554 orcic:O2024M7DividendsMember orcic:CommonClassSMember 2024-07-31 2024-07-31 0001812554 orcic:O2024M7DividendsMember orcic:CommonClassDMember 2024-07-31 2024-07-31 0001812554 orcic:O2024M7DividendsMember orcic:CommonClassIMember 2024-07-31 2024-07-31 0001812554 orcic:O2024M8DividendsMember 2024-01-01 2024-12-31 0001812554 orcic:O2024M8DividendsMember orcic:CommonClassSMember 2024-08-31 2024-08-31 0001812554 orcic:O2024M8DividendsMember orcic:CommonClassDMember 2024-08-31 2024-08-31 0001812554 orcic:O2024M8DividendsMember orcic:CommonClassIMember 2024-08-31 2024-08-31 0001812554 orcic:O2024M9DividendsMember 2024-01-01 2024-12-31 0001812554 orcic:O2024M9DividendsMember orcic:CommonClassSMember 2024-09-30 2024-09-30 0001812554 orcic:O2024M9DividendsMember orcic:CommonClassDMember 2024-09-30 2024-09-30 0001812554 orcic:O2024M9DividendsMember orcic:CommonClassIMember 2024-09-30 2024-09-30 0001812554 orcic:O2024M10DividendsMember 2024-01-01 2024-12-31 0001812554 orcic:O2024M10DividendsMember orcic:CommonClassSMember 2024-10-31 2024-10-31 0001812554 orcic:O2024M10DividendsMember orcic:CommonClassDMember 2024-10-31 2024-10-31 0001812554 orcic:O2024M10DividendsMember orcic:CommonClassIMember 2024-10-31 2024-10-31 0001812554 orcic:O2024M11DividendsMember 2024-01-01 2024-12-31 0001812554 orcic:O2024M11DividendsMember orcic:CommonClassSMember 2024-11-29 2024-11-29 0001812554 orcic:O2024M11DividendsMember orcic:CommonClassDMember 2024-11-29 2024-11-29 0001812554 orcic:O2024M11DividendsMember orcic:CommonClassIMember 2024-11-29 2024-11-29 0001812554 orcic:O2024M12DividendsMember 2024-01-01 2024-12-31 0001812554 orcic:O2024M12DividendsMember orcic:CommonClassSMember 2024-12-31 2024-12-31 0001812554 orcic:O2024M12DividendsMember orcic:CommonClassDMember 2024-12-31 2024-12-31 0001812554 orcic:O2024M12DividendsMember orcic:CommonClassIMember 2024-12-31 2024-12-31 0001812554 us-gaap:CommonStockMember 2025-01-01 2025-12-31 0001812554 us-gaap:CommonStockMember 2024-01-01 2024-12-31 0001812554 us-gaap:RevolvingCreditFacilityMember orcic:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:SPVAssetFacilityIMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:SPVAssetFacilityIIMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:SPVAssetFacilityIIIMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:SPVAssetFacilityIVMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:SPVAssetFacilityVMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:SPVAssetFacilityVIMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:SPVAssetFacilityVIIMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:SPVAssetFacilityVIIIMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:SPVAssetFacilityIXMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:SPVAssetFacilityXNettingMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:CLOVIIIMember us-gaap:SecuredDebtMember 2025-12-31 0001812554 orcic:CLOXIMember us-gaap:SecuredDebtMember 2025-12-31 0001812554 orcic:CLOXVMember us-gaap:SecuredDebtMember 2025-12-31 0001812554 orcic:CLOXVIMember us-gaap:SecuredDebtMember 2025-12-31 0001812554 orcic:CLOXVIIMember us-gaap:SecuredDebtMember 2025-12-31 0001812554 orcic:CLOXVIIIMember us-gaap:SecuredDebtMember 2025-12-31 0001812554 orcic:CLOXIXMember us-gaap:SecuredDebtMember 2025-12-31 0001812554 orcic:CLOXXIIMember us-gaap:SecuredDebtMember 2025-12-31 0001812554 orcic:September2026NotesMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:February2027NotesMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:September2027NotesMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:AUD2027NotesMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:May2028NotesMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:June2028NotesMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:January2029NotesMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:September2029NotesMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:March2030NotesMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:EUR2031NotesMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:March2031NotesMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 2025-12-31 0001812554 us-gaap:RevolvingCreditFacilityMember orcic:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:SPVAssetFacilityIMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:SPVAssetFacilityIIMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:SPVAssetFacilityIIIMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:SPVAssetFacilityIVMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:SPVAssetFacilityVMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:SPVAssetFacilityVIMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:SPVAssetFacilityVIIMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:SPVAssetFacilityVIIIMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:CLOVIIIMember us-gaap:SecuredDebtMember 2024-12-31 0001812554 orcic:CLOXIMember us-gaap:SecuredDebtMember 2024-12-31 0001812554 orcic:CLOXIIMember us-gaap:SecuredDebtMember 2024-12-31 0001812554 orcic:CLOXVMember us-gaap:SecuredDebtMember 2024-12-31 0001812554 orcic:CLOXVIMember us-gaap:SecuredDebtMember 2024-12-31 0001812554 orcic:CLOXVIIMember us-gaap:SecuredDebtMember 2024-12-31 0001812554 orcic:CLOXVIIIMember us-gaap:SecuredDebtMember 2024-12-31 0001812554 orcic:CLOXIXMember us-gaap:SecuredDebtMember 2024-12-31 0001812554 orcic:March2025NotesMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:September2026NotesMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:February2027NotesMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:September2027NotesMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:AUD2027NotesMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:June2028NotesMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:January2029NotesMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:September2029NotesMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:March2030NotesMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:March2031NotesMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 2024-12-31 0001812554 orcic:RevolvingLoanCommitmentsMember 2025-12-31 0001812554 orcic:RevolvingLoanCommitmentsMember 2024-12-31 0001812554 orcic:DelayedDrawLoanCommitmentsMember 2025-12-31 0001812554 orcic:DelayedDrawLoanCommitmentsMember 2024-12-31 0001812554 orcic:TotalUnfundedDebtCommitmentsMember 2025-12-31 0001812554 orcic:TotalUnfundedDebtCommitmentsMember 2024-12-31 0001812554 orcic:SpecialtyFinanceEquityCommitmentsMember 2025-12-31 0001812554 orcic:SpecialtyFinanceEquityCommitmentsMember 2024-12-31 0001812554 orcic:CommonEquityCommitmentsMember 2025-12-31 0001812554 orcic:CommonEquityCommitmentsMember 2024-12-31 0001812554 orcic:EquityCommitmentsMember 2025-12-31 0001812554 orcic:EquityCommitmentsMember 2024-12-31 0001812554 orcic:AdviserMember orcic:InvestmentAdvisoryAgreementOrganizationAndOfferingCostsMember srt:AffiliatedEntityMember 2020-04-22 2025-12-31 0001812554 orcic:InvestmentAdvisoryAgreementMember srt:AffiliatedEntityMember 2020-04-22 2025-12-31 0001812554 orcic:SPVAssetFacilityXMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001812554 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2025-12-31 0001812554 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2024-12-31 0001812554 us-gaap:InvestmentAffiliatedIssuerControlledMember 2025-12-31 0001812554 us-gaap:InvestmentAffiliatedIssuerControlledMember 2024-12-31 0001812554 orcic:CommonClassSMember 2024-12-31 0001812554 orcic:CommonClassSMember 2025-12-31 0001812554 orcic:CommonClassDMember 2025-12-31 0001812554 orcic:CommonClassDMember 2024-12-31 0001812554 orcic:CommonClassIMember 2025-12-31 0001812554 orcic:CommonClassIMember 2024-12-31 0001812554 us-gaap:InvestmentUnaffiliatedIssuerMember 2025-01-01 2025-12-31 0001812554 us-gaap:InvestmentUnaffiliatedIssuerMember 2024-01-01 2024-12-31 0001812554 us-gaap:InvestmentUnaffiliatedIssuerMember 2023-01-01 2023-12-31 0001812554 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2025-01-01 2025-12-31 0001812554 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2024-01-01 2024-12-31 0001812554 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2023-01-01 2023-12-31 0001812554 us-gaap:InvestmentAffiliatedIssuerControlledMember 2025-01-01 2025-12-31 0001812554 us-gaap:InvestmentAffiliatedIssuerControlledMember 2024-01-01 2024-12-31 0001812554 us-gaap:InvestmentAffiliatedIssuerControlledMember 2023-01-01 2023-12-31 0001812554 2023-01-01 2023-12-31 0001812554 orcic:CommonClassSMember 2023-01-01 2023-12-31 0001812554 orcic:CommonClassDMember 2023-01-01 2023-12-31 0001812554 orcic:CommonClassIMember 2023-01-01 2023-12-31 0001812554 DIRECTV Financing, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Monotype Imaging Holdings Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:AdvertisingAndMediaMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 Horizon Avionics Buyer, LLC (dba Acron Aviation) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Horizon Avionics Buyer, LLC (dba Acron Aviation) | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 Jeppesen Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 ManTech International Corporation | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Novaria Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Peraton Corp. | Second lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 STS PARENT, LLC (dba STS Aviation Group) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 STS PARENT, LLC (dba STS Aviation Group) | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 us-gaap:AerospaceSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 Hg Genesis 9 SumoCo Limited | Unsecured facility | Non-Affiliated Issuer 2025-12-31 0001812554 Hg Saturn Luchaco Limited | Unsecured facility | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:AssetBasedLendingAndFundFinanceMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 OAC Holdings I Corp. (dba Omega Holdings) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:AutomotiveAftermarketMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 MAJCO LLC (dba Big Brand Tire & Service) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Mavis Tire Express Services Topco Corp. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 McQueen Bidco PTY LTD. (dba Infomedia) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Spotless Brands, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Spotless Brands, LLC | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2025-12-31 0001812554 Spotless Brands, LLC | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 Wand Newco 3, Inc. (dba Caliber ) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 us-gaap:AutomotiveSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 Associations Finance, Inc. | Unsecured notes | Non-Affiliated Issuer 2025-12-31 0001812554 Associations, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 CoreLogic Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Dodge Construction Network LLC | First lien senior secured loan 1 | Non-Affiliated Issuer 2025-12-31 0001812554 Dodge Construction Network LLC | First lien senior secured loan 2 | Non-Affiliated Issuer 2025-12-31 0001812554 RealPage, Inc. | First lien senior secured loan 1 | Non-Affiliated Issuer 2025-12-31 0001812554 RealPage, Inc. | First lien senior secured loan 2 | Non-Affiliated Issuer 2025-12-31 0001812554 Wrench Group LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Wrench Group LLC | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:BuildingsAndRealEstateMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 Access CIG, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Accommodations Plus Technologies LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Aurelia Netherlands B.V. | First lien senior secured EUR term loan | Non-Affiliated Issuer 2025-12-31 0001812554 Boxer Parent Company Inc. (f/k/a BMC) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Capstone Acquisition Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 CMG HoldCo, LLC (dba Crete United) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 ConnectWise, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 CoolSys, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 CoreTrust Purchasing Group LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 DuraServ LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 DuraServ LLC | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 Hercules Borrower, LLC (dba The Vincit Group) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Hercules Buyer, LLC (dba The Vincit Group) | Unsecured notes | Non-Affiliated Issuer 2025-12-31 0001812554 Kaseya Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Kaseya Inc. | Second lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 KPSKY Acquisition, Inc. (dba BluSky) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 KPSKY Acquisition, Inc. (dba BluSky) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2025-12-31 0001812554 Ping Identity Holding Corp. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Plano HoldCo, Inc. (dba Perficient) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Plusgrade Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Red Planet Borrower, LLC (dba Liftoff Mobile) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 XPLOR T1, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:BusinessServicesMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC) | Second lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Derby Buyer LLC (dba Delrin) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 DCG ACQUISITION CORP. (dba DuBois Chemical) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Gaylord Chemical Company, L.L.C. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Gaylord Chemical Company, L.L.C. | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 Rocket BidCo, Inc. (dba Recochem) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Velocity HoldCo III Inc. (dba VelocityEHS) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Nouryon Finance B.V. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:ChemicalsMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 ACP Tara Holdings, Inc. (dba Arcadia) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Beach Acquisition Bidco, LLC (dba Skechers) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Conair Holdings LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Conair Holdings LLC | Second lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Foundation Consumer Brands, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Lignetics Investment Corp. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Olaplex, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 SWK BUYER, Inc. (dba Stonewall Kitchen) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 WU Holdco, Inc. (dba PurposeBuilt Brands) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 us-gaap:ConsumerSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 Arctic Holdco, LLC (dba Novvia Group) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Arctic Holdco, LLC (dba Novvia Group) | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 Ascend Buyer, LLC (dba PPC Flexible Packaging) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Berlin Packaging | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Clydesdale Acquisition Holdings, Inc. (dba Novolex) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Fortis Solutions Group, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Fortis Solutions Group, LLC | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 Indigo Buyer, Inc. (dba Inovar Packaging Group) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Mauser Packaging Solutions Holding Company | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Pregis Topco LLC | Second lien senior secured loan 1 | Non-Affiliated Issuer 2025-12-31 0001812554 Pregis Topco LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Pregis Topco LLC | Second lien senior secured loan 2 | Non-Affiliated Issuer 2025-12-31 0001812554 ProAmpac PG Borrower LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 SupplyOne, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Tricorbraun Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 us-gaap:ContainerAndPackagingSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 ABB/Con-cise Optical Group LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 AI Aqua Merger Sub, Inc. (dba Culligan) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Aramsco, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 BCPE Empire Holdings, Inc. (dba Imperial-Dade) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 BCPE Empire Holdings, Inc. (dba Imperial-Dade) | Second lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Dealer Tire Financial, LLC | Unsecured notes | Non-Affiliated Issuer 2025-12-31 0001812554 Dealer Tire Financial, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Endries Acquisition, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Formerra, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Offen, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 White Cap Supply Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:DistributionSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 Ellucian Holdings Inc. (f/k/a Sophia, L.P.) | Second lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Learning Care Group (US) No. 2 Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Renaissance Learning, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Severin Acquisition, LLC (dba PowerSchool) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Severin Acquisition, LLC (dba PowerSchool) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2025-12-31 0001812554 Spring Education Group, Inc. (fka SSH Group Holdings, Inc.) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:EducationMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 Dresser Utility Solutions, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:EnergyEquipmentAndServicesMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 Ascensus Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Baker Tilly Advisory Group, LP | First lien senior secured loan 1 | Non-Affiliated Issuer 2025-12-31 0001812554 Baker Tilly Advisory Group, LP | First lien senior secured loan 2 | Non-Affiliated Issuer 2025-12-31 0001812554 BCPE Pequod Buyer, Inc. (dba Envestnet) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Blackhawk Network Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 BTRS Holdings Inc. (dba Billtrust) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Citrin Cooperman Advisors LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Cohnreznick Advisory LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Continental Finance Company, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Computer Services, Inc. (dba CSI) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Deerfield Dakota Holdings | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 EP Wealth Advisors, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Finastra USA, Inc. | First lien senior secured loan 1 | Non-Affiliated Issuer 2025-12-31 0001812554 Finastra USA, Inc. | First lien senior secured loan 2 | Non-Affiliated Issuer 2025-12-31 0001812554 First Eagle Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Klarna Holding AB | Subordinated Floating Rate Notes | Non-Affiliated Issuer 2025-12-31 0001812554 KRIV Acquisition Inc. (dba Riveron) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 ML Holdco, Inc. (dba Meridian Link) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Minotaur Acquisition, Inc. (dba Inspira Financial) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 NMI Acquisitionco, Inc. (dba Network Merchants) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 OneDigital Borrower LLC | Second lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 OneDigital Borrower LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Orion US Finco Inc. (dba OSTTRA) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Pushpay USA Inc | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Saphilux S.a.r.L. (dba IQ-EQ) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Smarsh Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Wipfli Advisory LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 us-gaap:FinancialServicesSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 Balrog Acquisition, Inc. (dba Bakemark) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Balrog Acquisition, Inc. (dba Bakemark) | Second lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Blast Bidco Inc. (dba Bazooka Candy Brands) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Dessert Holdings | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Eagle Family Foods Group LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Fiesta Purchaser, Inc. (dba Shearer's Foods) | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 Gehl Foods, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Hissho Parent, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Innovation Ventures HoldCo, LLC (dba 5 Hour Energy) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 KBP Brands, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Ole Smoky Distillery, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Rushmore Investment III LLC (dba Winland Foods) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Savor Acquisition, Inc. (dba Sauer Brands) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Snacking Investments US LLC (dba Arnott's Group) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 The Better Being Co., LLC (fka Nutraceutical International Corporation) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Tacala, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Vital Bidco AB (dba Vitamin Well) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 us-gaap:FoodAndBeverageSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 Arctic US Bidco, Inc. (dba ThermoSafe) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Bamboo US BidCo LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Bamboo US BidCo LLC | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2025-12-31 0001812554 Bamboo US BidCo LLC | First lien senior secured EUR term loan | Non-Affiliated Issuer 2025-12-31 0001812554 Cadence, Inc. | First lien senior secured loan 1 | Non-Affiliated Issuer 2025-12-31 0001812554 Cadence, Inc. | First lien senior secured loan 2 | Non-Affiliated Issuer 2025-12-31 0001812554 Canadian Hospital Specialties Limited | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Canadian Hospital Specialties Limited | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 Cambrex Corporation | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Confluent Medical Technologies, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Creek Parent, Inc. (dba Catalent) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 CSC MKG Topco LLC (dba Medical Knowledge Group) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A. | First lien senior secured EUR term loan | Non-Affiliated Issuer 2025-12-31 0001812554 NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A. | First lien senior secured EUR revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 Nelipak Holding Company | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Nelipak Holding Company | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 NSM Top Holdings Corp. (dba National Seating & Mobility) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Packaging Coordinators Midco, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Packaging Coordinators Midco, Inc. | First lien senior secured delayed draw term loan 1 | Non-Affiliated Issuer 2025-12-31 0001812554 Packaging Coordinators Midco, Inc. | First lien senior secured delayed draw term loan 2 | Non-Affiliated Issuer 2025-12-31 0001812554 Patriot Acquisition TopCo S.À R.L. (dba Corza Health, Inc.) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Patriot Acquisition TopCo S.À R.L. (dba Corza Health, Inc.) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2025-12-31 0001812554 PerkinElmer U.S. LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Resonetics, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Rhea Parent, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 TBRS, Inc. (dba TEAM Technologies) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Zest Acquisition Corp. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:HealthcareEquipmentAndServicesMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 Allied Benefit Systems Intermediate LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Anesthesia Consulting & Management, LP | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Atlas Borrower, LLC (dba Anovo) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Belmont Buyer, Inc. (dba Valenz) | First lien senior secured loan 1 | Non-Affiliated Issuer 2025-12-31 0001812554 Belmont Buyer, Inc. (dba Valenz) | First lien senior secured loan 2 | Non-Affiliated Issuer 2025-12-31 0001812554 Bristol Hospice L.L.C. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Commander Buyer, Inc. (dba CenExel) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Confluent Health, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Covetrus, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Covetrus, Inc. | Second lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 D4C Dental Brands, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Engage Debtco Limited | First lien senior secured loan 1 | Non-Affiliated Issuer 2025-12-31 0001812554 Engage Debtco Limited | First lien senior secured loan 2 | Non-Affiliated Issuer 2025-12-31 0001812554 Engage Debtco Limited | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2025-12-31 0001812554 EresearchTechnology, Inc. (dba Clario) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Ex Vivo Parent Inc. (dba OB Hospitalist) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 KABAFUSION Parent, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Lakefield Acquisition Corp. (dba Lakefield Veterinary Group) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Maple Acquisition, LLC (dba Medicus) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 MED ParentCo, LP | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Natural Partners, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Neptune Holdings, Inc. (dba NexTech) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 OB Hospitalist Group, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 OneOncology, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 OneOncology, LLC | First lien senior secured delayed draw term loan 1 | Non-Affiliated Issuer 2025-12-31 0001812554 OneOncology, LLC | First lien senior secured delayed draw term loan 2 | Non-Affiliated Issuer 2025-12-31 0001812554 Pacific BidCo Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Pediatric Associates Holding Company, LLC | First lien senior secured loan 1 | Non-Affiliated Issuer 2025-12-31 0001812554 Pediatric Associates Holding Company, LLC | First lien senior secured loan 2 | Non-Affiliated Issuer 2025-12-31 0001812554 PetVet Care Centers, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 PetVet Care Centers, LLC | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 Phoenix Newco, Inc. (dba Parexel) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 PG Buyer, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Valeris, Inc. (fka Phantom Purchaser, Inc.) | First lien senior secured loan 1 | Non-Affiliated Issuer 2025-12-31 0001812554 Physician Partners, LLC | First lien senior secured loan 1 | Non-Affiliated Issuer 2025-12-31 0001812554 Physician Partners, LLC | First lien senior secured loan 2 | Non-Affiliated Issuer 2025-12-31 0001812554 Physician Partners, LLC | First lien senior secured loan 3 | Non-Affiliated Issuer 2025-12-31 0001812554 Plasma Buyer LLC (dba PathGroup) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Plasma Buyer LLC (dba PathGroup) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2025-12-31 0001812554 Plasma Buyer LLC (dba PathGroup) | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 PPV Intermediate Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 PPV Intermediate Holdings, LLC | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2025-12-31 0001812554 Premise Health Holding Corp. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Quva Pharma, Inc. | First lien senior secured loan 1 | Non-Affiliated Issuer 2025-12-31 0001812554 Quva Pharma, Inc. | First lien senior secured loan 2 | Non-Affiliated Issuer 2025-12-31 0001812554 Quva Pharma, Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 SCHP Purchaser, Inc. (dba St. Croix Hospice) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 SimonMed, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 SimonMed, Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 Soleo Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Soliant Lower Intermediate, LLC (dba Soliant) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Tivity Health, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Unified Women's Healthcare, LP | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Unified Women's Healthcare, LP | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2025-12-31 0001812554 Valeris, Inc. (fka Phantom Purchaser, Inc.) | First lien senior secured loan 2 | Non-Affiliated Issuer 2025-12-31 0001812554 Vermont Aus Pty Ltd | First lien senior secured AUD term loan | Non-Affiliated Issuer 2025-12-31 0001812554 WCG Intermediate Corp. (f/k/a Da Vinci Purchaser Corp.) (dba WCG) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:HealthcareProvidersAndServicesMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 Athenahealth Group Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 BCPE Osprey Buyer, Inc. (dba PartsSource) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 BCPE Osprey Buyer, Inc. (dba PartsSource) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2025-12-31 0001812554 BCPE Osprey Buyer, Inc. (dba PartsSource) | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 Bracket Intermediate Holding Corp. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Color Intermediate, LLC (dba ClaimsXten) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Cotiviti, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured loan 1 | Non-Affiliated Issuer 2025-12-31 0001812554 CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured loan 2 | Non-Affiliated Issuer 2025-12-31 0001812554 Ensemble RCM, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 GI Ranger Intermediate, LLC (dba Rectangle Health) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 GI Ranger Intermediate, LLC (dba Rectangle Health) | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 Himalaya Topco LLC (dba HealthEdge) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Imprivata, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Indikami Bidco, LLC (dba IntegriChain) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Indikami Bidco, LLC (dba IntegriChain) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2025-12-31 0001812554 Indikami Bidco, LLC (dba IntegriChain) | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 Inovalon Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Inovalon Holdings, Inc. | Second lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Interoperability Bidco, Inc. (dba Lyniate) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Klick Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Modernizing Medicine, Inc. (dba ModMed) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Raven Acquisition Holdings, LLC (dba R1 RCM) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 RL Datix Holdings (USA), Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 RL Datix Holdings (USA), Inc. | First lien senior secured GBP term loan | Non-Affiliated Issuer 2025-12-31 0001812554 Salinger Bidco Inc. (dba Surgical Information Systems) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Salinger Bidco Inc. (dba Surgical Information Systems) | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 Zelis Cost Management Buyer, Inc. | First lien senior secured loan 1 | Non-Affiliated Issuer 2025-12-31 0001812554 Zelis Cost Management Buyer, Inc. | First lien senior secured loan 2 | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:HealthcareTechnologySectorMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 Home Service TopCo IV, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Home Service TopCo IV, Inc. | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2025-12-31 0001812554 Mario Midco Holdings, Inc. (dba Len the Plumber) | Unsecured facility | Non-Affiliated Issuer 2025-12-31 0001812554 Mario Purchaser, LLC (dba Len the Plumber) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Mario Purchaser, LLC (dba Len the Plumber) | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 Saber Parent Holdings Corp. (dba Service Logic) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Sentinel Buyer Corp. (dba SimpliSafe) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Southern Air & Heat Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Southern Air & Heat Holdings, LLC | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2025-12-31 0001812554 Walker Edison Furniture Company LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Walker Edison Furniture Company LLC | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2025-12-31 0001812554 Walker Edison Furniture Company LLC | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:HouseholdProductsMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 AQ Carver Buyer, Inc. (dba CoAdvantage) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 BusinessSolver.com, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Cornerstone OnDemand, Inc. | Second lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Dawn Bidco, LLC (dba Dayforce) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 IG Investments Holdings, LLC (dba Insight Global) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:HumanResourceSupportServicesMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 AWP Group Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Azuria Water Solutions, Inc. (f/k/a Aegion Corporation) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 GI Apple Midco LLC (dba Atlas Technical Consultants) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 GI Apple Midco LLC (dba Atlas Technical Consultants) | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 KENE Acquisition, Inc. (dba Entrust Solutions Group) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 KENE Acquisition, Inc. (dba Entrust Solutions Group) | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 Peachtree Buyer, Inc. (dba Pond & Company) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Tamarack Intermediate, L.L.C. (dba Verisk 3E) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 USIC Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 USIC Holdings, Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 Vessco Midco Holdings, LLC | First lien senior secured loan 1 | Non-Affiliated Issuer 2025-12-31 0001812554 W.A. Kendall and Company, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 W.A. Kendall and Company, LLC | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 VCI Asset Holdings 1 LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Vessco Midco Holdings, LLC | First lien senior secured loan 2 | Non-Affiliated Issuer 2025-12-31 0001812554 Vessco Midco Holdings, LLC | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:InfrastructureAndEnvironmentalServicesMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 Acrisure, LLC | Unsecured notes | Non-Affiliated Issuer 2025-12-31 0001812554 Acrisure, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Alera Group, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Alera Group, Inc. | Second lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 AmeriLife Holdings LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 AmeriLife Holdings LLC | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 Ardonagh Midco 3 PLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Asurion, LLC | Second lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Atlas US Finco, Inc. (dba Nearmap) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Brightway Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Brightway Holdings, LLC | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2025-12-31 0001812554 CFC USA 2025 LLC (dba CFC Insurance) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Diamond Mezzanine 24 LLC (dba United Risk) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Disco Parent, Inc. (dba Duck Creek Technologies, Inc.) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Evolution BuyerCo, Inc. (dba SIAA) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Galway Borrower LLC | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2025-12-31 0001812554 HIG Operations Holdings, Inc. (dba Higginbotham) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 IMA Financial Group, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Integrity Marketing Acquisition, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 KWOR Acquisition, Inc. (dba Alacrity Solutions) | First lien senior secured loan 1 | Non-Affiliated Issuer 2025-12-31 0001812554 KWOR Acquisition, Inc. (dba Alacrity Solutions) | First lien senior secured loan 2 | Non-Affiliated Issuer 2025-12-31 0001812554 KWOR Intermediate I, Inc. (dba Alacrity Solutions) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Mitchell International, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Mitchell International, Inc. | Second lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 One, Inc. Software Corporation | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Simplicity Financial Marketing Group Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Summit Acquisition Inc. (dba K2 Insurance Services) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 The Liberty Company Insurance Brokers, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 THG Acquisition, LLC (dba Hilb) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Trucordia Insurance Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Trucordia Insurance Holdings, LLC | Second lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Truist Insurance Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 us-gaap:InsuranceSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 Activate Holdings (US) Corp. (dba Absolute Software) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 AI Titan Parent, Inc. (dba Prometheus Group) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 AlphaSense, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Anaplan, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Appfire Technologies, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Aptean Acquiror, Inc. (dba Aptean) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Aptean Acquiror, Inc. (dba Aptean) | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 Armstrong Bidco Limited | First lien senior secured GBP term loan | Non-Affiliated Issuer 2025-12-31 0001812554 Artifact Bidco, Inc. (dba Avetta) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Barracuda Parent, LLC | First lien senior secured loan 1 | Non-Affiliated Issuer 2025-12-31 0001812554 Barracuda Parent, LLC | Second lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Barracuda Parent, LLC | First lien senior secured loan 2 | Non-Affiliated Issuer 2025-12-31 0001812554 Bayshore Intermediate #2, L.P. (dba Boomi) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Bayshore Intermediate #2, L.P. (dba Boomi) | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 BCTO BSI Buyer, Inc. (dba Buildertrend) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 BCTO WIW Holdings, Inc. (dba When I Work) | Senior convertible notes | Non-Affiliated Issuer 2025-12-31 0001812554 By Light Professional IT Services LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 CALABRIO, INC. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 CivicPlus, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 CivicPlus, LLC | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2025-12-31 0001812554 Cloud Software Group, Inc. | First lien senior secured loan 1 | Non-Affiliated Issuer 2025-12-31 0001812554 Cloud Software Group, Inc. | First lien senior secured loan 2 | Non-Affiliated Issuer 2025-12-31 0001812554 Clover Holdings 2, LLC (dba Cohesity) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Coupa Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC) | Unsecured notes | Non-Affiliated Issuer 2025-12-31 0001812554 Crewline Buyer, Inc. (dba New Relic) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Databricks, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Delta TopCo, Inc. (dba Infoblox, Inc.) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Delta TopCo, Inc. (dba Infoblox, Inc.) | Second lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Diamond Insure Bidco (dba Acturis) | First lien senior secured EUR term loan | Non-Affiliated Issuer 2025-12-31 0001812554 Diamond Insure Bidco (dba Acturis) | First lien senior secured GBP term loan | Non-Affiliated Issuer 2025-12-31 0001812554 EET Buyer, Inc. (dba e-Emphasys) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Einstein Parent, Inc. (dba Smartsheet) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Entrata, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Flexera Software LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Flexera Software LLC | First lien senior secured EUR term loan | Non-Affiliated Issuer 2025-12-31 0001812554 Forescout Technologies, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Granicus, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Granicus, Inc. | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2025-12-31 0001812554 GS Acquisitionco, Inc. (dba insightsoftware) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Gusto, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Hyland Software, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Icefall Parent, Inc. (dba EngageSmart) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Infobip Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 JS Parent, Inc. (dba Jama Software) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 KnowBe4, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Litera Bidco LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Magnet Forensics, LLC (f/k/a Grayshift, LLC) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Ministry Brands Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Ministry Brands Holdings, LLC | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 Mitnick Corporate Purchaser, Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 PDI TA Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Perforce Software, Inc. | First lien senior secured loan 1 | Non-Affiliated Issuer 2025-12-31 0001812554 Perforce Software, Inc. | First lien senior secured loan 2 | Non-Affiliated Issuer 2025-12-31 0001812554 Project Alpha Intermediate Holding, Inc. (dba Qlik) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Proofpoint, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Proofpoint, Inc. | Second lien senior secured loan 1 | Non-Affiliated Issuer 2025-12-31 0001812554 Proofpoint, Inc. | Second lien senior secured loan 2 | Non-Affiliated Issuer 2025-12-31 0001812554 QAD, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Sophos Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Securonix, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Sitecore Holding III A/S | First lien senior secured EUR term loan | Non-Affiliated Issuer 2025-12-31 0001812554 Sitecore Holding III A/S | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Sitecore USA, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Storable, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Storable Intermediate Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Spaceship Purchaser, Inc. (dba Squarespace) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Tricentis Operations Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Themis Solutions Inc. (dba Clio) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Thunder Purchaser, Inc. (dba Vector Solutions) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Victors Purchaser, LLC (dba Service Express) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Victors Purchaser, LLC (dba Service Express) | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 VIRTUSA CORPORATION | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Zendesk, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:InternetSoftwareAndServicesMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 Aerosmith Bidco 1 Limited (dba Audiotonix) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Birdie Bidco, Inc. (dba Concert Golf Partners) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Birdie Bidco, Inc. (dba Concert Golf Partners) | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 Bally’s Corporation | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Eternal Buyer, LLC (dba Wedgewood Weddings) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Troon Golf, L.L.C. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:LeisureAndEntertainmentMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 CPM Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 CPM Holdings, Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 Engineered Machinery Holdings, Inc. (dba Duravant) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Engineered Machinery Holdings, Inc. (dba Duravant) | Second lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Faraday Buyer, LLC (dba MacLean Power Systems) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 FR Flow Control CB LLC (dba Trillium Flow Technologies) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Gloves Buyer, Inc. (dba Protective Industrial Products) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Helix Acquisition Holdings, Inc. (dba MW Industries) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 MHE Intermediate Holdings, LLC (dba OnPoint Group) | First lien senior secured loan 1 | Non-Affiliated Issuer 2025-12-31 0001812554 MHE Intermediate Holdings, LLC (dba OnPoint Group) | First lien senior secured loan 2 | Non-Affiliated Issuer 2025-12-31 0001812554 Sonny's Enterprises, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Sonny's Enterprises, LLC | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2025-12-31 0001812554 Sonny's Enterprises, LLC | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:ManufacturingMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 Opal US LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Puma Buyer, LLC (dba PANTHERx) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:PharmaceuticalsMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 AmSpec Parent, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Apex Group Treasury LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Certinia Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 DCCM, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Element Materials Technology | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 EP Purchaser, LLC (dba Entertainment Partners) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Essential Services Holding Corporation (dba Turnpoint) | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 Essential Services Holding Corporation (dba Turnpoint) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Gerson Lehrman Group, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Guidehouse Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Paris US Holdco, Inc. (dba Precinmac) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Pike Corp. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Relativity ODA LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured EUR term loan | Non-Affiliated Issuer 2025-12-31 0001812554 Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2025-12-31 0001812554 Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured EUR delayed draw term loan | Non-Affiliated Issuer 2025-12-31 0001812554 Sovos Compliance, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Thevelia (US) LLC (dba Tricor) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Vensure Employer Services, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Vistage International, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:ProfessionalServicesMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 Galls, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Ideal Image Development, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Ideal Image Development, LLC | First lien senior secured revolving loan | Non-Affiliated Issuer 2025-12-31 0001812554 Milan Laser Holdings LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 The Shade Store, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 us-gaap:RetailSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 CCI BUYER, INC. (dba Consumer Cellular) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 EOS Finco S.A.R.L | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Level 3 Financing, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:TelecommunicationsMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 Lightbeam Bidco, Inc. (dba Lazer Spot) | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 Motus Group, LLC | First lien senior secured loan | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:TransportationMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0001812554 orcic:InvestmentUnaffiliatedIssuerBeforeAdjustmentMember us-gaap:DebtSecuritiesMember 2025-12-31 0001812554 us-gaap:InvestmentUnaffiliatedIssuerMember orcic:MiscellaneousDebtCommitmentsNettingMember 2025-12-31 0001812554 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:DebtSecuritiesMember 2025-12-31 0001812554 Amergin Asset Management, LLC | Specialty finance equity investment | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:AssetBasedLendingAndFundFinanceMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2025-12-31 0001812554 Percheron Horsepower-A LP (dba Big Brand Tire & Service) | Limited Partner Interest | Non-Affiliated Issuer 2025-12-31 0001812554 CD&R Value Building Partners I, L.P. (dba Belron) | LP Interest | Non-Affiliated Issuer 2025-12-31 0001812554 Metis HoldCo, Inc. (dba Mavis Tire Express Services) | Series A Convertible Preferred Stock | Non-Affiliated Issuer 2025-12-31 0001812554 us-gaap:AutomotiveSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2025-12-31 0001812554 Dodge Construction Network Holdings, L.P. | Class A-2 Common Units | Non-Affiliated Issuer 2025-12-31 0001812554 Dodge Construction Network Holdings, L.P. | Series A Preferred Units | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:BuildingsAndRealEstateMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2025-12-31 0001812554 25CXBFS SCSP (dba Xplor) | Limited Partner Interest | Non-Affiliated Issuer 2025-12-31 0001812554 Hercules Buyer, LLC (dba The Vincit Group) | Common Units | Non-Affiliated Issuer 2025-12-31 0001812554 Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.) | Perpetual Preferred Stock | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:BusinessServicesMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2025-12-31 0001812554 ASP Conair Holdings LP | Class A Units | Non-Affiliated Issuer 2025-12-31 0001812554 us-gaap:ConsumerSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2025-12-31 0001812554 TCB Holdings I LLC (dba TricorBraun) | Class A Preferred Units | Non-Affiliated Issuer 2025-12-31 0001812554 us-gaap:ContainerAndPackagingSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2025-12-31 0001812554 Snowbird Manager LP | Limited Partner Interest 2025-12-31 0001812554 Vestwell Holdings Inc. | Series D Preferred Stock 2025-12-31 0001812554 us-gaap:FinancialServicesSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2025-12-31 0001812554 Hissho Sushi Holdings, LLC | Class A Units | Non-Affiliated Issuer 2025-12-31 0001812554 us-gaap:FoodAndBeverageSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2025-12-31 0001812554 KPCI Co-Invest 2, L.P. | Class A Units | Non-Affiliated Issuer 2025-12-31 0001812554 Maia Aggregator, LP | Class A-2 Units | Non-Affiliated Issuer 2025-12-31 0001812554 Patriot Holdings SCSp (dba Corza Health, Inc.) | Class B Units | Non-Affiliated Issuer 2025-12-31 0001812554 Patriot Holdings SCSp (dba Corza Health, Inc.) | Class A Units | Non-Affiliated Issuer 2025-12-31 0001812554 Rhea Acquisition Holdings, LP | Series A-2 Units | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:HealthcareEquipmentAndServicesMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2025-12-31 0001812554 Baypine Commander Co-Invest, LP | LP Interest | Non-Affiliated Issuer 2025-12-31 0001812554 KOBHG Holdings, L.P. (dba OB Hospitalist) | Class A Interests | Non-Affiliated Issuer 2025-12-31 0001812554 KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) | Class A Interest | Non-Affiliated Issuer 2025-12-31 0001812554 Lakefield Acquisition Corp. (dba Lakefield Veterinary Group) | Common Equity | Non-Affiliated Issuer 2025-12-31 0001812554 Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers) | Series A Preferred Stock | Non-Affiliated Issuer 2025-12-31 0001812554 XOMA Corporation | Warrants | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:HealthcareProvidersAndServicesMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2025-12-31 0001812554 BEHP Co-Investor II, L.P. | LP Interest | Non-Affiliated Issuer 2025-12-31 0001812554 Minerva Holdco, Inc. | Senior A Preferred Stock | Non-Affiliated Issuer 2025-12-31 0001812554 ModMed Software Midco Holdings, Inc. (dba ModMed) | Series A Preferred Units | Non-Affiliated Issuer 2025-12-31 0001812554 Orange Blossom Parent, Inc. | Common Units | Non-Affiliated Issuer 2025-12-31 0001812554 WP Irving Co-Invest, L.P. | Partnership Units | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:HealthcareTechnologySectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2025-12-31 0001812554 Rome Topco Holdings, LLC (dba SimpliSafe) | Class A Units | Non-Affiliated Issuer 2025-12-31 0001812554 Rome Topco Holdings, LLC (dba SimpliSafe) | Class B Units | Non-Affiliated Issuer 2025-12-31 0001812554 Walker Edison Holdco LLC | Common Units | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:HouseholdProductsMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2025-12-31 0001812554 Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.) | Series A Preferred Stock | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:HumanResourceSupportServicesMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2025-12-31 0001812554 Accelerate Topco Holdings, LLC | Common Units | Non-Affiliated Issuer 2025-12-31 0001812554 Evolution Parent, LP (dba SIAA) | LP Interest | Non-Affiliated Issuer 2025-12-31 0001812554 GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway) | LP Interest | Non-Affiliated Issuer 2025-12-31 0001812554 Hockey Parent Holdings, L.P. | Class A Common Units | Non-Affiliated Issuer 2025-12-31 0001812554 KWOR Intermediate I, Inc. (dba Alacrity Solutions) | Class A-1 Common Stock | Non-Affiliated Issuer 2025-12-31 0001812554 KWOR Intermediate I, Inc. (dba Alacrity Solutions) | Preferred Stock | Non-Affiliated Issuer 2025-12-31 0001812554 PCF Holdco, LLC (dba Trucordia) | Warrants | Non-Affiliated Issuer 2025-12-31 0001812554 PCF Holdco, LLC (dba Trucordia) | Preferred equity | Non-Affiliated Issuer 2025-12-31 0001812554 us-gaap:InsuranceSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2025-12-31 0001812554 Valor Compute Infrastructure L.P. | LP Interest | Non-Affiliated Issuer 2025-12-31 0001812554 VCI Intermediate TopCo 1 LLC | Class B Units | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:InfrastructureAndEnvironmentalServicesMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2025-12-31 0001812554 AlphaSense, LLC | Series E Preferred Shares | Non-Affiliated Issuer 2025-12-31 0001812554 Brooklyn Lender Co-Invest 2, L.P. (dba Boomi) | Common Units | Non-Affiliated Issuer 2025-12-31 0001812554 Chrome Investors LP | LP Interest | Non-Affiliated Issuer 2025-12-31 0001812554 Elliott Alto Co-Investor Aggregator L.P. | LP Interest | Non-Affiliated Issuer 2025-12-31 0001812554 Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC) | LP Interest | Non-Affiliated Issuer 2025-12-31 0001812554 Bird Holding B.V. (fka MessageBird Holding B.V.) | Extended Series C Warrants | Non-Affiliated Issuer 2025-12-31 0001812554 Nscale Global Holdings Limited | Preferred equity | Non-Affiliated Issuer 2025-12-31 0001812554 Nscale Global Holdings Limited | Series B Preferred Shares | Non-Affiliated Issuer 2025-12-31 0001812554 Project Alpine Co-Invest Fund, LP | LP Interest | Non-Affiliated Issuer 2025-12-31 0001812554 Project Hotel California Co-Invest Fund, L.P. | LP Interest | Non-Affiliated Issuer 2025-12-31 0001812554 Thunder Topco L.P. (dba Vector Solutions) | Common Units | Non-Affiliated Issuer 2025-12-31 0001812554 WMC Bidco, Inc. (dba West Monroe) | Senior Preferred Stock | Non-Affiliated Issuer 2025-12-31 0001812554 Zoro TopCo, Inc. | Series A Preferred Equity | Non-Affiliated Issuer 2025-12-31 0001812554 Zoro TopCo, L.P. | Class A Common Units | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:InternetSoftwareAndServicesMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2025-12-31 0001812554 Gloves Holdings, LP (dba Protective Industrial Products) | LP Interest | Non-Affiliated Issuer 2025-12-31 0001812554 orcic:ManufacturingMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2025-12-31 0001812554 Ideal Topco, L.P. | Class A-2 Common Units | Non-Affiliated Issuer 2025-12-31 0001812554 Ideal Topco, L.P. | Class A-1 Preferred Units | Non-Affiliated Issuer 2025-12-31 0001812554 us-gaap:RetailSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2025-12-31 0001812554 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2025-12-31 0001812554 Pluralsight, LLC | First lien senior secured loan 1 | Affiliated Issuer 2025-12-31 0001812554 Pluralsight, LLC | First lien senior secured loan 2 | Affiliated Issuer 2025-12-31 0001812554 orcic:EducationMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember us-gaap:DebtSecuritiesMember 2025-12-31 0001812554 orcic:InvestmentAffiliatedIssuerNoncontrolledBeforeAdjustmentMember us-gaap:DebtSecuritiesMember 2025-12-31 0001812554 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember orcic:MiscellaneousDebtCommitmentsNettingMember 2025-12-31 0001812554 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember us-gaap:DebtSecuritiesMember 2025-12-31 0001812554 Wingspire Capital Holdings LLC | Specialty finance equity investment | Affiliated Issuer 2025-12-31 0001812554 orcic:AssetBasedLendingAndFundFinanceMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember us-gaap:EquitySecuritiesMember 2025-12-31 0001812554 Paradigmatic Holdco LLC (dba Pluralsight) | Common stock | Affiliated Issuer 2025-12-31 0001812554 orcic:EducationMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember us-gaap:EquitySecuritiesMember 2025-12-31 0001812554 LSI Financing 1 DAC | Specialty finance equity investment | Affiliated Issuer 2025-12-31 0001812554 orcic:PharmaceuticalsMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember us-gaap:EquitySecuritiesMember 2025-12-31 0001812554 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember us-gaap:EquitySecuritiesMember 2025-12-31 0001812554 AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC | Specialty finance debt investment | Affiliated Issuer 2025-12-31 0001812554 AAM Series 2.1 Aviation Feeder, LLC | Specialty finance debt investment | Affiliated Issuer 2025-12-31 0001812554 orcic:AssetBasedLendingAndFundFinanceMember us-gaap:InvestmentAffiliatedIssuerControlledMember us-gaap:DebtSecuritiesMember 2025-12-31 0001812554 Notorious Holdings LLC (dba Beauty Industry Group) | First lien senior secured loan | Affiliated Issuer 2025-12-31 0001812554 Notorious Topco, LLC (dba Beauty Industry Group) | First lien senior secured loan | Affiliated Issuer 2025-12-31 0001812554 us-gaap:RetailSectorMember us-gaap:InvestmentAffiliatedIssuerControlledMember us-gaap:DebtSecuritiesMember 2025-12-31 0001812554 orcic:InvestmentAffiliatedIssuerControlledBeforeAdjustmentMember us-gaap:DebtSecuritiesMember 2025-12-31 0001812554 us-gaap:InvestmentAffiliatedIssuerControlledMember orcic:MiscellaneousDebtCommitmentsNettingMember 2025-12-31 0001812554 us-gaap:InvestmentAffiliatedIssuerControlledMember us-gaap:DebtSecuritiesMember 2025-12-31 0001812554 AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC | Specialty finance equity investment | Affiliated Issuer 2025-12-31 0001812554 AAM Series 2.1 Aviation Feeder, LLC | Specialty finance equity investment | Affiliated Issuer 2025-12-31 0001812554 Blue Owl Cross-Strategy Opportunities LLC | Specialty finance equity investment | Affiliated Issuer 2025-12-31 0001812554 orcic:AssetBasedLendingAndFundFinanceMember us-gaap:InvestmentAffiliatedIssuerControlledMember us-gaap:EquitySecuritiesMember 2025-12-31 0001812554 Fifth Season Investments LLC | Specialty finance equity investment | Affiliated Issuer 2025-12-31 0001812554 us-gaap:InsuranceSectorMember us-gaap:InvestmentAffiliatedIssuerControlledMember us-gaap:EquitySecuritiesMember 2025-12-31 0001812554 OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC) | LLC Interest | Affiliated Issuer 2025-12-31 0001812554 Blue Owl Credit SLF LLC | LLC Interest | Affiliated Issuer 2025-12-31 0001812554 Blue Owl Leasing LLC | LLC Interest | Affiliated Issuer 2025-12-31 0001812554 orcic:JointVenturesMember us-gaap:InvestmentAffiliatedIssuerControlledMember us-gaap:EquitySecuritiesMember 2025-12-31 0001812554 LSI Financing LLC | Specialty finance equity investment | Affiliated Issuer 2025-12-31 0001812554 orcic:PharmaceuticalsMember us-gaap:InvestmentAffiliatedIssuerControlledMember us-gaap:EquitySecuritiesMember 2025-12-31 0001812554 Notorious Purchaser II, Inc. (dba Beauty Industry Group) | Class B Common Stock | Affiliated Issuer 2025-12-31 0001812554 us-gaap:RetailSectorMember us-gaap:InvestmentAffiliatedIssuerControlledMember us-gaap:EquitySecuritiesMember 2025-12-31 0001812554 us-gaap:InvestmentAffiliatedIssuerControlledMember us-gaap:EquitySecuritiesMember 2025-12-31 0001812554 orcic:September2027NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-12-31 0001812554 orcic:September2027NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:September2027NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2025-01-01 2025-12-31 0001812554 orcic:AUD2027NotesMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-12-31 0001812554 orcic:AUD2027NotesMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:AUD2027NotesMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2025-01-01 2025-12-31 0001812554 orcic:AUD2027NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-12-31 0001812554 orcic:AUD2027NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:AUD2027NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2025-01-01 2025-12-31 0001812554 orcic:May2028NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-12-31 0001812554 orcic:May2028NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:May2028NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2025-01-01 2025-12-31 0001812554 orcic:June2028NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-12-31 0001812554 orcic:June2028NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:June2028NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2025-01-01 2025-12-31 0001812554 orcic:January2029NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-12-31 0001812554 orcic:January2029NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:January2029NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2025-01-01 2025-12-31 0001812554 orcic:September2029NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-12-31 0001812554 orcic:September2029NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:September2029NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2025-01-01 2025-12-31 0001812554 orcic:March2030NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-12-31 0001812554 orcic:March2030NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:March2030NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2025-01-01 2025-12-31 0001812554 orcic:EUR2031NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-12-31 0001812554 orcic:EUR2031NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:EUR2031NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2025-01-01 2025-12-31 0001812554 orcic:March2031NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-12-31 0001812554 orcic:March2031NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:March2031NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2025-01-01 2025-12-31 0001812554 Foreign currency forward contract 1 2025-12-31 0001812554 Foreign currency forward contract 1 2025-01-01 2025-12-31 0001812554 Foreign currency forward contract 2 2025-12-31 0001812554 Foreign currency forward contract 2 2025-01-01 2025-12-31 0001812554 Foreign currency forward contracts 2025-01-01 2025-12-31 0001812554 Aerosmith Bidco 1 Limited (dba Audiotonix) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 AI Titan Parent, Inc. (dba Prometheus Group) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Allied Benefit Systems Intermediate LLC | First lien senior secured delayed draw term loan 2025-12-31 0001812554 AlphaSense, Inc. | First lien senior secured delayed draw term loan 2025-12-31 0001812554 AmeriLife Holdings LLC | First lien senior secured delayed draw term loan 1 2025-12-31 0001812554 AmeriLife Holdings LLC | First lien senior secured delayed draw term loan 2 2025-12-31 0001812554 Anesthesia Consulting & Management, LP | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Appfire Technologies, LLC | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Aptean Acquiror, Inc. (dba Aptean) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Arctic Holdco, LLC (dba Novvia Group) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Arctic US Bidco, Inc. (dba ThermoSafe) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Artifact Bidco, Inc. (dba Avetta) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Associations, Inc. | First lien senior secured delayed draw term loan 1 2025-12-31 0001812554 Associations, Inc. | First lien senior secured delayed draw term loan 2 2025-12-31 0001812554 Baker Tilly Advisory Group, LP | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Bamboo US BidCo LLC | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Birdie Bidco, Inc. (dba Concert Golf Partners) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Bracket Intermediate Holding Corp. | First lien senior secured delayed draw term loan 2025-12-31 0001812554 BusinessSolver.com, Inc. | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Brightway Holdings, LLC | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Cambrex Corporation | First lien senior secured delayed draw term loan 1 2025-12-31 0001812554 Cambrex Corporation | First lien senior secured delayed draw term loan 2 2025-12-31 0001812554 CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) | First lien senior secured delayed draw term loan 1 2025-12-31 0001812554 CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 CivicPlus, LLC | First lien senior secured delayed draw term loan 1 2025-12-31 0001812554 CivicPlus, LLC | First lien senior secured delayed draw term loan 2 2025-12-31 0001812554 Cohnreznick Advisory LLC | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Commander Buyer, Inc. (dba CenExel) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 CMG HoldCo, LLC (dba Crete United) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Computer Services, Inc. (dba CSI) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 CoreTrust Purchasing Group LLC | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Coupa Holdings, LLC | First lien senior secured delayed draw term loan 2025-12-31 0001812554 CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) | First lien senior secured delayed draw term loan 2 2025-12-31 0001812554 CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured delayed draw term loan 1 2025-12-31 0001812554 CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured delayed draw term loan 2 2025-12-31 0001812554 Databricks, Inc. | First lien senior secured delayed draw term loan 1 2025-12-31 0001812554 Databricks, Inc. | First lien senior secured delayed draw term loan 2 2025-12-31 0001812554 DCCM, LLC | First lien senior secured delayed draw term loan 2025-12-31 0001812554 DCG ACQUISITION CORP. (dba DuBois Chemical) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 DuraServ LLC | First lien senior secured delayed draw term loan 1 2025-12-31 0001812554 DuraServ LLC | First lien senior secured delayed draw term loan 2 2025-12-31 0001812554 EET Buyer, Inc. (dba e-Emphasys) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Engineered Machinery Holdings, Inc. (dba Duravant) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 EresearchTechnology, Inc. (dba Clario) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Essential Services Holding Corporation (dba Turnpoint) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Eternal Buyer, LLC (dba Wedgewood Weddings) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 First Eagle Holdings, Inc. | First lien senior secured delayed draw term loan 2025-12-31 0001812554 FR Flow Control CB LLC (dba Trillium Flow Technologies) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Galls, LLC | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Galway Borrower LLC | First lien senior secured delayed draw term loan 2025-12-31 0001812554 GS Acquisitionco, Inc. (dba insightsoftware) | First lien senior secured delayed draw term loan 1 2025-12-31 0001812554 GS Acquisitionco, Inc. (dba insightsoftware) | First lien senior secured delayed draw term loan 2 2025-12-31 0001812554 Gusto, Inc. | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Hercules Borrower, LLC (dba The Vincit Group) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 HIG Operations Holdings, Inc. (dba Higginbotham) | First lien senior secured delayed draw term loan A 2025-12-31 0001812554 HIG Operations Holdings, Inc. (dba Higginbotham) | First lien senior secured delayed draw term loan B 2025-12-31 0001812554 Himalaya Topco LLC (dba HealthEdge) | First lien senior secured delayed draw term loan 1 2025-12-31 0001812554 Himalaya Topco LLC (dba HealthEdge) | First lien senior secured delayed draw term loan 2 2025-12-31 0001812554 Home Service TopCo IV, Inc. | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Horizon Avionics Buyer, LLC (dba Acron Aviation) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Indigo Buyer, Inc. (dba Inovar Packaging Group) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Integrity Marketing Acquisition, LLC | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Interoperability Bidco, Inc. (dba Lyniate) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Jellyfish Bidco Limited (dba JTC) | First lien senior secured GBP delayed draw term loan 2025-12-31 0001812554 Jellyfish Bidco Limited (dba JTC) | First lien senior secured EUR term loan 2025-12-31 0001812554 Jellyfish Bidco Limited (dba JTC) | First lien senior secured GBP term loan 2025-12-31 0001812554 Jellyfish US Finco, Inc. (dba JTC) | First lien senior secured loan 2025-12-31 0001812554 Klick Inc. | First lien senior secured delayed draw term loan 2025-12-31 0001812554 KRIV Acquisition Inc. (dba Riveron) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 KWOR Acquisition, Inc. (dba Alacrity Solutions) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Lakefield Acquisition Corp. (dba Lakefield Veterinary Group) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Lightbeam Bidco, Inc. (dba Lazer Spot) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Litera Bidco LLC | First lien senior secured delayed draw term loan 1 2025-12-31 0001812554 Litera Bidco LLC | First lien senior secured delayed draw term loan 2 2025-12-31 0001812554 MAJCO LLC (dba Big Brand Tire & Service) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 ManTech International Corporation | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Maple Acquisition, LLC (dba Medicus) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 ML Holdco, Inc. (dba Meridian Link) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Monotype Imaging Holdings Inc. | First lien senior secured delayed draw term loan 2025-12-31 0001812554 NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A. | First lien senior secured EUR delayed draw term loan 2025-12-31 0001812554 Nelipak Holding Company | First lien senior secured delayed draw term loan 2025-12-31 0001812554 OneOncology, LLC | First lien senior secured delayed draw term loan 2025-12-31 0001812554 One, Inc. Software Corporation | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Packaging Coordinators Midco, Inc. | First lien senior secured delayed draw term loan 1 2025-12-31 0001812554 Packaging Coordinators Midco, Inc. | First lien senior secured delayed draw term loan 2 2025-12-31 0001812554 Paris US Holdco, Inc. (dba Precinmac) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Peachtree Buyer, Inc. (dba Pond & Company) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 PerkinElmer U.S. LLC | First lien senior secured delayed draw term loan 2025-12-31 0001812554 PG Buyer, LLC | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Pike Corp. | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Premise Health Holding Corp. | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Raven Acquisition Holdings, LLC (dba R1 RCM) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 RL Datix Holdings (USA), Inc. | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Saber Parent Holdings Corp. (dba Service Logic) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Savor Acquisition, Inc. (dba Sauer Brands) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Salinger Bidco Inc. (dba Surgical Information Systems) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Sentinel Buyer Corp. (dba SimpliSafe) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Severin Acquisition, LLC (dba PowerSchool) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 SimonMed, Inc. | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Simplicity Financial Marketing Group Holdings, Inc. | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Smarsh Inc. | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Soleo Holdings, Inc. | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Sonny's Enterprises, LLC | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Southern Air & Heat Holdings, LLC | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Spaceship Purchaser, Inc. (dba Squarespace) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Spotless Brands, LLC | First lien senior secured delayed draw term loan 2025-12-31 0001812554 STS PARENT, LLC (dba STS Aviation Group) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Tamarack Intermediate, L.L.C. (dba Verisk 3E) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 TBRS, Inc. (dba TEAM Technologies) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Themis Solutions Inc. (dba Clio) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 THG Acquisition, LLC (dba Hilb) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Thunder Purchaser, Inc. (dba Vector Solutions) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Troon Golf, L.L.C. | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Tricentis Operations Holdings, Inc. | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Unified Women's Healthcare, LP | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Unit4 Group Holding B.V. | First lien senior secured EUR delayed draw term loan 2025-12-31 0001812554 Unit4 Group Holding B.V. | First lien senior secured EUR term loan 2025-12-31 0001812554 U.S. Urology Partners LLC | First lien senior secured delayed draw term loan 2025-12-31 0001812554 USIC Holdings, Inc. | First lien senior secured delayed draw term loan 2025-12-31 0001812554 USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Vensure Employer Services, Inc. | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Vessco Midco Holdings, LLC | First lien senior secured delayed draw term loan 1 2025-12-31 0001812554 Vessco Midco Holdings, LLC | First lien senior secured delayed draw term loan 2 2025-12-31 0001812554 Victors Purchaser, LLC (dba Service Express) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Walker Edison Furniture Company LLC | First lien senior secured delayed draw term loan 1 2025-12-31 0001812554 Walker Edison Furniture Company LLC | First lien senior secured delayed draw term loan 2 2025-12-31 0001812554 W.A. Kendall and Company, LLC | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Wipfli Advisory LLC | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Wrench Group LLC | First lien senior secured delayed draw term loan 2025-12-31 0001812554 WU Holdco, Inc. (dba PurposeBuilt Brands) | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Zendesk, Inc. | First lien senior secured delayed draw term loan 2025-12-31 0001812554 ACR Group Borrower, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Accommodations Plus Technologies LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Activate Holdings (US) Corp. (dba Absolute Software) | First lien senior secured revolving loan 2025-12-31 0001812554 Aerosmith Bidco 1 Limited (dba Audiotonix) | First lien senior secured revolving loan 2025-12-31 0001812554 AI Titan Parent, Inc. (dba Prometheus Group) | First lien senior secured revolving loan 2025-12-31 0001812554 Alera Group, Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 AmeriLife Holdings LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Anaplan, Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 Anesthesia Consulting & Management, LP | First lien senior secured revolving loan 2025-12-31 0001812554 Appfire Technologies, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Aptean Acquiror, Inc. (dba Aptean) | First lien senior secured revolving loan 2025-12-31 0001812554 Arctic Holdco, LLC (dba Novvia Group) | First lien senior secured revolving loan 2025-12-31 0001812554 Atlas Borrower, LLC (dba Anovo) | First lien senior secured revolving loan 2025-12-31 0001812554 Artifact Bidco, Inc. (dba Avetta) | First lien senior secured revolving loan 2025-12-31 0001812554 Arctic US Bidco, Inc. (dba ThermoSafe) | First lien senior secured multi-currency revolving loan 2025-12-31 0001812554 Ascend Buyer, LLC (dba PPC Flexible Packaging) | First lien senior secured revolving loan 2025-12-31 0001812554 Associations, Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 Atlas US Finco, Inc. (dba Nearmap) | First lien senior secured revolving loan 2025-12-31 0001812554 AWP Group Holdings, Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.) | First lien senior secured revolving loan 2025-12-31 0001812554 Baker Tilly Advisory Group, LP | First lien senior secured revolving loan 2025-12-31 0001812554 Bamboo US BidCo LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Bayshore Intermediate #2, L.P. (dba Boomi) | First lien senior secured revolving loan 2025-12-31 0001812554 BCPE Pequod Buyer, Inc. (dba Envestnet) | First lien senior secured revolving loan 2025-12-31 0001812554 BCPE Osprey Buyer, Inc. (dba PartsSource) | First lien senior secured revolving loan 2025-12-31 0001812554 BCTO BSI Buyer, Inc. (dba Buildertrend) | First lien senior secured revolving loan 2025-12-31 0001812554 Belmont Buyer, Inc. (dba Valenz) | First lien senior secured revolving loan 2025-12-31 0001812554 Birdie Bidco, Inc. (dba Concert Golf Partners) | First lien senior secured revolving loan 2025-12-31 0001812554 Blast Bidco Inc. (dba Bazooka Candy Brands) | First lien senior secured revolving loan 2025-12-31 0001812554 Bristol Hospice L.L.C. | First lien senior secured revolving loan 2025-12-31 0001812554 Bracket Intermediate Holding Corp. | First lien senior secured revolving loan 2025-12-31 0001812554 Brightway Holdings, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 BTRS Holdings Inc. (dba Billtrust) | First lien senior secured revolving loan 2025-12-31 0001812554 BusinessSolver.com, Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 By Light Professional IT Services LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Cadence, Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 Cambrex Corporation | First lien senior secured revolving loan 2025-12-31 0001812554 Canadian Hospital Specialties Limited | First lien senior secured revolving loan 2025-12-31 0001812554 Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.) | First lien senior secured revolving loan 2025-12-31 0001812554 CCI BUYER, INC. (dba Consumer Cellular) | First lien senior secured revolving loan 2025-12-31 0001812554 CMG HoldCo, LLC (dba Crete United) | First lien senior secured revolving loan 2025-12-31 0001812554 CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) | First lien senior secured revolving loan 2025-12-31 0001812554 Certinia Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.) | First lien senior secured revolving loan 2025-12-31 0001812554 CivicPlus, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Commander Buyer, Inc. (dba CenExel) | First lien senior secured revolving loan 2025-12-31 0001812554 CoreTrust Purchasing Group LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Coupa Holdings, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 CPM Holdings, Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 Creek Parent, Inc. (dba Catalent) | First lien senior secured revolving loan 2025-12-31 0001812554 Crewline Buyer, Inc. (dba New Relic) | First lien senior secured revolving loan 2025-12-31 0001812554 CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured revolving loan 2025-12-31 0001812554 D4C Dental Brands, Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 DCG ACQUISITION CORP. (dba DuBois Chemical) | First lien senior secured revolving loan 2025-12-31 0001812554 DCCM, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Denali BuyerCo, LLC (dba Summit Companies) | First lien senior secured revolving loan 2025-12-31 0001812554 Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet) | First lien senior secured revolving loan 2025-12-31 0001812554 Deerfield Dakota Holdings | First lien senior secured revolving loan 2025-12-31 0001812554 Diamond Mezzanine 24 LLC (dba United Risk) | First lien senior secured revolving loan 2025-12-31 0001812554 Dresser Utility Solutions, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 DuraServ LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Eagle Family Foods Group LLC | First lien senior secured revolving loan 2025-12-31 0001812554 EET Buyer, Inc. (dba e-Emphasys) | First lien senior secured revolving loan 2025-12-31 0001812554 Einstein Parent, Inc. (dba Smartsheet) | First lien senior secured revolving loan 2025-12-31 0001812554 Essential Services Holding Corporation (dba Turnpoint) | First lien senior secured revolving loan 2025-12-31 0001812554 EresearchTechnology, Inc. (dba Clario) | First lien senior secured revolving loan 2025-12-31 0001812554 Eternal Buyer, LLC (dba Wedgewood Weddings) | First lien senior secured revolving loan 2025-12-31 0001812554 Evolution BuyerCo, Inc. (dba SIAA) | First lien senior secured revolving loan 2025-12-31 0001812554 Fiesta Purchaser, Inc. (dba Shearer's Foods) | First lien senior secured revolving loan 2025-12-31 0001812554 Flexera Software LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Forescout Technologies, Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 Formerra, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Fortis Solutions Group, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Foundation Consumer Brands, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 FR Flow Control CB LLC (dba Trillium Flow Technologies) | First lien senior secured revolving loan 2025-12-31 0001812554 Galls, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Galway Borrower LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Gaylord Chemical Company, L.L.C. | First lien senior secured revolving loan 2025-12-31 0001812554 Gerson Lehrman Group, Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 GI Apple Midco LLC (dba Atlas Technical Consultants) | First lien senior secured revolving loan 2025-12-31 0001812554 GI Ranger Intermediate, LLC (dba Rectangle Health) | First lien senior secured revolving loan 2025-12-31 0001812554 Granicus, Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 GS Acquisitionco, Inc. (dba insightsoftware) | First lien senior secured revolving loan 2025-12-31 0001812554 Hercules Borrower, LLC (dba The Vincit Group) | First lien senior secured revolving loan 2025-12-31 0001812554 Himalaya Topco LLC (dba HealthEdge) | First lien senior secured revolving loan 2025-12-31 0001812554 Hissho Parent, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Home Service TopCo IV, Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 Horizon Avionics Buyer, LLC (dba Acron Aviation) | First lien senior secured revolving loan 2025-12-31 0001812554 Hyland Software, Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 Icefall Parent, Inc. (dba EngageSmart) | First lien senior secured revolving loan 2025-12-31 0001812554 Ideal Image Development, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 IG Investments Holdings, LLC (dba Insight Global) | First lien senior secured revolving loan 2025-12-31 0001812554 Indigo Buyer, Inc. (dba Inovar Packaging Group) | First lien senior secured revolving loan 2025-12-31 0001812554 Indikami Bidco, LLC (dba IntegriChain) | First lien senior secured revolving loan 2025-12-31 0001812554 Integrated Specialty Coverages, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Integrity Marketing Acquisition, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.) | First lien senior secured revolving loan 2025-12-31 0001812554 Interoperability Bidco, Inc. (dba Lyniate) | First lien senior secured revolving loan 2025-12-31 0001812554 IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)) | First lien senior secured revolving loan 2025-12-31 0001812554 Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages) | First lien senior secured revolving loan 2025-12-31 0001812554 Jellyfish Bidco Limited (dba JTC) | First lien senior secured multi-currency revolving loan 2025-12-31 0001812554 Jeppesen Holdings, LLC | First lien senior secured multi-currency revolving loan 2025-12-31 0001812554 JS Parent, Inc. (dba Jama Software) | First lien senior secured revolving loan 2025-12-31 0001812554 KABAFUSION Parent, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 KENE Acquisition, Inc. (dba Entrust Solutions Group) | First lien senior secured revolving loan 2025-12-31 0001812554 Klick Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 KRIV Acquisition Inc. (dba Riveron) | First lien senior secured revolving loan 2025-12-31 0001812554 KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) | First lien senior secured revolving loan 2025-12-31 0001812554 KWOR Acquisition, Inc. (dba Alacrity Solutions) | First lien senior secured revolving loan 2025-12-31 0001812554 Lakefield Acquisition Corp. (dba Lakefield Veterinary Group) | First lien senior secured revolving loan 2025-12-31 0001812554 Lightbeam Bidco, Inc. (dba Lazer Spot) | First lien senior secured revolving loan 2025-12-31 0001812554 Lignetics Investment Corp. | First lien senior secured revolving loan 2025-12-31 0001812554 Litera Bidco LLC | First lien senior secured revolving loan 2025-12-31 0001812554 MAJCO LLC (dba Big Brand Tire & Service) | First lien senior secured revolving loan 2025-12-31 0001812554 Magnet Forensics, LLC (f/k/a Grayshift, LLC) | First lien senior secured revolving loan 2025-12-31 0001812554 ManTech International Corporation | First lien senior secured revolving loan 2025-12-31 0001812554 Maple Acquisition, LLC (dba Medicus) | First lien senior secured revolving loan 2025-12-31 0001812554 Mario Purchaser, LLC (dba Len the Plumber) | First lien senior secured revolving loan 2025-12-31 0001812554 McQueen Bidco PTY LTD. (dba Infomedia) | First lien senior secured revolving loan 2025-12-31 0001812554 MHE Intermediate Holdings, LLC (dba OnPoint Group) | First lien senior secured revolving loan 2025-12-31 0001812554 Milan Laser Holdings LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Ministry Brands Holdings, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Minotaur Acquisition, Inc. (dba Inspira Financial) | First lien senior secured revolving loan 2025-12-31 0001812554 Mitnick Corporate Purchaser, Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 Modernizing Medicine, Inc. (dba ModMed) | First lien senior secured revolving loan 2025-12-31 0001812554 Monotype Imaging Holdings Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 Natural Partners, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A. | First lien senior secured EUR revolving loan 2025-12-31 0001812554 Nelipak Holding Company | First lien senior secured revolving loan 2025-12-31 0001812554 Neptune Holdings, Inc. (dba NexTech) | First lien senior secured revolving loan 2025-12-31 0001812554 NMI Acquisitionco, Inc. (dba Network Merchants) | First lien senior secured revolving loan 2025-12-31 0001812554 OAC Holdings I Corp. (dba Omega Holdings) | First lien senior secured revolving loan 2025-12-31 0001812554 OB Hospitalist Group, Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 Offen, Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 Ole Smoky Distillery, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 One, Inc. Software Corporation | First lien senior secured revolving loan 2025-12-31 0001812554 OneOncology, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Packaging Coordinators Midco, Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 Paris US Holdco, Inc. (dba Precinmac) | First lien senior secured revolving loan 2025-12-31 0001812554 Park Place Technologies, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Patriot Acquisition TopCo S.À R.L. (dba Corza Health, Inc.) | First lien senior secured revolving loan 2025-12-31 0001812554 PDI TA Holdings, Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 Peachtree Buyer, Inc. (dba Pond & Company) | First lien senior secured revolving loan 2025-12-31 0001812554 PG Buyer, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 PetVet Care Centers, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Valeris, Inc. (fka Phantom Purchaser, Inc.) | First lien senior secured revolving loan 2025-12-31 0001812554 Pike Corp. | First lien senior secured revolving loan 2025-12-31 0001812554 Ping Identity Holding Corp. | First lien senior secured revolving loan 2025-12-31 0001812554 Plasma Buyer LLC (dba PathGroup) | First lien senior secured revolving loan 2025-12-31 0001812554 PPV Intermediate Holdings, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Premise Health Holding Corp. | First lien senior secured revolving loan 2025-12-31 0001812554 Pye-Barker Fire & Safety, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Puma Buyer, LLC (dba PANTHERx) | First lien senior secured revolving loan 2025-12-31 0001812554 QAD, Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 Quva Pharma, Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 Relativity ODA LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Rhea Parent, Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 RL Datix Holdings (USA), Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 Saber Parent Holdings Corp. (dba Service Logic) | First lien senior secured revolving loan 2025-12-31 0001812554 Salinger Bidco Inc. (dba Surgical Information Systems) | First lien senior secured revolving loan 2025-12-31 0001812554 SCHP Purchaser, Inc. (dba St. Croix Hospice) | First lien senior secured revolving loan 2025-12-31 0001812554 Soleo Holdings, Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 Securonix, Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured revolving loan 2025-12-31 0001812554 Severin Acquisition, LLC (dba PowerSchool) | First lien senior secured revolving loan 2025-12-31 0001812554 SimonMed, Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 Simplicity Financial Marketing Group Holdings, Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 Smarsh Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 Soliant Lower Intermediate, LLC (dba Soliant) | First lien senior secured revolving loan 2025-12-31 0001812554 Sonny's Enterprises, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Southern Air & Heat Holdings, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Spaceship Purchaser, Inc. (dba Squarespace) | First lien senior secured revolving loan 2025-12-31 0001812554 Spotless Brands, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 STS PARENT, LLC (dba STS Aviation Group) | First lien senior secured revolving loan 2025-12-31 0001812554 SWK BUYER, Inc. (dba Stonewall Kitchen) | First lien senior secured revolving loan 2025-12-31 0001812554 Tamarack Intermediate, L.L.C. (dba Verisk 3E) | First lien senior secured revolving loan 2025-12-31 0001812554 TBRS, Inc. (dba TEAM Technologies) | First lien senior secured revolving loan 2025-12-31 0001812554 The Better Being Co., LLC (fka Nutraceutical International Corporation) | First lien senior secured revolving loan 2025-12-31 0001812554 Themis Solutions Inc. (dba Clio) | First lien senior secured revolving loan 2025-12-31 0001812554 THG Acquisition, LLC (dba Hilb) | First lien senior secured revolving loan 2025-12-31 0001812554 Thunder Purchaser, Inc. (dba Vector Solutions) | First lien senior secured revolving loan 2025-12-31 0001812554 Tricentis Operations Holdings, Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 Troon Golf, L.L.C. | First lien senior secured revolving loan 2025-12-31 0001812554 Truist Insurance Holdings, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Unified Women's Healthcare, LP | First lien senior secured revolving loan 2025-12-31 0001812554 Unit4 Group Holding B.V. | First lien senior secured EUR revolving loan 2025-12-31 0001812554 USIC Holdings, Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners) | First lien senior secured revolving loan 2025-12-31 0001812554 Velocity HoldCo III Inc. (dba VelocityEHS) | First lien senior secured revolving loan 2025-12-31 0001812554 Vessco Midco Holdings, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Victors Purchaser, LLC (dba Service Express) | First lien senior secured revolving loan 2025-12-31 0001812554 Vital Bidco AB (dba Vitamin Well) | First lien senior secured revolving loan 2025-12-31 0001812554 Walker Edison Furniture Company LLC | First lien senior secured revolving loan 2025-12-31 0001812554 W.A. Kendall and Company, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Wipfli Advisory LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Wrench Group LLC | First lien senior secured revolving loan 2025-12-31 0001812554 WU Holdco, Inc. (dba PurposeBuilt Brands) | First lien senior secured revolving loan 2025-12-31 0001812554 Zendesk, Inc. | First lien senior secured revolving loan 2025-12-31 0001812554 Total non-controlled/non-affiliated - debt commitments 2025-12-31 0001812554 Chrome Investors LP | LP Interest 2025-12-31 0001812554 Percheron Horsepower-A LP (dba Big Brand Tire & Service) | Limited Partner Interest 2025-12-31 0001812554 Valor Compute Infrastructure L.P. | LP Interest 2025-12-31 0001812554 Total non-controlled/non-affiliated - equity commitments 2025-12-31 0001812554 Pluralsight, LLC | First lien senior secured delayed draw term loan 2025-12-31 0001812554 Pluralsight, LLC | First lien senior secured revolving loan 2025-12-31 0001812554 Total non-controlled/affiliated - debt commitments 2025-12-31 0001812554 Wingspire Capital Holdings LLC | Specialty finance equity investment 2025-12-31 0001812554 Total non-controlled/affiliated - equity commitments 2025-12-31 0001812554 Notorious Topco, LLC (dba Beauty Industry Group) | First lien senior secured revolving loan 2025-12-31 0001812554 Total controlled/affiliated - debt commitments 2025-12-31 0001812554 AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC | Specialty finance equity investment 2025-12-31 0001812554 LSI Financing LLC | Specialty finance equity investment 2025-12-31 0001812554 Total controlled/affiliated - equity commitments 2025-12-31 0001812554 Total Portfolio Company Commitments 2025-12-31 0001812554 AAM Series 2.1 Aviation Feeder, LLC(c) 2024-12-31 0001812554 AAM Series 2.1 Aviation Feeder, LLC(c) 2025-01-01 2025-12-31 0001812554 AAM Series 2.1 Aviation Feeder, LLC(c) 2025-12-31 0001812554 AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(c) 2024-12-31 0001812554 AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(c) 2025-01-01 2025-12-31 0001812554 AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(c) 2025-12-31 0001812554 Blue Owl Credit SLF LLC(d) 2024-12-31 0001812554 Blue Owl Credit SLF LLC(d) 2025-01-01 2025-12-31 0001812554 Blue Owl Credit SLF LLC(d) 2025-12-31 0001812554 Blue Owl Cross-Strategy Opportunities LLC 2024-12-31 0001812554 Blue Owl Cross-Strategy Opportunities LLC 2025-01-01 2025-12-31 0001812554 Blue Owl Cross-Strategy Opportunities LLC 2025-12-31 0001812554 Blue Owl Leasing LLC(d) 2024-12-31 0001812554 Blue Owl Leasing LLC(d) 2025-01-01 2025-12-31 0001812554 Blue Owl Leasing LLC(d) 2025-12-31 0001812554 Fifth Season Investments LLC 2024-12-31 0001812554 Fifth Season Investments LLC 2025-01-01 2025-12-31 0001812554 Fifth Season Investments LLC 2025-12-31 0001812554 LSI Financing LLC 2024-12-31 0001812554 LSI Financing LLC 2025-01-01 2025-12-31 0001812554 LSI Financing LLC 2025-12-31 0001812554 Notorious Topco, LLC (dba Beauty Industry Group) 2024-12-31 0001812554 Notorious Topco, LLC (dba Beauty Industry Group) 2025-01-01 2025-12-31 0001812554 Notorious Topco, LLC (dba Beauty Industry Group) 2025-12-31 0001812554 OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC)(d) 2024-12-31 0001812554 OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC)(d) 2025-01-01 2025-12-31 0001812554 OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC)(d) 2025-12-31 0001812554 LSI Financing 1 DAC 2024-12-31 0001812554 LSI Financing 1 DAC 2025-01-01 2025-12-31 0001812554 LSI Financing 1 DAC 2025-12-31 0001812554 Pluralsight, LLC 2024-12-31 0001812554 Pluralsight, LLC 2025-01-01 2025-12-31 0001812554 Pluralsight, LLC 2025-12-31 0001812554 Wingspire Capital Holdings LLC 2024-12-31 0001812554 Wingspire Capital Holdings LLC 2025-01-01 2025-12-31 0001812554 Wingspire Capital Holdings LLC 2025-12-31 0001812554 Blue Owl Cross-Strategy Opportunities LLC (BOCSO) 2025-12-31 0001812554 srt:MinimumMember Blue Owl Cross-Strategy Opportunities LLC (BOCSO) 2025-12-31 0001812554 srt:MaximumMember Blue Owl Cross-Strategy Opportunities LLC (BOCSO) 2025-12-31 0001812554 ABF - Specialty finance 2025-12-31 0001812554 ABF - Leasing 2025-12-31 0001812554 BF - Commercial Real Estate 2025-12-31 0001812554 Broadcast Music, Inc. (fka Otis Merger Sub, Inc.) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)) | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 Monotype Imaging Holdings Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Project Boost Purchaser, LLC (dba J.D. Power) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Project Boost Purchaser, LLC (dba J.D. Power) | Second lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 orcic:AdvertisingAndMediaMember us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001812554 ManTech International Corporation | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Novaria Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Peraton Corp. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Peraton Corp. | Second lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 STS PARENT, LLC (dba STS Aviation Group) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 STS PARENT, LLC (dba STS Aviation Group) | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 us-gaap:AerospaceSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001812554 OAC Holdings I Corp. (dba Omega Holdings) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Power Stop, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 orcic:AutomotiveAftermarketMember us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001812554 Mavis Tire Express Services Topco Corp. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Spotless Brands, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Wand Newco 3, Inc. (dba Caliber ) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 us-gaap:AutomotiveSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001812554 Hg Genesis 9 SumoCo Limited | Unsecured facility | Non-Affiliated Issuer 2024-12-31 0001812554 Hg Saturn Luchaco Limited | Unsecured facility | Non-Affiliated Issuer 2024-12-31 0001812554 orcic:AssetBasedLendingAndFundFinanceMember us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001812554 Associations Finance, Inc. | Unsecured notes | Non-Affiliated Issuer 2024-12-31 0001812554 Associations, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 CoreLogic Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Dodge Construction Network LLC | First lien senior secured loan 1 | Non-Affiliated Issuer 2024-12-31 0001812554 Dodge Construction Network LLC | First lien senior secured loan 2 | Non-Affiliated Issuer 2024-12-31 0001812554 RealPage, Inc. | First lien senior secured loan 1 | Non-Affiliated Issuer 2024-12-31 0001812554 RealPage, Inc. | First lien senior secured loan | No-Affiliated Issuer 2024-12-31 0001812554 Wrench Group LLC | First lien senior secured loan | No-Affiliated Issuer 2024-12-31 0001812554 orcic:BuildingsAndRealEstateMember us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001812554 Access CIG, LLC | First lien senior secured loan | No-Affiliated Issuer 2024-12-31 0001812554 Aurelia Netherlands B.V. | First lien senior secured EUR term loan | No-Affiliated Issuer 2024-12-31 0001812554 Boxer Parent Company Inc. (f/k/a BMC) | First lien senior secured loan | No-Affiliated Issuer 2024-12-31 0001812554 Capstone Acquisition Holdings, Inc. | First lien senior secured loan | No-Affiliated Issuer 2024-12-31 0001812554 ConnectWise, LLC | First lien senior secured loan | No-Affiliated Issuer 2024-12-31 0001812554 CoolSys, Inc. | First lien senior secured loan | No-Affiliated Issuer 2024-12-31 0001812554 CoreTrust Purchasing Group LLC | First lien senior secured loan | No-Affiliated Issuer 2024-12-31 0001812554 Denali BuyerCo, LLC (dba Summit Companies) | First lien senior secured loan | No-Affiliated Issuer 2024-12-31 0001812554 Diamondback Acquisition, Inc. (dba Sphera) | First lien senior secured loan | No-Affiliated Issuer 2024-12-31 0001812554 Fullsteam Operations, LLC | First lien senior secured loan | No-Affiliated Issuer 2024-12-31 0001812554 Fullsteam Operations, LLC | First lien senior secured delayed draw term loan | No-Affiliated Issuer 2024-12-31 0001812554 Hercules Borrower, LLC (dba The Vincit Group) | First lien senior secured loan | No-Affiliated Issuer 2024-12-31 0001812554 Hercules Buyer, LLC (dba The Vincit Group) | Unsecured notes | No-Affiliated Issuer 2024-12-31 0001812554 Kaseya Inc. | First lien senior secured loan | No-Affiliated Issuer 2024-12-31 0001812554 Kaseya Inc. | First lien senior secured delayed draw term loan | No-Affiliated Issuer 2024-12-31 0001812554 KPSKY Acquisition, Inc. (dba BluSky) | First lien senior secured loan | No-Affiliated Issuer 2024-12-31 0001812554 KPSKY Acquisition, Inc. (dba BluSky) | First lien senior secured delayed draw term loan | No-Affiliated Issuer 2024-12-31 0001812554 DuraServ LLC | First lien senior secured loan | No-Affiliated Issuer 2024-12-31 0001812554 Ping Identity Holding Corp. | First lien senior secured loan | No-Affiliated Issuer 2024-12-31 0001812554 Plano HoldCo, Inc. (dba Perficient) | First lien senior secured loan | No-Affiliated Issuer 2024-12-31 0001812554 POLARIS PURCHASER, INC. (dba Plusgrade) | First lien senior secured loan | No-Affiliated Issuer 2024-12-31 0001812554 Pye-Barker Fire & Safety, LLC | First lien senior secured loan | No-Affiliated Issuer 2024-12-31 0001812554 Pye-Barker Fire & Safety, LLC | First lien senior secured revolving loan | No-Affiliated Issuer 2024-12-31 0001812554 XPLOR T1, LLC | First lien senior secured loan | No-Affiliated Issuer 2024-12-31 0001812554 CMG HoldCo, LLC (dba Crete United) | First lien senior secured loan | No-Affiliated Issuer 2024-12-31 0001812554 orcic:BusinessServicesMember us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001812554 Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC) | Second lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 DCG ACQUISITION CORP. (dba DuBois Chemical) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Gaylord Chemical Company, L.L.C. | First lien senior secured loan 1 | Non-Affiliated Issuer 2024-12-31 0001812554 Rocket BidCo, Inc. (dba Recochem) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Velocity HoldCo III Inc. (dba VelocityEHS) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Nouryon Finance B.V. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Derby Buyer LLC (dba Delrin) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Gaylord Chemical Company, L.L.C. | First lien senior secured loan 2 | Non-Affiliated Issuer 2024-12-31 0001812554 orcic:ChemicalsMember us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001812554 BEP Intermediate Holdco, LLC (dba Buyers Edge Platform) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Conair Holdings LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Conair Holdings LLC | Second lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Foundation Consumer Brands, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Lignetics Investment Corp. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Lignetics Investment Corp. | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 Olaplex, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 SWK BUYER, Inc. (dba Stonewall Kitchen) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 us-gaap:ConsumerSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001812554 Anchor Packaging, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Arctic Holdco, LLC (dba Novvia Group) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Ascend Buyer, LLC (dba PPC Flexible Packaging) | First lien senior secured loan 1 | Non-Affiliated Issuer 2024-12-31 0001812554 Ascend Buyer, LLC (dba PPC Flexible Packaging) | First lien senior secured loan 2 | Non-Affiliated Issuer 2024-12-31 0001812554 Ascend Buyer, LLC (dba PPC Flexible Packaging) | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 Berlin Packaging | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 BW Holding, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Charter NEX US, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Fortis Solutions Group, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Fortis Solutions Group, LLC | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 Indigo Buyer, Inc. (dba Inovar Packaging Group) | First lien senior secured loan 1 | Non-Affiliated Issuer 2024-12-31 0001812554 Indigo Buyer, Inc. (dba Inovar Packaging Group) | First lien senior secured loan 2 | Non-Affiliated Issuer 2024-12-31 0001812554 Pregis Topco LLC | Second lien senior secured loan 1 | Non-Affiliated Issuer 2024-12-31 0001812554 Pregis Topco LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Pregis Topco LLC | Second lien senior secured loan 2 | Non-Affiliated Issuer 2024-12-31 0001812554 ProAmpac PG Borrower LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Tricorbraun Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 us-gaap:ContainerAndPackagingSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001812554 ABB/Con-cise Optical Group LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 AI Aqua Merger Sub, Inc. (dba Culligan) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Aramsco, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 BCPE Empire Holdings, Inc. (dba Imperial-Dade) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Dealer Tire Financial, LLC | Unsecured notes | Non-Affiliated Issuer 2024-12-31 0001812554 Dealer Tire Financial, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Endries Acquisition, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Formerra, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Foundation Building Materials, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 White Cap Supply Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 orcic:DistributionSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:DebtSecuritiesMember 2024-12-31 0001812554 Ellucian Holdings Inc. (f/k/a Sophia, L.P.) | First lien senior secured loan 1 | Non-Affiliated Issuer 2024-12-31 0001812554 Ellucian Holdings Inc. (f/k/a Sophia, L.P.) | First lien senior secured loan 2 | Non-Affiliated Issuer 2024-12-31 0001812554 Learning Care Group (US) No. 2 Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Renaissance Learning, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Severin Acquisition, LLC (dba PowerSchool) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Spring Education Group, Inc. (fka SSH Group Holdings, Inc.) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 orcic:EducationMember us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001812554 Dresser Utility Solutions, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 orcic:EnergyEquipmentAndServicesMember us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001812554 Ascensus Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Baker Tilly Advisory Group, L.P. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 BCPE Pequod Buyer, Inc. (dba Envestnet) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Blackhawk Network Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 BTRS HOLDINGS INC. (dba Billtrust) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Chrysaor Bidco s.à r.l. (dba AlterDomus) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Computer Services, Inc. (dba CSI) | First lien senior secured loan 1 | Non-Affiliated Issuer 2024-12-31 0001812554 Computer Services, Inc. (dba CSI) | First lien senior secured loan 2 | Non-Affiliated Issuer 2024-12-31 0001812554 Cresset Capital Management, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Deerfield Dakota Holdings | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Deerfield Dakota Holdings | Second lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Finastra USA, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Klarna Holding AB | Subordinated Floating Rate Notes | Non-Affiliated Issuer 2024-12-31 0001812554 KRIV Acquisition Inc. (dba Riveron) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Minotaur Acquisition, Inc. (dba Inspira Financial) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 NMI Acquisitionco, Inc. (dba Network Merchants) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 OneDigital Borrower LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 OneDigital Borrower LLC | Second lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 PPI Holding US Inc. (dba Nuvei) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 PUSHPAY USA INC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Saphilux S.a.r.L. (dba IQ-EQ) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Smarsh Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Smarsh Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 us-gaap:FinancialServicesSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001812554 Balrog Acquisition, Inc. (dba Bakemark) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Balrog Acquisition, Inc. (dba Bakemark) | Second lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Blast Bidco Inc. (dba Bazooka Candy Brands) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Dessert Holdings | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 EAGLE FAMILY FOODS GROUP LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Fiesta Purchaser, Inc. (dba Shearer's Foods) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Gehl Foods, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Gehl Foods, LLC | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2024-12-31 0001812554 Hissho Parent, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Innovation Ventures HoldCo, LLC (dba 5 Hour Energy) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 KBP Brands, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Ole Smoky Distillery, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Par Technology Corporation | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Pegasus BidCo B.V. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Rushmore Investment III LLC (dba Winland Foods) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Tacala, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Vital Bidco AB (dba Vitamin Well) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Vital Bidco AB (dba Vitamin Well) | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 us-gaap:FoodAndBeverageSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001812554 Azalea TopCo, Inc. (dba Press Ganey) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Bamboo US BidCo LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Bamboo US BidCo LLC | First lien senior secured EUR term loan | Non-Affiliated Issuer 2024-12-31 0001812554 Canadian Hospital Specialties Limited | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Canadian Hospital Specialties Limited | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 Confluent Medical Technologies, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Creek Parent, Inc. (dba Catalent) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 CSC MKG Topco LLC (dba Medical Knowledge Group) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Natus Medical Incorporated | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A. | First lien senior secured EUR revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 Nelipak Holding Company | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Packaging Coordinators Midco, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 PerkinElmer U.S. LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Resonetics, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Rhea Parent, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 TBRS, Inc. (dba TEAM Technologies) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 TBRS, Inc. (dba TEAM Technologies) | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 Zest Acquisition Corp. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 orcic:HealthcareEquipmentAndServicesMember us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001812554 Allied Benefit Systems Intermediate LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Belmont Buyer, Inc. (dba Valenz) | First lien senior secured loan 1 | Non-Affiliated Issuer 2024-12-31 0001812554 Belmont Buyer, Inc. (dba Valenz) | First lien senior secured loan 2 | Non-Affiliated Issuer 2024-12-31 0001812554 Belmont Buyer, Inc. (dba Valenz) | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 Confluent Health, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Covetrus, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Covetrus, Inc. | Second lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 D4C Dental Brands, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Engage Debtco Limited | First lien senior secured loan 1 | Non-Affiliated Issuer 2024-12-31 0001812554 Engage Debtco Limited | First lien senior secured loan 2 | Non-Affiliated Issuer 2024-12-31 0001812554 Ex Vivo Parent Inc. (dba OB Hospitalist) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 KABAFUSION Parent, LLC | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 KWOL Acquisition Inc. (dba Worldwide Clinical Trials) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Lakefield Acquisition Corp. (dba Lakefield Veterinary Group) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Maple Acquisition, LLC (dba Medicus) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 MED ParentCo, LP | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 MJH Healthcare Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Natural Partners, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Neptune Holdings, Inc. (dba NexTech) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 OB Hospitalist Group, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 OneOncology, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 OneOncology, LLC | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2024-12-31 0001812554 Pacific BidCo Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Pediatric Associates Holding Company, LLC | First lien senior secured loan 1 | Non-Affiliated Issuer 2024-12-31 0001812554 Pediatric Associates Holding Company, LLC | First lien senior secured loan 2 | Non-Affiliated Issuer 2024-12-31 0001812554 PetVet Care Centers, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Phantom Purchaser, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Phoenix Newco, Inc. (dba Parexel) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Physician Partners, LLC | First lien senior secured loan 1 | Non-Affiliated Issuer 2024-12-31 0001812554 Physician Partners, LLC | First lien senior secured loan 2 | Non-Affiliated Issuer 2024-12-31 0001812554 Plasma Buyer LLC (dba PathGroup) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Plasma Buyer LLC (dba PathGroup) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2024-12-31 0001812554 Plasma Buyer LLC (dba PathGroup) | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 PPV Intermediate Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 PPV Intermediate Holdings, LLC | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2024-12-31 0001812554 Premise Health Holding Corp. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Quva Pharma, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Quva Pharma, Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 Soliant Lower Intermediate, LLC (dba Soliant) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 TC Holdings, LLC (dba TrialCard) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Tivity Health, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Unified Women's Healthcare, LP | First lien senior secured loan 1 | Non-Affiliated Issuer 2024-12-31 0001812554 Unified Women's Healthcare, LP | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2024-12-31 0001812554 Unified Women's Healthcare, LP | First lien senior secured loan 2 | Non-Affiliated Issuer 2024-12-31 0001812554 Vermont Aus Pty Ltd | First lien senior secured AUD term loan | Non-Affiliated Issuer 2024-12-31 0001812554 WCG Intermediate Corp. (f/k/a Da Vinci Purchaser Corp.) (dba WCG) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 orcic:HealthcareProvidersAndServicesMember us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001812554 Athenahealth Group Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 BCPE Osprey Buyer, Inc. (dba PartsSource) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 BCPE Osprey Buyer, Inc. (dba PartsSource) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2024-12-31 0001812554 BCPE Osprey Buyer, Inc. (dba PartsSource) | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 Bracket Intermediate Holding Corp. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Color Intermediate, LLC (dba ClaimsXten) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Ensemble RCM, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 GI Ranger Intermediate, LLC (dba Rectangle Health) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 GI Ranger Intermediate, LLC (dba Rectangle Health) | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 Imprivata, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Indikami Bidco, LLC (dba IntegriChain) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Indikami Bidco, LLC (dba IntegriChain) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2024-12-31 0001812554 Indikami Bidco, LLC (dba IntegriChain) | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 Inovalon Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Inovalon Holdings, Inc. | Second lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Interoperability Bidco, Inc. (dba Lyniate) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Interoperability Bidco, Inc. (dba Lyniate) | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 PointClickCare Technologies, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Project Ruby Ultimate Parent Corp. (dba Wellsky) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Raven Acquisition Holdings, LLC (dba R1 RCM) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 RL Datix Holdings (USA), Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 RL Datix Holdings (USA), Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 RL Datix Holdings (USA), Inc. | First lien senior secured GBP term loan | Non-Affiliated Issuer 2024-12-31 0001812554 Salinger Bidco Inc. (dba Surgical Information Systems) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Southern Veterinary Partners, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Zelis Cost Management Buyer, Inc. | First lien senior secured loan 1 | Non-Affiliated Issuer 2024-12-31 0001812554 Zelis Cost Management Buyer, Inc. | First lien senior secured loan 2 | Non-Affiliated Issuer 2024-12-31 0001812554 orcic:HealthcareTechnologySectorMember us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001812554 Home Service TopCo IV, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Mario Midco Holdings, Inc. (dba Len the Plumber) | Unsecured facility | Non-Affiliated Issuer 2024-12-31 0001812554 Mario Purchaser, LLC (dba Len the Plumber) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Mario Purchaser, LLC (dba Len the Plumber) | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 SimpliSafe Holding Corporation | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Southern Air & Heat Holdings, LLC | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2024-12-31 0001812554 Southern Air & Heat Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Walker Edison Furniture Company LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Walker Edison Furniture Company LLC | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 orcic:HouseholdProductsMember us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001812554 AQ Carver Buyer, Inc. (dba CoAdvantage) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Cast & Crew Payroll, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Cornerstone OnDemand, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Cornerstone OnDemand, Inc. | Second lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 IG Investments Holdings, LLC (dba Insight Global) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 iSolved, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 UKG Inc. (dba Ultimate Software) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 orcic:HumanResourceSupportServicesMember us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001812554 AWP Group Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Azuria Water Solutions, Inc. (f/k/a Aegion Corporation) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Geosyntec Consultants, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 GI Apple Midco LLC (dba Atlas Technical Consultants) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 GI Apple Midco LLC (dba Atlas Technical Consultants) | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 KENE Acquisition, Inc. (dba Entrust Solutions Group) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 KENE Acquisition, Inc. (dba Entrust Solutions Group) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2024-12-31 0001812554 Osmose Utilities Services, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Tamarack Intermediate, L.L.C. (dba Verisk 3E) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 USIC Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 USIC Holdings, Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 Vessco Midco Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Vessco Midco Holdings, LLC | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2024-12-31 0001812554 orcic:InfrastructureAndEnvironmentalServicesMember us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001812554 Acrisure, LLC | Unsecured notes | Non-Affiliated Issuer 2024-12-31 0001812554 Acrisure, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Alera Group, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Alera Group, Inc. | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2024-12-31 0001812554 AmeriLife Holdings LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Ardonagh Midco 3 PLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 AssuredPartners, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Asurion, LLC | Second lien senior secured loan 1 | Non-Affiliated Issuer 2024-12-31 0001812554 Asurion, LLC | Second lien senior secured loan 2 | Non-Affiliated Issuer 2024-12-31 0001812554 Brightway Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Brightway Holdings, LLC | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 Broadstreet Partners, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Diamond Mezzanine 24 LLC (dba United Risk) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Diamond Mezzanine 24 LLC (dba United Risk) | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 Disco Parent, Inc. (dba Duck Creek Technologies, Inc.) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Evolution BuyerCo, Inc. (dba SIAA) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Evolution BuyerCo, Inc. (dba SIAA) | First lien senior secured delayed draw term loan 1 | Non-Affiliated Issuer 2024-12-31 0001812554 Evolution BuyerCo, Inc. (dba SIAA) | First lien senior secured delayed draw term loan 2 | Non-Affiliated Issuer 2024-12-31 0001812554 Galway Borrower LLC | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2024-12-31 0001812554 Hub International | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Hyperion Refinance S.à r.l (dba Howden Group) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 IMA Financial Group, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Integrated Specialty Coverages, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Integrity Marketing Acquisition, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 KWOR Acquisition, Inc. (dba Alacrity Solutions) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 KWOR Acquisition, Inc. (dba Alacrity Solutions) | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 Mitchell International, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Mitchell International, Inc. | Second lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 PCF Midco II, LLC (dba PCF Insurance Services) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services) | First lien senior secured loan 1 | Non-Affiliated Issuer 2024-12-31 0001812554 Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services) | First lien senior secured loan 2 | Non-Affiliated Issuer 2024-12-31 0001812554 Simplicity Financial Marketing Group Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Summit Acquisition Inc. (dba K2 Insurance Services) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Tempo Buyer Corp. (dba Global Claims Services) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 THG Acquisition, LLC (dba Hilb) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 us-gaap:InsuranceSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001812554 Activate Holdings (US) Corp. (dba Absolute Software) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 AI Titan Parent, Inc. (dba Prometheus Group) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 AlphaSense, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Anaplan, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Appfire Technologies, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Aptean Acquiror, Inc. (dba Aptean) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Armstrong Bidco Limited | First lien senior secured GBP delayed draw term loan | Non-Affiliated Issuer 2024-12-31 0001812554 Artifact Bidco, Inc. (dba Avetta) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Avalara, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Barracuda Networks, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Barracuda Networks, Inc. | Second lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Bayshore Intermediate #2, L.P. (dba Boomi) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 BCTO BSI Buyer, Inc. (dba Buildertrend) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Central Parent Inc. (dba CDK Global Inc.) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 CivicPlus, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Cloud Software Group, Inc. | First lien senior secured loan 1 | Non-Affiliated Issuer 2024-12-31 0001812554 Cloud Software Group, Inc. | First lien senior secured loan 2 | Non-Affiliated Issuer 2024-12-31 0001812554 Clover Holdings 2, LLC (dba Cohesity) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Coupa Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC) | Unsecured notes | Non-Affiliated Issuer 2024-12-31 0001812554 Crewline Buyer, Inc. (dba New Relic) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Databricks, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Delta TopCo, Inc. (dba Infoblox, Inc.) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Delta TopCo, Inc. (dba Infoblox, Inc.) | Second lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Diamond Insure Bidco (dba Acturis) | First lien senior secured EUR term loan | Non-Affiliated Issuer 2024-12-31 0001812554 Diamond Insure Bidco (dba Acturis) | First lien senior secured GBP term loan | Non-Affiliated Issuer 2024-12-31 0001812554 E2open, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 EET Buyer, Inc. (dba e-Emphasys) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Entrata, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Forescout Technologies, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Granicus, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Granicus, Inc. | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2024-12-31 0001812554 GS Acquisitionco, Inc. (dba insightsoftware) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Hyland Software, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Icefall Parent, Inc. (dba EngageSmart) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Ivanti Software, Inc. | Second lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Ivanti Software, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Javelin Buyer, Inc. (dba JAGGAER) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 JS Parent, Inc. (dba Jama Software) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Litera Bidco LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Magnet Forensics, LLC (f/k/a Grayshift, LLC) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Ministry Brands Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Mitnick Corporate Purchaser, Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 Oranje Holdco, Inc. (dba KnowBe4) | First lien senior secured loan 1 | Non-Affiliated Issuer 2024-12-31 0001812554 Oranje Holdco, Inc. (dba KnowBe4) | First lien senior secured loan 2 | Non-Affiliated Issuer 2024-12-31 0001812554 PDI TA Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 PDI TA Holdings, Inc. | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2024-12-31 0001812554 Perforce Software, Inc. | First lien senior secured loan 1 | Non-Affiliated Issuer 2024-12-31 0001812554 Perforce Software, Inc. | First lien senior secured loan 2 | Non-Affiliated Issuer 2024-12-31 0001812554 Project Alpha Intermediate Holding, Inc. (dba Qlik) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Proofpoint, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 QAD, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 SailPoint Technologies Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Securonix, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Securonix, Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 Sedgwick Claims Management Services, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Sitecore Holding III A/S | First lien senior secured EUR term loan | Non-Affiliated Issuer 2024-12-31 0001812554 Sitecore Holding III A/S | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Sitecore USA, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Sophos Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Spaceship Purchaser, Inc. (dba Squarespace) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Storable, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Thunder Purchaser, Inc. (dba Vector Solutions) | First lien senior secured loan 1 | Non-Affiliated Issuer 2024-12-31 0001812554 Thunder Purchaser, Inc. (dba Vector Solutions) | First lien senior secured loan 2 | Non-Affiliated Issuer 2024-12-31 0001812554 VIRTUSA CORPORATION | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 When I Work, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Zendesk, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 orcic:InternetSoftwareAndServicesMember us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001812554 Aerosmith Bidco 1 Limited (dba Audiotonix) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Cirque du Soleil Canada, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Pretzel Parent, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Troon Golf, L.L.C. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 orcic:LeisureAndEntertainmentMember us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001812554 ACR Group Borrower, LLC | First lien senior secured loan 1 | Non-Affiliated Issuer 2024-12-31 0001812554 ACR Group Borrower, LLC | First lien senior secured loan 2 | Non-Affiliated Issuer 2024-12-31 0001812554 ACR Group Borrower, LLC | First lien senior secured loan 3 | Non-Affiliated Issuer 2024-12-31 0001812554 Chariot Buyer LLC (dba Chamberlain Group) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 CPM Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Engineered Machinery Holdings, Inc. (dba Duravant) | Second lien senior secured loan 1 | Non-Affiliated Issuer 2024-12-31 0001812554 Engineered Machinery Holdings, Inc. (dba Duravant) | Second lien senior secured loan 2 | Non-Affiliated Issuer 2024-12-31 0001812554 Engineered Machinery Holdings, Inc. (dba Duravant) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Faraday Buyer, LLC (dba MacLean Power Systems) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Filtration Group Corporation | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 FR Flow Control CB LLC (dba Trillium Flow Technologies) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Gloves Buyer, Inc. (dba Protective Industrial Products) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Helix Acquisition Holdings, Inc. (dba MW Industries) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Ideal Tridon Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 MHE Intermediate Holdings, LLC (dba OnPoint Group) | First lien senior secured loan 1 | Non-Affiliated Issuer 2024-12-31 0001812554 MHE Intermediate Holdings, LLC (dba OnPoint Group) | First lien senior secured loan 2 | Non-Affiliated Issuer 2024-12-31 0001812554 Pro Mach Group, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Sonny's Enterprises, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Sonny's Enterprises, LLC | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2024-12-31 0001812554 Sonny's Enterprises, LLC | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 orcic:ManufacturingMember us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001812554 AmSpec Parent, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Apex Group Treasury LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Certinia Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Element Materials Technology | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 EP Purchaser, LLC (dba Entertainment Partners) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Essential Services Holding Corporation (dba Turnpoint) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Gerson Lehrman Group, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Guidehouse Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Paris US Holdco, Inc. (dba Precinmac) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Relativity ODA LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured EUR term loan | Non-Affiliated Issuer 2024-12-31 0001812554 Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 Sovos Compliance, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Thevelia (US) LLC (dba Tricor) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Vensure Employer Services, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Vistage International, Inc. | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 orcic:ProfessionalServicesMember us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001812554 Galls, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Ideal Image Development, LLC | First lien senior secured loan 1 | Non-Affiliated Issuer 2024-12-31 0001812554 Ideal Image Development, LLC | First lien senior secured loan 2 | Non-Affiliated Issuer 2024-12-31 0001812554 Ideal Image Development, LLC | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 Milan Laser Holdings LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Notorious Topco, LLC (dba Beauty Industry Group) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 The Shade Store, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 The Shade Store, LLC | First lien senior secured delayed draw term loan | Non-Affiliated Issuer 2024-12-31 0001812554 The Shade Store, LLC | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 us-gaap:RetailSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001812554 CCI BUYER, INC. (dba Consumer Cellular) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 EOS Finco S.A.R.L | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Level 3 Financing, Inc. | First lien senior secured loan 1 | Non-Affiliated Issuer 2024-12-31 0001812554 Level 3 Financing, Inc. | First lien senior secured loan 2 | Non-Affiliated Issuer 2024-12-31 0001812554 Park Place Technologies, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Park Place Technologies, LLC | First lien senior secured revolving loan | Non-Affiliated Issuer 2024-12-31 0001812554 PPT Holdings III, LLC (dba Park Place Technologies) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 orcic:TelecommunicationsMember us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001812554 Lightbeam Bidco, Inc. (dba Lazer Spot) | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 Motus Group, LLC | First lien senior secured loan | Non-Affiliated Issuer 2024-12-31 0001812554 us-gaap:TransportationSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001812554 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:DebtSecuritiesMember 2024-12-31 0001812554 Amergin Asset Management, LLC | Class A Units | Non-Affiliated Issuer 2024-12-31 0001812554 orcic:AssetBasedLendingAndFundFinanceMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2024-12-31 0001812554 CD&R Value Building Partners I, L.P. (dba Belron) | LP Interest | Non-Affiliated Issuer 2024-12-31 0001812554 Metis HoldCo, Inc. (dba Mavis Tire Express Services) | Series A Convertible Preferred Stock | Non-Affiliated Issuer 2024-12-31 0001812554 us-gaap:AutomotiveSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2024-12-31 0001812554 Dodge Construction Network Holdings, L.P. | Class A-2 Common Units | Non-Affiliated Issuer 2024-12-31 0001812554 Dodge Construction Network Holdings, L.P. | Series A Preferred Units | Non-Affiliated Issuer 2024-12-31 0001812554 orcic:BuildingsAndRealEstateMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2024-12-31 0001812554 Denali Holding, LP (dba Summit Companies) | Class A Units | Non-Affiliated Issuer 2024-12-31 0001812554 Hercules Buyer, LLC (dba The Vincit Group) | Common Units | Non-Affiliated Issuer 2024-12-31 0001812554 Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.) | Perpetual Preferred Stock | Non-Affiliated Issuer 2024-12-31 0001812554 orcic:BusinessServicesMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2024-12-31 0001812554 ASP Conair Holdings LP | Class A Units | Non-Affiliated Issuer 2024-12-31 0001812554 us-gaap:ConsumerSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2024-12-31 0001812554 Vestwell Holdings, Inc. | Series D Preferred Stock | Non-Affiliated Issuer 2024-12-31 0001812554 us-gaap:FinancialServicesSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2024-12-31 0001812554 Hissho Sushi Holdings, LLC | Class A Units | Non-Affiliated Issuer 2024-12-31 0001812554 us-gaap:FoodAndBeverageSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2024-12-31 0001812554 KPCI Holdings, L.P. | Class A Units | Non-Affiliated Issuer 2024-12-31 0001812554 Maia Aggregator, LP | Class A-2 Units | Non-Affiliated Issuer 2024-12-31 0001812554 Patriot Holdings SCSp (dba Corza Health, Inc.) | Class B Units | Non-Affiliated Issuer 2024-12-31 0001812554 Patriot Holdings SCSp (dba Corza Health, Inc.) | Class A Units | Non-Affiliated Issuer 2024-12-31 0001812554 Rhea Acquisition Holdings, LP | Series A-2 Units | Non-Affiliated Issuer 2024-12-31 0001812554 orcic:HealthcareEquipmentAndServicesMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2024-12-31 0001812554 KOBHG Holdings, L.P. (dba OB Hospitalist) | Class A Interests | Non-Affiliated Issuer 2024-12-31 0001812554 KWOL Acquisition Inc. (dba Worldwide Clinical Trials) | Class A Interest | Non-Affiliated Issuer 2024-12-31 0001812554 Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers) | Series A Preferred Stock | Non-Affiliated Issuer 2024-12-31 0001812554 XOMA Corporation | Warrants | Non-Affiliated Issuer 2024-12-31 0001812554 orcic:HealthcareProvidersAndServicesMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2024-12-31 0001812554 BEHP Co-Investor II, L.P. | LP Interest | Non-Affiliated Issuer 2024-12-31 0001812554 Minerva Holdco, Inc. | Senior A Preferred Stock | Non-Affiliated Issuer 2024-12-31 0001812554 Orange Blossom Parent, Inc. | Common Units | Non-Affiliated Issuer 2024-12-31 0001812554 WP Irving Co-Invest, L.P. | Partnership Units | Non-Affiliated Issuer 2024-12-31 0001812554 orcic:HealthcareTechnologySectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2024-12-31 0001812554 Walker Edison Holdco LLC | Common Units | Non-Affiliated Issuer 2024-12-31 0001812554 orcic:HouseholdProductsMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2024-12-31 0001812554 Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.) | Series A Preferred Stock | Non-Affiliated Issuer 2024-12-31 0001812554 orcic:HumanResourceSupportServicesMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2024-12-31 0001812554 Accelerate Topco Holdings, LLC | Common Units | Non-Affiliated Issuer 2024-12-31 0001812554 Evolution Parent, LP (dba SIAA) | LP Interest | Non-Affiliated Issuer 2024-12-31 0001812554 GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway) | LP Interest | Non-Affiliated Issuer 2024-12-31 0001812554 Hockey Parent Holdings, L.P. | Class A Common Units | Non-Affiliated Issuer 2024-12-31 0001812554 PCF Holdco, LLC (dba PCF Insurance Services) | Class A Units | Non-Affiliated Issuer 2024-12-31 0001812554 PCF Holdco, LLC (dba PCF Insurance Services) | Warrants | Non-Affiliated Issuer 2024-12-31 0001812554 PCF Holdco, LLC (dba PCF Insurance Services) | Preferred equity | Non-Affiliated Issuer 2024-12-31 0001812554 us-gaap:InsuranceSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2024-12-31 0001812554 AlphaSense, LLC | Series E Preferred Shares | Non-Affiliated Issuer 2024-12-31 0001812554 BCTO WIW Holdings, Inc. (dba When I Work) | Class A Common Stock | Non-Affiliated Issuer 2024-12-31 0001812554 Brooklyn Lender Co-Invest 2, L.P. (dba Boomi) | Common Units | Non-Affiliated Issuer 2024-12-31 0001812554 Elliott Alto Co-Investor Aggregator L.P. | LP Interest | Non-Affiliated Issuer 2024-12-31 0001812554 Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC) | LP Interest | Non-Affiliated Issuer 2024-12-31 0001812554 Bird Holding B.V. (fka MessageBird Holding B.V.) | Extended Series C Warrants | Non-Affiliated Issuer 2024-12-31 0001812554 Project Alpine Co-Invest Fund, LP | LP Interest | Non-Affiliated Issuer 2024-12-31 0001812554 Project Hotel California Co-Invest Fund, L.P. | LP Interest | Non-Affiliated Issuer 2024-12-31 0001812554 Thunder Topco L.P. (dba Vector Solutions) | Common Units | Non-Affiliated Issuer 2024-12-31 0001812554 WMC Bidco, Inc. (dba West Monroe) | Senior Preferred Stock | Non-Affiliated Issuer 2024-12-31 0001812554 Zoro TopCo, Inc. | Series A Preferred Equity | Non-Affiliated Issuer 2024-12-31 0001812554 Zoro TopCo, L.P. | Class A Common Units | Non-Affiliated Issuer 2024-12-31 0001812554 orcic:InternetSoftwareAndServicesMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2024-12-31 0001812554 Gloves Holdings, LP (dba Protective Industrial Products) | LP Interest | Non-Affiliated Issuer 2024-12-31 0001812554 orcic:ManufacturingMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2024-12-31 0001812554 Ideal Topco, L.P. | Class A-1 Preferred Units | Non-Affiliated Issuer 2024-12-31 0001812554 Ideal Topco, L.P. | Class A-2 Common Units | Non-Affiliated Issuer 2024-12-31 0001812554 us-gaap:RetailSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2024-12-31 0001812554 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2024-12-31 0001812554 orcic:InvestmentUnaffiliatedIssuerBeforeAdjustmentMember 2024-12-31 0001812554 Pluralsight, LLC | First lien senior secured loan 1 | Affiliated Issuer 2024-12-31 0001812554 Pluralsight, LLC | First lien senior secured loan 2 | Affiliated Issuer 2024-12-31 0001812554 orcic:EducationMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember us-gaap:DebtSecuritiesMember 2024-12-31 0001812554 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember us-gaap:DebtSecuritiesMember 2024-12-31 0001812554 Paradigmatic Holdco LLC (dba Pluralsight) | Common stock | Affiliated Issuer 2024-12-31 0001812554 orcic:EducationMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember us-gaap:EquitySecuritiesMember 2024-12-31 0001812554 LSI Financing 1 DAC | Preferred equity | Affiliated Issuer 2024-12-31 0001812554 orcic:PharmaceuticalsMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember us-gaap:EquitySecuritiesMember 2024-12-31 0001812554 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember us-gaap:EquitySecuritiesMember 2024-12-31 0001812554 AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC | First lien senior secured loan | Affiliated Issuer 2024-12-31 0001812554 AAM Series 2.1 Aviation Feeder, LLC | First lien senior secured loan | Affiliated Issuer 2024-12-31 0001812554 orcic:AssetBasedLendingAndFundFinanceMember us-gaap:InvestmentAffiliatedIssuerControlledMember us-gaap:DebtSecuritiesMember 2024-12-31 0001812554 us-gaap:InvestmentAffiliatedIssuerControlledMember us-gaap:DebtSecuritiesMember 2024-12-31 0001812554 AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC | LLC Interest | Affiliated Issuer 2024-12-31 0001812554 AAM Series 2.1 Aviation Feeder, LLC | LLC Interest | Affiliated Issuer 2024-12-31 0001812554 orcic:AssetBasedLendingAndFundFinanceMember us-gaap:InvestmentAffiliatedIssuerControlledMember us-gaap:EquitySecuritiesMember 2024-12-31 0001812554 Fifth Season Investments LLC | Class A Units | Affiliated Issuer 2024-12-31 0001812554 us-gaap:InsuranceSectorMember us-gaap:InvestmentAffiliatedIssuerControlledMember us-gaap:EquitySecuritiesMember 2024-12-31 0001812554 OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC) | LLC Interest | Affiliated Issuer 2024-12-31 0001812554 Blue Owl Credit SLF LLC | LLC Interest | Affiliated Issuer 2024-12-31 0001812554 orcic:JointVenturesMember us-gaap:InvestmentAffiliatedIssuerControlledMember us-gaap:EquitySecuritiesMember 2024-12-31 0001812554 LSI Financing LLC | Common Equity | Affiliated Issuer 2024-12-31 0001812554 orcic:PharmaceuticalsMember us-gaap:InvestmentAffiliatedIssuerControlledMember us-gaap:EquitySecuritiesMember 2024-12-31 0001812554 us-gaap:InvestmentAffiliatedIssuerControlledMember us-gaap:EquitySecuritiesMember 2024-12-31 0001812554 us-gaap:InvestmentUnaffiliatedIssuerMember orcic:MiscellaneousDebtCommitmentsNettingMember 2024-12-31 0001812554 orcic:September2027NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-31 0001812554 orcic:September2027NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:September2027NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2024-01-01 2024-12-31 0001812554 orcic:AUD2027NotesMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-31 0001812554 orcic:AUD2027NotesMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:AUD2027NotesMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2024-01-01 2024-12-31 0001812554 orcic:AUD2027NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-31 0001812554 orcic:AUD2027NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:AUD2027NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2024-01-01 2024-12-31 0001812554 orcic:June2028NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-31 0001812554 orcic:June2028NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:June2028NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2024-01-01 2024-12-31 0001812554 orcic:January2029NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-31 0001812554 orcic:January2029NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:January2029NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2024-01-01 2024-12-31 0001812554 orcic:September2029NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-31 0001812554 orcic:September2029NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:September2029NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2024-01-01 2024-12-31 0001812554 orcic:March2030NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-31 0001812554 orcic:March2030NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:March2030NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2024-01-01 2024-12-31 0001812554 orcic:March2031NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-31 0001812554 orcic:March2031NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:March2031NotesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:UnsecuredDebtMember 2024-01-01 2024-12-31 0001812554 ACR Group Borrower, LLC, First lien senior secured delayed draw term loan 2024-12-31 0001812554 Aerosmith Bidco 1 Limited (dba Audiotonix), First lien senior secured delayed draw term loan 2024-12-31 0001812554 AI Titan Parent, Inc. (dba Prometheus Group), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Alera Group, Inc., First lien senior secured delayed draw term loan 2024-12-31 0001812554 AlphaSense, Inc., First lien senior secured delayed draw term loan 1 2024-12-31 0001812554 AlphaSense, Inc., First lien senior secured delayed draw term loan 2 2024-12-31 0001812554 AmeriLife Holdings LLC, First lien senior secured delayed draw term loan 2024-12-31 0001812554 AmSpec Parent, LLC, First lien senior secured delayed draw term loan 2024-12-31 0001812554 Appfire Technologies, LLC, First lien senior secured delayed draw term loan 1 2024-12-31 0001812554 Appfire Technologies, LLC, First lien senior secured delayed draw term loan 2 2024-12-31 0001812554 Aptean Acquiror, Inc. (dba Aptean), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Artifact Bidco, Inc. (dba Avetta), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Associations, Inc., First lien senior secured delayed draw term loan 2024-12-31 0001812554 Baker Tilly Advisory Group, L.P., First lien senior secured delayed draw term loan 2024-12-31 0001812554 Bamboo US BidCo LLC, First lien senior secured delayed draw term loan 1 2024-12-31 0001812554 Bamboo US BidCo LLC, First lien senior secured delayed draw term loan 2 2024-12-31 0001812554 BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Belmont Buyer, Inc. (dba Valenz), First lien senior secured delayed draw term loan 2024-12-31 0001812554 BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC), First lien senior secured delayed draw term loan 2024-12-31 0001812554 BTRS HOLDINGS INC. (dba Billtrust), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Capstone Acquisition Holdings, Inc., First lien senior secured delayed draw term loan 2024-12-31 0001812554 CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Chrysaor Bidco s.à r.l. (dba AlterDomus), First lien senior secured delayed draw term loan 2024-12-31 0001812554 CMG HoldCo, LLC (dba Crete United), First lien senior secured delayed draw term loan 1 2024-12-31 0001812554 CMG HoldCo, LLC (dba Crete United), First lien senior secured delayed draw term loan 2 2024-12-31 0001812554 Computer Services, Inc. (dba CSI), First lien senior secured delayed draw term loan 2024-12-31 0001812554 CoreTrust Purchasing Group LLC, First lien senior secured delayed draw term loan 2024-12-31 0001812554 Coupa Holdings, LLC, First lien senior secured delayed draw term loan 2024-12-31 0001812554 Cresset Capital Management, LLC, First lien senior secured delayed draw term loan 1 2024-12-31 0001812554 Cresset Capital Management, LLC, First lien senior secured delayed draw term loan 2 2024-12-31 0001812554 CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Databricks, Inc., First lien senior secured delayed draw term loan 2024-12-31 0001812554 DCG ACQUISITION CORP. (dba DuBois Chemical), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Diamond Mezzanine 24 LLC (dba United Risk), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Dresser Utility Solutions, LLC, First lien senior secured delayed draw term loan 2024-12-31 0001812554 DuraServ LLC, First lien senior secured delayed draw term loan 2024-12-31 0001812554 EET Buyer, Inc. (dba e-Emphasys), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Endries Acquisition, Inc., First lien senior secured delayed draw term loan 2024-12-31 0001812554 Essential Services Holding Corporation (dba Turnpoint), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Evolution BuyerCo, Inc. (dba SIAA), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Faraday Buyer, LLC (dba MacLean Power Systems), First lien senior secured delayed draw term loan 2024-12-31 0001812554 FR Flow Control CB LLC (dba Trillium Flow Technologies), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Fullsteam Operations, LLC, First lien senior secured delayed draw term loan 1 2024-12-31 0001812554 Fullsteam Operations, LLC, First lien senior secured delayed draw term loan 2 2024-12-31 0001812554 Galls, LLC, First lien senior secured delayed draw term loan 2024-12-31 0001812554 Galway Borrower LLC, First lien senior secured delayed draw term loan 2024-12-31 0001812554 Gehl Foods, LLC, First lien senior secured delayed draw term loan 2024-12-31 0001812554 GI Apple Midco LLC (dba Atlas Technical Consultants), First lien senior secured delayed draw term loan 2024-12-31 0001812554 GS Acquisitionco, Inc. (dba insightsoftware), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Indigo Buyer, Inc. (dba Inovar Packaging Group), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Indikami Bidco, LLC (dba IntegriChain), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Integrated Specialty Coverages, LLC, First lien senior secured delayed draw term loan 1 2024-12-31 0001812554 Integrated Specialty Coverages, LLC, First lien senior secured delayed draw term loan 2 2024-12-31 0001812554 Integrity Marketing Acquisition, LLC, First lien senior secured delayed draw term loan 2024-12-31 0001812554 Interoperability Bidco, Inc. (dba Lyniate), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Kaseya Inc., First lien senior secured delayed draw term loan 2024-12-31 0001812554 KENE Acquisition, Inc. (dba Entrust Solutions Group), First lien senior secured delayed draw term loan 2024-12-31 0001812554 KPSKY Acquisition, Inc. (dba BluSky), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Lakefield Acquisition Corp. (dba Lakefield Veterinary Group), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Lightbeam Bidco, Inc. (dba Lazer Spot), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Litera Bidco LLC, First lien senior secured delayed draw term loan 2024-12-31 0001812554 Litera Bidco LLC, First lien senior secured delayed draw term loan 1 2024-12-31 0001812554 ManTech International Corporation, First lien senior secured delayed draw term loan 2024-12-31 0001812554 Maple Acquisition, LLC (dba Medicus), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Mario Purchaser, LLC (dba Len the Plumber), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Minotaur Acquisition, Inc. (dba Inspira Financial), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Monotype Imaging Holdings Inc., First lien senior secured delayed draw term loan 2024-12-31 0001812554 NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A., First lien senior secured EUR delayed draw term loan 2024-12-31 0001812554 Nelipak Holding Company, First lien senior secured delayed draw term loan 2024-12-31 0001812554 OneOncology, LLC, First lien senior secured delayed draw term loan 2024-12-31 0001812554 Paris US Holdco, Inc. (dba Precinmac), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Park Place Technologies, LLC, First lien senior secured delayed draw term loan 2024-12-31 0001812554 Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.), First lien senior secured delayed draw term loan 2024-12-31 0001812554 PDI TA Holdings, Inc., First lien senior secured delayed draw term loan 2024-12-31 0001812554 PerkinElmer U.S. LLC, First lien senior secured delayed draw term loan 2024-12-31 0001812554 PetVet Care Centers, LLC, First lien senior secured delayed draw term loan 2024-12-31 0001812554 Plasma Buyer LLC (dba PathGroup), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Pye-Barker Fire & Safety, LLC, First lien senior secured delayed draw term loan 2024-12-31 0001812554 Raven Acquisition Holdings, LLC (dba R1 RCM), First lien senior secured delayed draw term loan 2024-12-31 0001812554 RL Datix Holdings (USA), Inc., First lien senior secured delayed draw term loan 2024-12-31 0001812554 Salinger Bidco Inc. (dba Surgical Information Systems), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Sensor Technology Topco, Inc. (dba Humanetics), First lien senior secured EUR delayed draw term loan 2024-12-31 0001812554 Sensor Technology Topco, Inc. (dba Humanetics), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Severin Acquisition, LLC (dba PowerSchool), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Simplicity Financial Marketing Group Holdings, Inc., First lien senior secured delayed draw term loan 2024-12-31 0001812554 Smarsh Inc., First lien senior secured delayed draw term loan 2024-12-31 0001812554 Sonny's Enterprises, LLC, First lien senior secured delayed draw term loan 2024-12-31 0001812554 Southern Air & Heat Holdings, LLC, First lien senior secured delayed draw term loan 2024-12-31 0001812554 Spaceship Purchaser, Inc. (dba Squarespace), First lien senior secured delayed draw term loan 1 2024-12-31 0001812554 Spaceship Purchaser, Inc. (dba Squarespace), First lien senior secured delayed draw term loan 2 2024-12-31 0001812554 STS PARENT, LLC (dba STS Aviation Group), First lien senior secured delayed draw term loan 2024-12-31 0001812554 TBRS, Inc. (dba TEAM Technologies), First lien senior secured delayed draw term loan 2024-12-31 0001812554 THG Acquisition, LLC (dba Hilb), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Thunder Purchaser, Inc. (dba Vector Solutions), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Troon Golf, L.L.C., First lien senior secured delayed draw term loan 2024-12-31 0001812554 Unified Women's Healthcare, LP, First lien senior secured delayed draw term loan 1 2024-12-31 0001812554 Unified Women's Healthcare, LP, First lien senior secured delayed draw term loan 2 2024-12-31 0001812554 USIC Holdings, Inc., First lien senior secured delayed draw term loan 2024-12-31 0001812554 USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners), First lien senior secured delayed draw term loan 2024-12-31 0001812554 Vensure Employer Services, Inc., First lien senior secured delayed draw term loan 2024-12-31 0001812554 Vessco Midco Holdings, LLC, First lien senior secured delayed draw term loan 2024-12-31 0001812554 Walker Edison Furniture Company LLC, First lien senior secured delayed draw term loan 2024-12-31 0001812554 Zendesk, Inc., First lien senior secured delayed draw term loan 2024-12-31 0001812554 Pluralsight, LLC, First lien senior secured delayed draw term loan 2024-12-31 0001812554 ACR Group Borrower, LLC, First lien senior secured revolving loan 2024-12-31 0001812554 Activate Holdings (US) Corp. (dba Absolute Software), First lien senior secured revolving loan 2024-12-31 0001812554 Aerosmith Bidco 1 Limited (dba Audiotonix), First lien senior secured revolving loan 2024-12-31 0001812554 AI Titan Parent, Inc. (dba Prometheus Group), First lien senior secured revolving loan 2024-12-31 0001812554 AmeriLife Holdings LLC, First lien senior secured revolving loan 2024-12-31 0001812554 Anaplan, Inc., First lien senior secured revolving loan 2024-12-31 0001812554 Appfire Technologies, LLC, First lien senior secured revolving loan 2024-12-31 0001812554 Aptean Acquiror, Inc. (dba Aptean), First lien senior secured revolving loan 2024-12-31 0001812554 Artifact Bidco, Inc. (dba Avetta), First lien senior secured revolving loan 2024-12-31 0001812554 Ascend Buyer, LLC (dba PPC Flexible Packaging), First lien senior secured revolving loan 2024-12-31 0001812554 Associations, Inc., First lien senior secured revolving loan 2024-12-31 0001812554 Avalara, Inc., First lien senior secured revolving loan 2024-12-31 0001812554 AWP Group Holdings, Inc., First lien senior secured revolving loan 2024-12-31 0001812554 Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.), First lien senior secured revolving loan 2024-12-31 0001812554 Baker Tilly Advisory Group, L.P., First lien senior secured revolving loan 2024-12-31 0001812554 Bamboo US BidCo LLC, First lien senior secured revolving loan 2024-12-31 0001812554 Bayshore Intermediate #2, L.P. (dba Boomi), First lien senior secured revolving loan 2024-12-31 0001812554 BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured revolving loan 2024-12-31 0001812554 BCPE Pequod Buyer, Inc. (dba Envestnet), First lien senior secured revolving loan 2024-12-31 0001812554 BCTO BSI Buyer, Inc. (dba Buildertrend), First lien senior secured revolving loan 2024-12-31 0001812554 Belmont Buyer, Inc. (dba Valenz), First lien senior secured revolving loan 2024-12-31 0001812554 Blast Bidco Inc. (dba Bazooka Candy Brands), First lien senior secured revolving loan 2024-12-31 0001812554 Brightway Holdings, LLC, First lien senior secured revolving loan 2024-12-31 0001812554 Broadcast Music, Inc. (fka Otis Merger Sub, Inc.), First lien senior secured revolving loan 2024-12-31 0001812554 BTRS HOLDINGS INC. (dba Billtrust), First lien senior secured revolving loan 2024-12-31 0001812554 Canadian Hospital Specialties Limited, First lien senior secured revolving loan 2024-12-31 0001812554 Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.), First lien senior secured revolving loan 2024-12-31 0001812554 Certinia Inc., First lien senior secured revolving loan 2024-12-31 0001812554 CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.), First lien senior secured revolving loan 2024-12-31 0001812554 CivicPlus, LLC, First lien senior secured revolving loan 2024-12-31 0001812554 CMG HoldCo, LLC (dba Crete United), First lien senior secured revolving loan 2024-12-31 0001812554 CoreTrust Purchasing Group LLC, First lien senior secured revolving loan 2024-12-31 0001812554 Coupa Holdings, LLC, First lien senior secured revolving loan 2024-12-31 0001812554 CPM Holdings, Inc., First lien senior secured revolving loan 2024-12-31 0001812554 Creek Parent, Inc. (dba Catalent), First lien senior secured revolving loan 2024-12-31 0001812554 Cresset Capital Management, LLC, First lien senior secured revolving loan 2024-12-31 0001812554 Crewline Buyer, Inc. (dba New Relic), First lien senior secured revolving loan 2024-12-31 0001812554 CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant), First lien senior secured revolving loan 2024-12-31 0001812554 D4C Dental Brands, Inc., First lien senior secured revolving loan 2024-12-31 0001812554 DCG ACQUISITION CORP. (dba DuBois Chemical), First lien senior secured revolving loan 2024-12-31 0001812554 Denali BuyerCo, LLC (dba Summit Companies), First lien senior secured revolving loan 2024-12-31 0001812554 Diamond Mezzanine 24 LLC (dba United Risk), First lien senior secured revolving loan 2024-12-31 0001812554 Disco Parent, Inc. (dba Duck Creek Technologies, Inc.), First lien senior secured revolving loan 2024-12-31 0001812554 Dresser Utility Solutions, LLC, First lien senior secured revolving loan 2024-12-31 0001812554 DuraServ LLC, First lien senior secured revolving loan 2024-12-31 0001812554 Eagle Family Foods Group LLC, First lien senior secured revolving loan 2024-12-31 0001812554 EET Buyer, Inc. (dba e-Emphasys), First lien senior secured revolving loan 2024-12-31 0001812554 Entrata, Inc., First lien senior secured revolving loan 2024-12-31 0001812554 Essential Services Holding Corporation (dba Turnpoint), First lien senior secured revolving loan 2024-12-31 0001812554 Evolution BuyerCo, Inc. (dba SIAA), First lien senior secured revolving loan 2024-12-31 0001812554 Fiesta Purchaser, Inc. (dba Shearer's Foods), First lien senior secured revolving loan 2024-12-31 0001812554 Finastra USA, Inc., First lien senior secured revolving loan 2024-12-31 0001812554 Forescout Technologies, Inc., First lien senior secured revolving loan 2024-12-31 0001812554 Formerra, LLC, First lien senior secured revolving loan 2024-12-31 0001812554 Fortis Solutions Group, LLC, First lien senior secured revolving loan 2024-12-31 0001812554 FR Flow Control CB LLC (dba Trillium Flow Technologies), First lien senior secured revolving loan 2024-12-31 0001812554 Fullsteam Operations, LLC, First lien senior secured revolving loan 2024-12-31 0001812554 Galls, LLC, First lien senior secured revolving loan 2024-12-31 0001812554 Galway Borrower LLC, First lien senior secured revolving loan 2024-12-31 0001812554 Gaylord Chemical Company, L.L.C., First lien senior secured revolving loan 2024-12-31 0001812554 Gerson Lehrman Group, Inc., First lien senior secured revolving loan 2024-12-31 0001812554 GI Apple Midco LLC (dba Atlas Technical Consultants), First lien senior secured revolving loan 2024-12-31 0001812554 GI Ranger Intermediate, LLC (dba Rectangle Health), First lien senior secured revolving loan 2024-12-31 0001812554 Granicus, Inc., First lien senior secured revolving loan 2024-12-31 0001812554 GS Acquisitionco, Inc. (dba insightsoftware), First lien senior secured revolving loan 2024-12-31 0001812554 Hercules Borrower, LLC (dba The Vincit Group), First lien senior secured revolving loan 2024-12-31 0001812554 Hissho Parent, LLC, First lien senior secured revolving loan 2024-12-31 0001812554 Home Service TopCo IV, Inc., First lien senior secured revolving loan 2024-12-31 0001812554 Hyland Software, Inc., First lien senior secured revolving loan 2024-12-31 0001812554 Icefall Parent, Inc. (dba EngageSmart), First lien senior secured revolving loan 2024-12-31 0001812554 Ideal Image Development, LLC, First lien senior secured revolving loan 1 2024-12-31 0001812554 Ideal Image Development, LLC, First lien senior secured revolving loan 2 2024-12-31 0001812554 Ideal Tridon Holdings, Inc., First lien senior secured revolving loan 2024-12-31 0001812554 IG Investments Holdings, LLC (dba Insight Global), First lien senior secured revolving loan 2024-12-31 0001812554 Indigo Buyer, Inc. (dba Inovar Packaging Group), First lien senior secured revolving loan 2024-12-31 0001812554 Indikami Bidco, LLC (dba IntegriChain), First lien senior secured revolving loan 2024-12-31 0001812554 Integrated Specialty Coverages, LLC, First lien senior secured revolving loan 2024-12-31 0001812554 Integrity Marketing Acquisition, LLC, First lien senior secured revolving loan 2024-12-31 0001812554 Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.), First lien senior secured revolving loan 2024-12-31 0001812554 Interoperability Bidco, Inc. (dba Lyniate), First lien senior secured revolving loan 2024-12-31 0001812554 IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)), First lien senior secured revolving loan 2024-12-31 0001812554 JS Parent, Inc. (dba Jama Software), First lien senior secured revolving loan 2024-12-31 0001812554 KABAFUSION Parent, LLC, First lien senior secured revolving loan 2024-12-31 0001812554 Kaseya Inc., First lien senior secured revolving loan 2024-12-31 0001812554 KENE Acquisition, Inc. (dba Entrust Solutions Group), First lien senior secured revolving loan 2024-12-31 0001812554 KRIV Acquisition Inc. (dba Riveron), First lien senior secured revolving loan 2024-12-31 0001812554 KWOL Acquisition Inc. (dba Worldwide Clinical Trials), First lien senior secured revolving loan 2024-12-31 0001812554 KWOR Acquisition, Inc. (dba Alacrity Solutions), First lien senior secured revolving loan 2024-12-31 0001812554 Lakefield Acquisition Corp. (dba Lakefield Veterinary Group), First lien senior secured revolving loan 2024-12-31 0001812554 Lightbeam Bidco, Inc. (dba Lazer Spot), First lien senior secured revolving loan 2024-12-31 0001812554 Lignetics Investment Corp., First lien senior secured revolving loan 2024-12-31 0001812554 Litera Bidco LLC, First lien senior secured revolving loan 2024-12-31 0001812554 Magnet Forensics, LLC (f/k/a Grayshift, LLC), First lien senior secured revolving loan 2024-12-31 0001812554 ManTech International Corporation, First lien senior secured revolving loan 2024-12-31 0001812554 Maple Acquisition, LLC (dba Medicus), First lien senior secured revolving loan 2024-12-31 0001812554 Mario Purchaser, LLC (dba Len the Plumber), First lien senior secured revolving loan 2024-12-31 0001812554 MHE Intermediate Holdings, LLC (dba OnPoint Group), First lien senior secured revolving loan 2024-12-31 0001812554 Milan Laser Holdings LLC, First lien senior secured revolving loan 2024-12-31 0001812554 Ministry Brands Holdings, LLC, First lien senior secured revolving loan 2024-12-31 0001812554 Minotaur Acquisition, Inc. (dba Inspira Financial), First lien senior secured revolving loan 2024-12-31 0001812554 Mitnick Corporate Purchaser, Inc., First lien senior secured revolving loan 2024-12-31 0001812554 Monotype Imaging Holdings Inc., First lien senior secured revolving loan 2024-12-31 0001812554 Natural Partners, LLC, First lien senior secured revolving loan 2024-12-31 0001812554 NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A., First lien senior secured EUR revolving loan 2024-12-31 0001812554 Nelipak Holding Company, First lien senior secured revolving loan 2024-12-31 0001812554 Neptune Holdings, Inc. (dba NexTech), First lien senior secured revolving loan 2024-12-31 0001812554 NMI Acquisitionco, Inc. (dba Network Merchants), First lien senior secured revolving loan 2024-12-31 0001812554 Notorious Topco, LLC (dba Beauty Industry Group), First lien senior secured revolving loan 2024-12-31 0001812554 OAC Holdings I Corp. (dba Omega Holdings), First lien senior secured revolving loan 2024-12-31 0001812554 OB Hospitalist Group, Inc., First lien senior secured revolving loan 2024-12-31 0001812554 Ole Smoky Distillery, LLC, First lien senior secured revolving loan 2024-12-31 0001812554 OneOncology, LLC, First lien senior secured revolving loan 2024-12-31 0001812554 Oranje Holdco, Inc. (dba KnowBe4), First lien senior secured revolving loan 2024-12-31 0001812554 Paris US Holdco, Inc. (dba Precinmac), First lien senior secured revolving loan 2024-12-31 0001812554 Park Place Technologies, LLC, First lien senior secured revolving loan 2024-12-31 0001812554 Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.), First lien senior secured revolving loan 2024-12-31 0001812554 PDI TA Holdings, Inc., First lien senior secured revolving loan 2024-12-31 0001812554 Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services), First lien senior secured revolving loan 2024-12-31 0001812554 PetVet Care Centers, LLC, First lien senior secured revolving loan 2024-12-31 0001812554 Phantom Purchaser, Inc., First lien senior secured revolving loan 2024-12-31 0001812554 Ping Identity Holding Corp., First lien senior secured revolving loan 2024-12-31 0001812554 Plasma Buyer LLC (dba PathGroup), First lien senior secured revolving loan 2024-12-31 0001812554 PPV Intermediate Holdings, LLC, First lien senior secured revolving loan 2024-12-31 0001812554 Premise Health Holding Corp., First lien senior secured revolving loan 2024-12-31 0001812554 Pye-Barker Fire & Safety, LLC, First lien senior secured revolving loan 2024-12-31 0001812554 QAD, Inc., First lien senior secured revolving loan 2024-12-31 0001812554 Quva Pharma, Inc., First lien senior secured revolving loan 2024-12-31 0001812554 Relativity ODA LLC, First lien senior secured revolving loan 2024-12-31 0001812554 Rhea Parent, Inc., First lien senior secured revolving loan 2024-12-31 0001812554 RL Datix Holdings (USA), Inc., First lien senior secured revolving loan 2024-12-31 0001812554 SailPoint Technologies Holdings, Inc., First lien senior secured revolving loan 2024-12-31 0001812554 Salinger Bidco Inc. (dba Surgical Information Systems), First lien senior secured revolving loan 2024-12-31 0001812554 Securonix, Inc., First lien senior secured revolving loan 2024-12-31 0001812554 Sensor Technology Topco, Inc. (dba Humanetics), First lien senior secured revolving loan 2024-12-31 0001812554 Severin Acquisition, LLC (dba PowerSchool), First lien senior secured revolving loan 2024-12-31 0001812554 Simplicity Financial Marketing Group Holdings, Inc., First lien senior secured revolving loan 2024-12-31 0001812554 Smarsh Inc., First lien senior secured revolving loan 2024-12-31 0001812554 Soliant Lower Intermediate, LLC (dba Soliant), First lien senior secured revolving loan 2024-12-31 0001812554 Sonny's Enterprises, LLC, First lien senior secured revolving loan 2024-12-31 0001812554 Southern Air & Heat Holdings, LLC, First lien senior secured revolving loan 2024-12-31 0001812554 Spaceship Purchaser, Inc. (dba Squarespace), First lien senior secured revolving loan 2024-12-31 0001812554 Spotless Brands, LLC, First lien senior secured revolving loan 2024-12-31 0001812554 STS PARENT, LLC (dba STS Aviation Group), First lien senior secured revolving loan 2024-12-31 0001812554 SWK BUYER, Inc. (dba Stonewall Kitchen), First lien senior secured revolving loan 2024-12-31 0001812554 Tamarack Intermediate, L.L.C. (dba Verisk 3E), First lien senior secured revolving loan 2024-12-31 0001812554 TBRS, Inc. (dba TEAM Technologies), First lien senior secured revolving loan 2024-12-31 0001812554 TC Holdings, LLC (dba TrialCard), First lien senior secured revolving loan 2024-12-31 0001812554 Tempo Buyer Corp. (dba Global Claims Services), First lien senior secured revolving loan 2024-12-31 0001812554 The Shade Store, LLC, First lien senior secured revolving loan 2024-12-31 0001812554 THG Acquisition, LLC (dba Hilb), First lien senior secured revolving loan 2024-12-31 0001812554 Thunder Purchaser, Inc. (dba Vector Solutions), First lien senior secured revolving loan 2024-12-31 0001812554 Troon Golf, L.L.C., First lien senior secured revolving loan 2024-12-31 0001812554 Truist Insurance Holdings, LLC, First lien senior secured revolving loan 2024-12-31 0001812554 Unified Women's Healthcare, LP, First lien senior secured revolving loan 2024-12-31 0001812554 USIC Holdings, Inc., First lien senior secured revolving loan 2024-12-31 0001812554 USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners), First lien senior secured revolving loan 2024-12-31 0001812554 Velocity HoldCo III Inc. (dba VelocityEHS), First lien senior secured revolving loan 2024-12-31 0001812554 Vessco Midco Holdings, LLC, First lien senior secured revolving loan 2024-12-31 0001812554 Vital Bidco AB (dba Vitamin Well), First lien senior secured revolving loan 2024-12-31 0001812554 Walker Edison Furniture Company LLC, First lien senior secured revolving loan 2024-12-31 0001812554 When I Work, Inc., First lien senior secured revolving loan 2024-12-31 0001812554 Zendesk, Inc., First lien senior secured revolving loan 2024-12-31 0001812554 Pluralsight, LLC, First lien senior secured revolving loan 2024-12-31 0001812554 AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC, LLC Interest 2024-12-31 0001812554 AAM Series 2.1 Aviation Feeder, LLC, LLC Interest 2024-12-31 0001812554 LSI Financing LLC, Common Equity 2024-12-31 0001812554 LSI Financing 1 DAC 2023-12-31 0001812554 LSI Financing 1 DAC 2024-01-01 2024-12-31 0001812554 Pluralsight, LLC 2023-12-31 0001812554 Pluralsight, LLC 2024-01-01 2024-12-31 0001812554 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2023-12-31 0001812554 AAM Series 2.1 Aviation Feeder, LLC 2023-12-31 0001812554 AAM Series 2.1 Aviation Feeder, LLC 2024-01-01 2024-12-31 0001812554 AAM Series 2.1 Aviation Feeder, LLC 2024-12-31 0001812554 AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC 2023-12-31 0001812554 AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC 2024-01-01 2024-12-31 0001812554 AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC 2024-12-31 0001812554 Blue Owl Credit SLF LLC 2023-12-31 0001812554 Blue Owl Credit SLF LLC 2024-01-01 2024-12-31 0001812554 Blue Owl Credit SLF LLC 2024-12-31 0001812554 Fifth Season Investments LLC 2023-12-31 0001812554 Fifth Season Investments LLC 2024-01-01 2024-12-31 0001812554 LSI Financing LLC 2023-12-31 0001812554 LSI Financing LLC 2024-01-01 2024-12-31 0001812554 OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC) 2023-12-31 0001812554 OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC) 2024-01-01 2024-12-31 0001812554 OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC) 2024-12-31 0001812554 us-gaap:InvestmentAffiliatedIssuerControlledMember 2023-12-31 0001812554 2023-12-31 0001812554 2022-12-31 0001812554 srt:MinimumMember 2025-01-01 2025-12-31 0001812554 srt:MaximumMember 2025-01-01 2025-12-31 0001812554 orcic:ClassSClassDAndClassICommonStockMember us-gaap:IPOMember 2020-11-12 2020-11-12 0001812554 orcic:ClassSClassDAndClassICommonStockMember orcic:FollowOnContinuousPublicOfferingMember 2022-02-14 2022-02-14 0001812554 orcic:ClassSClassDAndClassICommonStockMember orcic:CurrentOfferingMember 2024-12-06 2024-12-06 0001812554 orcic:CommonClassSMember 2022-02-14 0001812554 orcic:CommonClassDMember 2022-02-14 0001812554 orcic:CommonClassIMember 2022-02-14 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2020-11-12 2025-12-31 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2020-11-12 2025-12-31 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2020-11-12 2025-12-31 0001812554 orcic:AdvisorMember 2020-09-01 2020-09-30 0001812554 orcic:OwlRockFeederFICORCICEquityLLCMember us-gaap:PrivatePlacementMember 2020-11-12 2025-12-31 0001812554 orcic:CommonClassIMember us-gaap:PrivatePlacementMember 2020-11-12 2025-12-31 0001812554 orcic:PaidInKindDividendAndIncomeMember 2025-01-01 2025-12-31 0001812554 orcic:PaidInKindDividendAndIncomeMember 2024-01-01 2024-12-31 0001812554 orcic:PaidInKindDividendAndIncomeMember 2023-01-01 2023-12-31 0001812554 orcic:PaidInKindDividendAndIncomeMember us-gaap:InvestmentIncomeMember orcic:InterestIncomeConcentrationRiskMember 2025-01-01 2025-12-31 0001812554 orcic:PaidInKindDividendAndIncomeMember us-gaap:InvestmentIncomeMember orcic:InterestIncomeConcentrationRiskMember 2024-01-01 2024-12-31 0001812554 orcic:PaidInKindDividendAndIncomeMember us-gaap:InvestmentIncomeMember orcic:InterestIncomeConcentrationRiskMember 2023-01-01 2023-12-31 0001812554 orcic:PaidInKindDividendAndIncomeMember us-gaap:InvestmentIncomeMember orcic:DividendIncomeConcentrationRiskMember 2025-01-01 2025-12-31 0001812554 orcic:PaidInKindDividendAndIncomeMember us-gaap:InvestmentIncomeMember orcic:DividendIncomeConcentrationRiskMember 2024-01-01 2024-12-31 0001812554 orcic:PaidInKindDividendAndIncomeMember us-gaap:InvestmentIncomeMember orcic:DividendIncomeConcentrationRiskMember 2023-01-01 2023-12-31 0001812554 orcic:PaidInKindDividendAndIncomeMember us-gaap:InvestmentIncomeMember orcic:InterestIncomeAndDividendIncomeConcentrationRiskMember 2025-01-01 2025-12-31 0001812554 orcic:PaidInKindDividendAndIncomeMember us-gaap:InvestmentIncomeMember orcic:InterestIncomeAndDividendIncomeConcentrationRiskMember 2024-01-01 2024-12-31 0001812554 orcic:PaidInKindDividendAndIncomeMember us-gaap:InvestmentIncomeMember orcic:InterestIncomeAndDividendIncomeConcentrationRiskMember 2023-01-01 2023-12-31 0001812554 srt:AffiliatedEntityMember 2025-12-31 0001812554 orcic:AccruedPerformanceBasedIncentiveFeesMember srt:AffiliatedEntityMember 2025-12-31 0001812554 orcic:ManagementFeesMember srt:AffiliatedEntityMember 2025-12-31 0001812554 orcic:AdministrationAgreementCostsAndExpensesReimbursableToTheAdviserMember srt:AffiliatedEntityMember 2025-12-31 0001812554 srt:AffiliatedEntityMember 2024-12-31 0001812554 orcic:AccruedPerformanceBasedIncentiveFeesMember srt:AffiliatedEntityMember 2024-12-31 0001812554 orcic:ManagementFeesMember srt:AffiliatedEntityMember 2024-12-31 0001812554 orcic:ExpenseSupportReimbursementMember srt:AffiliatedEntityMember 2024-12-31 0001812554 orcic:AdministrationAgreementMember srt:AffiliatedEntityMember 2021-05-18 2021-05-18 0001812554 orcic:AdministrationAgreementMember srt:AffiliatedEntityMember 2025-05-05 2025-05-05 0001812554 orcic:AdministrationAgreementCostsAndExpensesReimbursableToTheAdviserMember srt:AffiliatedEntityMember 2025-01-01 2025-12-31 0001812554 orcic:AdministrationAgreementCostsAndExpensesReimbursableToTheAdviserMember srt:AffiliatedEntityMember 2024-01-01 2024-12-31 0001812554 orcic:AdministrationAgreementCostsAndExpensesReimbursableToTheAdviserMember srt:AffiliatedEntityMember 2023-01-01 2023-12-31 0001812554 orcic:InvestmentAdvisoryAgreementMember srt:AffiliatedEntityMember 2021-05-18 2021-05-18 0001812554 orcic:InvestmentAdvisoryAgreementMember srt:AffiliatedEntityMember 2025-05-05 2025-05-05 0001812554 orcic:InvestmentAdvisoryAgreementMember srt:AffiliatedEntityMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentAdvisoryAgreementMember srt:AffiliatedEntityMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentAdvisoryAgreementMember srt:AffiliatedEntityMember 2023-01-01 2023-12-31 0001812554 orcic:InvestmentAdvisoryAgreementIncentiveRateQuarterlyHurdleRateMember srt:AffiliatedEntityMember 2023-05-08 2023-05-08 0001812554 orcic:InvestmentManagementAgreementIncentiveRateQuarterlyCatchUpThresholdMember srt:AffiliatedEntityMember 2023-05-09 2023-05-09 0001812554 orcic:InvestmentManagementAgreementIncentiveRatePreIncentiveFeeNetInvestmentIncomeMember srt:AffiliatedEntityMember 2023-05-09 2023-05-09 0001812554 orcic:InvestmentAdvisoryAgreementIncentiveRateQuarterlyHurdleRateMember srt:AffiliatedEntityMember 2023-05-09 2023-05-09 0001812554 orcic:InvestmentManagementAgreementIncentiveRateRealizedCapitalGainsMember srt:AffiliatedEntityMember 2023-05-09 2023-05-09 0001812554 orcic:InvestmentAdvisoryAgreementPerformanceBasedIncentiveFeeOnNetInvestmentIncomeMember srt:AffiliatedEntityMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentAdvisoryAgreementPerformanceBasedIncentiveFeeOnNetInvestmentIncomeMember srt:AffiliatedEntityMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentAdvisoryAgreementPerformanceBasedIncentiveFeeOnNetInvestmentIncomeMember srt:AffiliatedEntityMember 2023-01-01 2023-12-31 0001812554 orcic:InvestmentAdvisoryAgreementPerformanceBasedIncentiveFeesOnCapitalGainsMember srt:AffiliatedEntityMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentAdvisoryAgreementPerformanceBasedIncentiveFeesOnCapitalGainsMember srt:AffiliatedEntityMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentAdvisoryAgreementPerformanceBasedIncentiveFeesOnCapitalGainsMember srt:AffiliatedEntityMember 2023-01-01 2023-12-31 0001812554 orcic:InvestmentAdvisoryAgreementMember srt:AffiliatedEntityMember 2023-05-09 2023-05-09 0001812554 orcic:InvestmentAdvisoryAgreementCostCapAndReOrganizationOfCertainExpensesMember srt:AffiliatedEntityMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentAdvisoryAgreementCostCapAndReOrganizationOfCertainExpensesMember srt:AffiliatedEntityMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentAdvisoryAgreementCostCapAndReOrganizationOfCertainExpensesMember srt:AffiliatedEntityMember 2023-01-01 2023-12-31 0001812554 orcic:DealerManagementAgreementMember srt:AffiliatedEntityMember orcic:CommonClassSMember 2025-01-01 2025-12-31 0001812554 orcic:DealerManagementAgreementMember srt:AffiliatedEntityMember orcic:CommonClassDMember 2025-01-01 2025-12-31 0001812554 orcic:ShareholderServicingPlanPercentageOfAggregateNetAssetValueMember srt:AffiliatedEntityMember orcic:CommonClassSMember 2025-01-01 2025-12-31 0001812554 orcic:ShareholderServicingPlanPercentageOfAggregateNetAssetValueMember srt:AffiliatedEntityMember orcic:CommonClassDMember 2025-01-01 2025-12-31 0001812554 orcic:ShareholderServicingPlanServicingFeesMember srt:AffiliatedEntityMember orcic:CommonClassDMember 2025-01-01 2025-12-31 0001812554 orcic:ShareholderServicingPlanServicingFeesMember srt:AffiliatedEntityMember orcic:CommonClassSMember 2025-01-01 2025-12-31 0001812554 orcic:ShareholderServicingPlanServicingFeesMember srt:AffiliatedEntityMember orcic:CommonClassDMember 2024-01-01 2024-12-31 0001812554 orcic:ShareholderServicingPlanServicingFeesMember srt:AffiliatedEntityMember orcic:CommonClassSMember 2024-01-01 2024-12-31 0001812554 orcic:ShareholderServicingPlanServicingFeesMember srt:AffiliatedEntityMember orcic:CommonClassDMember 2023-01-01 2023-12-31 0001812554 orcic:ShareholderServicingPlanServicingFeesMember srt:AffiliatedEntityMember orcic:CommonClassSMember 2023-01-01 2023-12-31 0001812554 orcic:ExpenseSupportAndConditionalReimbursementAgreementMember srt:AffiliatedEntityMember 2025-01-01 2025-12-31 0001812554 orcic:ExpenseSupportAndConditionalReimbursementAgreementAmountOfExpenseSupportMember srt:AffiliatedEntityMember 2025-01-01 2025-12-31 0001812554 orcic:AmerginAssetCoMember orcic:EquityCommitmentMember srt:AffiliatedEntityMember 2025-01-01 2025-12-31 0001812554 orcic:AmerginAssetCoMember us-gaap:EquitySecuritiesMember orcic:EquityCommitmentMember srt:AffiliatedEntityMember 2025-01-01 2025-12-31 0001812554 orcic:AmerginAssetCoMember us-gaap:DebtMember orcic:EquityCommitmentMember srt:AffiliatedEntityMember 2025-01-01 2025-12-31 0001812554 orcic:EquityCommitmentFairValueMember srt:AffiliatedEntityMember 2025-01-01 2025-12-31 0001812554 orcic:BOCSOMember orcic:EquityCommitmentFairValueMember srt:AffiliatedEntityMember 2025-01-01 2025-12-31 0001812554 orcic:BOCSOMember orcic:EquityCommitmentMember srt:AffiliatedEntityMember 2025-01-01 2025-12-31 0001812554 orcic:FifthSeasonMember orcic:EquityCommitmentMember srt:AffiliatedEntityMember 2025-01-01 2025-12-31 0001812554 orcic:EquityCommitmentToLSIFinancingDACMember srt:AffiliatedEntityMember 2025-01-01 2025-12-31 0001812554 orcic:EquityCommitmentToLSIFinancingLLCMember srt:AffiliatedEntityMember 2025-01-01 2025-12-31 0001812554 orcic:LSIFinancingLLCMember orcic:EquityCommitmentMember srt:AffiliatedEntityMember 2025-01-01 2025-12-31 0001812554 orcic:EquityCommitmentToLSIFinancingLLCMember srt:AffiliatedEntityMember 2025-12-31 2025-12-31 0001812554 orcic:WingspireCapitalHoldingsLLCMember orcic:EquityCommitmentMember srt:AffiliatedEntityMember 2025-12-31 2025-12-31 0001812554 orcic:DebtSecuritiesFirstLienMember 2025-12-31 0001812554 orcic:DebtSecuritiesFirstLienMember 2024-12-31 0001812554 orcic:DebtSecuritiesSecondLienMember 2025-12-31 0001812554 orcic:DebtSecuritiesSecondLienMember 2024-12-31 0001812554 us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:SpecialtyFinanceDebtInvestmentsMember 2025-12-31 0001812554 orcic:SpecialtyFinanceDebtInvestmentsMember 2024-12-31 0001812554 us-gaap:PreferredStockMember 2025-12-31 0001812554 us-gaap:PreferredStockMember 2024-12-31 0001812554 us-gaap:CommonStockMember 2025-12-31 0001812554 us-gaap:CommonStockMember 2024-12-31 0001812554 orcic:SpecialtyFinanceEquityInvestmentsMember 2025-12-31 0001812554 orcic:SpecialtyFinanceEquityInvestmentsMember 2024-12-31 0001812554 orcic:JointVenturesMember 2025-12-31 0001812554 orcic:JointVenturesMember 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:AdvertisingAndMediaMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:AdvertisingAndMediaMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member us-gaap:AerospaceSectorMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member us-gaap:AerospaceSectorMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:AssetBasedLendingAndFundFinanceMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:AssetBasedLendingAndFundFinanceMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member us-gaap:AutomotiveSectorMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member us-gaap:AutomotiveSectorMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:AutomotiveAftermarketMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:AutomotiveAftermarketMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:BuildingsAndRealEstateMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:BuildingsAndRealEstateMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:BusinessServicesMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:BusinessServicesMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member us-gaap:ChemicalsSectorMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member us-gaap:ChemicalsSectorMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member us-gaap:ConsumerSectorMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member us-gaap:ConsumerSectorMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member us-gaap:ContainerAndPackagingSectorMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member us-gaap:ContainerAndPackagingSectorMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:DistributionMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:DistributionMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:EducationMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:EducationMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:EnergyEquipmentAndServicesMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:EnergyEquipmentAndServicesMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member us-gaap:FinancialServicesSectorMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member us-gaap:FinancialServicesSectorMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member us-gaap:FoodAndBeverageSectorMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member us-gaap:FoodAndBeverageSectorMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:HealthcareEquipmentAndServicesMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:HealthcareEquipmentAndServicesMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:HealthcareProvidersAndServicesMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:HealthcareProvidersAndServicesMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:HealthcareTechnologyMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:HealthcareTechnologyMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:HouseholdProductsMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:HouseholdProductsMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:HumanResourceSupportServicesMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:HumanResourceSupportServicesMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:InfrastructureAndEnvironmentalServicesMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:InfrastructureAndEnvironmentalServicesMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member us-gaap:InsuranceSectorMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member us-gaap:InsuranceSectorMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:InternetSoftwareAndServicesMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:InternetSoftwareAndServicesMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:JointVenturesMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:JointVenturesMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:LeisureAndEntertainmentMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:LeisureAndEntertainmentMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:ManufacturingMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:ManufacturingMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:PharmaceuticalsMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:PharmaceuticalsMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:ProfessionalServicesMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:ProfessionalServicesMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member us-gaap:RetailSectorMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member us-gaap:RetailSectorMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:TelecommunicationsMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member orcic:TelecommunicationsMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member us-gaap:TransportationSectorMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member us-gaap:TransportationSectorMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember orcic:ConcentrationRiskThresholdPercentage.Member 2024-01-01 2024-12-31 0001812554 us-gaap:MidwestRegionMember orcic:InvestmentOwnedAtFairValueMember us-gaap:GeographicConcentrationRiskMember 2025-01-01 2025-12-31 0001812554 us-gaap:MidwestRegionMember orcic:InvestmentOwnedAtFairValueMember us-gaap:GeographicConcentrationRiskMember 2024-01-01 2024-12-31 0001812554 us-gaap:NortheastRegionMember orcic:InvestmentOwnedAtFairValueMember us-gaap:GeographicConcentrationRiskMember 2025-01-01 2025-12-31 0001812554 us-gaap:NortheastRegionMember orcic:InvestmentOwnedAtFairValueMember us-gaap:GeographicConcentrationRiskMember 2024-01-01 2024-12-31 0001812554 us-gaap:SouthRegionMember orcic:InvestmentOwnedAtFairValueMember us-gaap:GeographicConcentrationRiskMember 2025-01-01 2025-12-31 0001812554 us-gaap:SouthRegionMember orcic:InvestmentOwnedAtFairValueMember us-gaap:GeographicConcentrationRiskMember 2024-01-01 2024-12-31 0001812554 us-gaap:WestRegionMember orcic:InvestmentOwnedAtFairValueMember us-gaap:GeographicConcentrationRiskMember 2025-01-01 2025-12-31 0001812554 us-gaap:WestRegionMember orcic:InvestmentOwnedAtFairValueMember us-gaap:GeographicConcentrationRiskMember 2024-01-01 2024-12-31 0001812554 us-gaap:NonUsMember orcic:InvestmentOwnedAtFairValueMember us-gaap:GeographicConcentrationRiskMember 2025-01-01 2025-12-31 0001812554 us-gaap:NonUsMember orcic:InvestmentOwnedAtFairValueMember us-gaap:GeographicConcentrationRiskMember 2024-01-01 2024-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember us-gaap:GeographicConcentrationRiskMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentOwnedAtFairValueMember us-gaap:GeographicConcentrationRiskMember 2024-01-01 2024-12-31 0001812554 orcic:ORCICSeniorLoanFundMember 2022-11-02 2022-11-02 0001812554 orcic:StateTeachersRetirementSystemOfOhioMember orcic:ORCICSeniorLoanFundMember 2022-11-02 2022-11-02 0001812554 orcic:ORCICSeniorLoanFundMember 2022-11-02 0001812554 orcic:StateTeachersRetirementSystemOfOhioMember orcic:ORCICSeniorLoanFundMember 2022-11-02 0001812554 orcic:OSTRSMember orcic:ORCICSeniorLoanFundMember 2022-11-02 2022-11-02 0001812554 orcic:OCICSLFMember orcic:ORCICSeniorLoanFundMember 2022-11-02 2022-11-02 0001812554 orcic:OCICSLFLLCMember 2025-12-31 0001812554 orcic:OCICSLFLLCMember 2024-12-31 0001812554 orcic:OCICSLFLLCMember 2025-01-01 2025-12-31 0001812554 orcic:OCICSLFLLCMember 2024-01-01 2024-12-31 0001812554 orcic:OCICSLFLLCMember 2023-01-01 2023-12-31 0001812554 orcic:BlueOwlOCICSLFMember 2025-01-01 2025-12-31 0001812554 orcic:BlueOwlOCICSLFMember 2024-01-01 2024-12-31 0001812554 orcic:BlueOwlOCICSLFMember 2023-01-01 2023-12-31 0001812554 orcic:CreditSLFMembersMember orcic:BlueOwlCreditSLFMember 2025-05-15 0001812554 orcic:CreditSLFMembersMember orcic:BlueOwlCreditSLFMember 2025-05-15 2025-05-15 0001812554 orcic:CreditSLFMembersMember orcic:BlueOwlCreditSLFMember 2025-09-04 0001812554 orcic:CreditSLFMembersMember orcic:BlueOwlCreditSLFMember 2025-09-04 2025-09-04 0001812554 orcic:BlueOwlCreditSLFMember Blue Owl Capital Corporation 2025-12-31 0001812554 orcic:BlueOwlCreditSLFMember Blue Owl Capital Corporation 2025-01-01 2025-12-31 0001812554 orcic:BlueOwlCreditSLFMember Blue Owl Capital Corporation II 2025-12-31 0001812554 orcic:BlueOwlCreditSLFMember Blue Owl Capital Corporation II 2025-01-01 2025-12-31 0001812554 orcic:BlueOwlCreditSLFMember Blue Owl Credit Income Corp. 2025-12-31 0001812554 orcic:BlueOwlCreditSLFMember Blue Owl Credit Income Corp. 2025-01-01 2025-12-31 0001812554 orcic:BlueOwlCreditSLFMember Blue Owl Technology Finance Corp. 2025-12-31 0001812554 orcic:BlueOwlCreditSLFMember Blue Owl Technology Finance Corp. 2025-01-01 2025-12-31 0001812554 orcic:BlueOwlCreditSLFMember Blue Owl Technology Income Corp. 2025-12-31 0001812554 orcic:BlueOwlCreditSLFMember Blue Owl Technology Income Corp. 2025-01-01 2025-12-31 0001812554 orcic:BlueOwlCreditSLFMember State Teachers Retirement System of Ohio 2025-12-31 0001812554 orcic:BlueOwlCreditSLFMember State Teachers Retirement System of Ohio 2025-01-01 2025-12-31 0001812554 orcic:BlueOwlCreditSLFMember 2025-12-31 0001812554 orcic:BlueOwlCreditSLFMember 2025-01-01 2025-12-31 0001812554 orcic:BlueOwlCreditSLFMember 2024-12-31 0001812554 orcic:BlueOwlCreditSLFMember 2024-01-01 2024-12-31 0001812554 orcic:BlueOwlLeasingJVLLCMember orcic:BlueOwlCapitalCorporationMember 2025-01-01 2025-12-31 0001812554 orcic:BlueOwlLeasingJVLLCMember orcic:BlueOwlCapitalCorporationMember 2025-12-31 0001812554 orcic:BlueOwlLeasingJVLLCMember orcic:BlueOwlCapitalCorporationIIMember 2025-01-01 2025-12-31 0001812554 orcic:BlueOwlLeasingJVLLCMember orcic:BlueOwlCapitalCorporationIIMember 2025-12-31 0001812554 orcic:BlueOwlLeasingJVLLCMember orcic:BlueOwlCreditIncomeCorp.Member 2025-01-01 2025-12-31 0001812554 orcic:BlueOwlLeasingJVLLCMember orcic:BlueOwlCreditIncomeCorp.Member 2025-12-31 0001812554 orcic:BlueOwlLeasingJVLLCMember orcic:BlueOwlTechnologyFinanceCorp.Member 2025-01-01 2025-12-31 0001812554 orcic:BlueOwlLeasingJVLLCMember orcic:BlueOwlTechnologyFinanceCorp.Member 2025-12-31 0001812554 orcic:BlueOwlLeasingJVLLCMember orcic:BlueOwlTechnologyIncomeCorp.Member 2025-01-01 2025-12-31 0001812554 orcic:BlueOwlLeasingJVLLCMember orcic:BlueOwlTechnologyIncomeCorp.Member 2025-12-31 0001812554 orcic:BlueOwlLeasingJVLLCMember orcic:BlueOwlAlternativeCreditFundMember 2025-01-01 2025-12-31 0001812554 orcic:BlueOwlLeasingJVLLCMember orcic:BlueOwlAlternativeCreditFundMember 2025-12-31 0001812554 orcic:BlueOwlLeasingJVLLCMember orcic:CaliforniaStateTeachersRetirementSystemMember 2025-01-01 2025-12-31 0001812554 orcic:BlueOwlLeasingJVLLCMember orcic:CaliforniaStateTeachersRetirementSystemMember 2025-12-31 0001812554 orcic:BlueOwlLeasingJVLLCMember 2025-01-01 2025-12-31 0001812554 orcic:BlueOwlLeasingJVLLCMember 2025-12-31 0001812554 orcic:BlueOwlLeasingJVLLCMember 2025-12-31 0001812554 orcic:SeniorSecuredRevolvingCreditFacilityMember 2025-01-01 2025-12-31 0001812554 us-gaap:RevolvingCreditFacilityMember orcic:TermLoanAndSeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2025-08-15 0001812554 us-gaap:RevolvingCreditFacilityMember orcic:TermLoanMember us-gaap:LineOfCreditMember 2025-08-15 0001812554 us-gaap:RevolvingCreditFacilityMember orcic:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2025-08-15 0001812554 us-gaap:RevolvingCreditFacilityMember orcic:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2025-08-14 0001812554 us-gaap:BridgeLoanMember orcic:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 us-gaap:RevolvingCreditFacilityMember orcic:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember us-gaap:SecuredOvernightFinancingRateSofrMember 2025-08-15 2025-08-15 0001812554 us-gaap:RevolvingCreditFacilityMember orcic:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember us-gaap:BaseRateMember 2025-08-15 2025-08-15 0001812554 us-gaap:RevolvingCreditFacilityMember orcic:SeniorSecuredRevolvingCreditFacilityForeignCurrencyBorrowingsMember us-gaap:LineOfCreditMember 2025-08-15 2025-08-15 0001812554 us-gaap:RevolvingCreditFacilityMember orcic:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2025-08-15 2025-08-15 0001812554 orcic:SPVAssetFacilityIMember 2025-01-01 2025-12-31 0001812554 orcic:SPVAssetFacilityIMember us-gaap:LineOfCreditMember 2025-07-24 0001812554 orcic:SPVAssetFacilityIMember us-gaap:LineOfCreditMember 2021-09-15 0001812554 orcic:SPVAssetFacilityIMember us-gaap:LineOfCreditMember 2025-07-10 0001812554 us-gaap:CommercialPaperMember orcic:SPVAssetFacilityIMember us-gaap:LineOfCreditMember orcic:DebtVariableRateOneMember 2021-09-16 2021-09-16 0001812554 srt:MinimumMember orcic:SPVAssetFacilityIMember us-gaap:LineOfCreditMember 2021-09-16 2021-09-16 0001812554 srt:MaximumMember orcic:SPVAssetFacilityIMember us-gaap:LineOfCreditMember 2021-09-16 2021-09-16 0001812554 orcic:SPVAssetFacilityIMember us-gaap:LineOfCreditMember 2025-05-15 2025-05-15 0001812554 orcic:SPVAssetFacilityIIMember 2025-01-01 2025-12-31 0001812554 orcic:SPVAssetFacilityIIMember us-gaap:LineOfCreditMember 2025-04-18 0001812554 orcic:SPVAssetFacilityIIMember us-gaap:LineOfCreditMember 2025-04-17 0001812554 orcic:SPVAssetFacilityIIMember us-gaap:LineOfCreditMember 2025-04-18 2025-04-18 0001812554 srt:MinimumMember orcic:SPVAssetFacilityIIMember us-gaap:LineOfCreditMember 2025-04-18 2025-04-18 0001812554 srt:MaximumMember orcic:SPVAssetFacilityIIMember us-gaap:LineOfCreditMember 2025-04-18 2025-04-18 0001812554 orcic:SPVAssetFacilityIIMember us-gaap:LineOfCreditMember orcic:DebtVariableRateOneMember 2025-04-18 0001812554 orcic:SPVAssetFacilityIIMember us-gaap:LineOfCreditMember orcic:DebtVariableRateTwoMember 2025-04-18 0001812554 orcic:SPVAssetFacilityIIMember us-gaap:LineOfCreditMember orcic:DebtVariableRateThreeMember 2025-04-18 0001812554 orcic:SPVAssetFacilityIIMember us-gaap:LineOfCreditMember orcic:DebtVariableRateFourMember 2025-04-18 0001812554 orcic:SPVAssetFacilityIIMember us-gaap:LineOfCreditMember orcic:DebtVariableRateFiveMember 2025-04-18 0001812554 orcic:SPVAssetFacilityIIIMember 2025-01-01 2025-12-31 0001812554 orcic:SPVAssetFacilityIIIMember us-gaap:LineOfCreditMember 2025-05-22 0001812554 orcic:SPVAssetFacilityIIIMember us-gaap:LineOfCreditMember 2025-05-21 0001812554 orcic:SPVAssetFacilityIIIMember us-gaap:LineOfCreditMember 2022-03-24 2022-03-24 0001812554 srt:MinimumMember orcic:SPVAssetFacilityIIIMember us-gaap:LineOfCreditMember 2022-03-24 2022-03-24 0001812554 srt:MaximumMember orcic:SPVAssetFacilityIIIMember us-gaap:LineOfCreditMember 2022-03-24 2022-03-24 0001812554 orcic:SPVAssetFacilityIVMember 2025-01-01 2025-12-31 0001812554 orcic:SPVAssetFacilityIVMember us-gaap:LineOfCreditMember 2022-03-16 0001812554 us-gaap:CommercialPaperMember orcic:SPVAssetFacilityIVMember us-gaap:LineOfCreditMember 2022-03-16 2022-03-16 0001812554 srt:MinimumMember us-gaap:CommercialPaperMember orcic:SPVAssetFacilityIVMember us-gaap:LineOfCreditMember 2022-03-16 2022-03-16 0001812554 srt:MaximumMember us-gaap:CommercialPaperMember orcic:SPVAssetFacilityIVMember us-gaap:LineOfCreditMember 2022-03-16 2022-03-16 0001812554 orcic:SPVAssetFacilityIVMember us-gaap:LineOfCreditMember 2022-03-16 2022-03-16 0001812554 orcic:SPVAssetFacilityVMember 2025-01-01 2025-12-31 0001812554 orcic:SPVAssetFacilityVMember us-gaap:LineOfCreditMember 2023-03-09 0001812554 orcic:SPVAssetFacilityVMember us-gaap:LineOfCreditMember 2023-03-09 2023-03-09 0001812554 srt:MaximumMember orcic:SPVAssetFacilityVMember us-gaap:LineOfCreditMember 2023-03-09 2023-03-09 0001812554 srt:MaximumMember orcic:SPVAssetFacilityVMember us-gaap:LineOfCreditMember 2023-03-09 0001812554 srt:MinimumMember orcic:SPVAssetFacilityVMember us-gaap:LineOfCreditMember 2023-03-09 0001812554 orcic:SPVAssetFacilityVIMember 2025-01-01 2025-12-31 0001812554 orcic:SPVAssetFacilityVIMember us-gaap:LineOfCreditMember 2023-08-29 0001812554 srt:MinimumMember orcic:SPVAssetFacilityVIMember us-gaap:LineOfCreditMember 2023-08-29 2023-08-29 0001812554 srt:MaximumMember orcic:SPVAssetFacilityVIMember us-gaap:LineOfCreditMember 2023-08-29 2023-08-29 0001812554 orcic:SPVAssetFacilityVIIMember 2025-01-01 2025-12-31 0001812554 orcic:SPVAssetFacilityVIIMember us-gaap:LineOfCreditMember 2024-05-21 0001812554 orcic:SPVAssetFacilityVIIMember us-gaap:LineOfCreditMember 2024-05-20 0001812554 orcic:SPVAssetFacilityVIIMember us-gaap:LineOfCreditMember 2024-05-21 2024-05-21 0001812554 srt:MinimumMember orcic:SPVAssetFacilityVIIMember us-gaap:LineOfCreditMember 2024-05-21 2024-05-21 0001812554 srt:MaximumMember orcic:SPVAssetFacilityVIIMember us-gaap:LineOfCreditMember 2024-05-21 2024-05-21 0001812554 orcic:SPVAssetFacilityVIIIMember 2025-01-01 2025-12-31 0001812554 orcic:SPVAssetFacilityVIIIMember us-gaap:LineOfCreditMember 2024-12-17 0001812554 orcic:SPVAssetFacilityVIIIClassATLoansMember us-gaap:LineOfCreditMember 2024-12-17 2024-12-17 0001812554 orcic:SPVAssetFacilityVIIIClassARLoansMember us-gaap:LineOfCreditMember 2024-12-17 2024-12-17 0001812554 orcic:SPVAssetFacilityVIIIClassAD1LoansMember us-gaap:LineOfCreditMember 2024-12-17 2024-12-17 0001812554 orcic:SPVAssetFacilityVIIIClassAD2LoansMember us-gaap:LineOfCreditMember 2024-12-17 2024-12-17 0001812554 orcic:SPVAssetFacilityVIIIClassAD3LoansMember us-gaap:LineOfCreditMember 2024-12-17 2024-12-17 0001812554 orcic:SPVAssetFacilityVIIIClassAD4LoansMember us-gaap:LineOfCreditMember 2024-12-17 2024-12-17 0001812554 srt:MaximumMember orcic:SPVAssetFacilityVIIIMember us-gaap:LineOfCreditMember 2024-12-17 2024-12-17 0001812554 orcic:SPVAssetFacilityIXMember 2025-01-01 2025-12-31 0001812554 orcic:SPVAssetFacilityIXMember us-gaap:LineOfCreditMember 2025-08-12 0001812554 orcic:SPVAssetFacilityIXMember us-gaap:LineOfCreditMember 2025-08-12 2025-08-12 0001812554 srt:MinimumMember orcic:SPVAssetFacilityIXMember us-gaap:LineOfCreditMember 2025-08-12 2025-08-12 0001812554 srt:MaximumMember orcic:SPVAssetFacilityIXMember us-gaap:LineOfCreditMember 2025-08-12 2025-08-12 0001812554 orcic:SPVAssetFacilityXMember 2025-01-01 2025-12-31 0001812554 orcic:SPVAssetFacilityXMember us-gaap:LineOfCreditMember 2025-12-31 2025-12-31 0001812554 srt:MinimumMember orcic:SPVAssetFacilityXMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 srt:MaximumMember orcic:SPVAssetFacilityXMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:CLOVIIIMember 2025-01-01 2025-12-31 0001812554 orcic:CLOVIIIMember us-gaap:SecuredDebtMember 2022-10-21 0001812554 orcic:CLOVIIIClassATNotesMember us-gaap:SecuredDebtMember 2022-10-21 0001812554 orcic:CLOVIIIClassATNotesMember us-gaap:SecuredDebtMember 2022-10-21 2022-10-21 0001812554 orcic:CLOVIIIClassAFNotesMember us-gaap:SecuredDebtMember 2022-10-21 0001812554 orcic:CLOVIIIClassBNotesMember us-gaap:SecuredDebtMember 2022-10-21 0001812554 orcic:CLOVIIIClassBNotesMember us-gaap:SecuredDebtMember 2022-10-21 2022-10-21 0001812554 orcic:CLOVIIIClassCNotesMember us-gaap:SecuredDebtMember 2022-10-21 0001812554 orcic:CLOVIIIClassALLoansMember us-gaap:SecuredDebtMember 2022-10-21 2022-10-21 0001812554 us-gaap:PreferredStockMember orcic:CLOVIIIIssuerMember 2022-10-21 2022-10-21 0001812554 us-gaap:PreferredStockMember orcic:CLOVIIIIssuerMember 2022-10-21 0001812554 orcic:CLOVIIIIssuerMember orcic:MiddleMarketLoansMember 2022-10-21 0001812554 orcic:CLOVIIIIssuerMember orcic:MiddleMarketLoansMember orcic:CoreIncomeFundingILLCMember 2022-10-21 0001812554 orcic:CLOVIIIRefinancingMember 2025-01-01 2025-12-31 0001812554 orcic:CLOVIIIMember us-gaap:SecuredDebtMember 2025-04-24 0001812554 orcic:CLOVIIIClassA1RNotesMember us-gaap:SecuredDebtMember 2025-04-24 0001812554 orcic:CLOVIIIClassA1RNotesMember us-gaap:SecuredDebtMember 2025-04-24 2025-04-24 0001812554 orcic:CLOVIIIClassA2RNotesMember us-gaap:SecuredDebtMember 2025-04-24 0001812554 orcic:CLOVIIIClassA2RNotesMember us-gaap:SecuredDebtMember 2025-04-24 2025-04-24 0001812554 orcic:CLOVIIIClassBRNotesMember us-gaap:SecuredDebtMember 2025-04-24 0001812554 orcic:CLOVIIIClassBRNotesMember us-gaap:SecuredDebtMember 2025-04-24 2025-04-24 0001812554 orcic:CLOVIIIClassCRNotesMember us-gaap:SecuredDebtMember 2025-04-24 0001812554 orcic:CLOVIIIClassCRNotesMember us-gaap:SecuredDebtMember 2025-04-24 2025-04-24 0001812554 us-gaap:PreferredStockMember orcic:CLOVIIIIssuerMember 2025-04-24 2025-04-24 0001812554 orcic:CLOVIIIIssuerMember orcic:MiddleMarketLoansMember 2025-04-24 0001812554 orcic:CLOVIIIIssuerMember orcic:MiddleMarketLoansMember orcic:CoreIncomeFundingILLCMember 2025-04-24 0001812554 orcic:CLOXIMember 2025-01-01 2025-12-31 0001812554 orcic:CLOXIMember us-gaap:SecuredDebtMember 2023-05-24 0001812554 orcic:CLOXIClassA1TNotesMember us-gaap:SecuredDebtMember 2023-05-24 0001812554 orcic:CLOXIClassA1TNotesMember us-gaap:SecuredDebtMember 2023-05-24 2023-05-24 0001812554 orcic:CLOXIClassA1FNotesMember us-gaap:SecuredDebtMember 2023-05-24 0001812554 orcic:CLOXIClassBNotesMember us-gaap:SecuredDebtMember 2023-05-24 0001812554 orcic:CLOXIClassBNotesMember us-gaap:SecuredDebtMember 2023-05-24 2023-05-24 0001812554 orcic:CLOXIClassA1LNotesMember us-gaap:SecuredDebtMember 2023-05-24 2023-05-24 0001812554 orcic:CLOXIClassA1LNotesMember us-gaap:SecuredDebtMember 2023-05-24 0001812554 us-gaap:PreferredStockMember orcic:CLOXIIssuerMember 2023-05-24 2023-05-24 0001812554 us-gaap:PreferredStockMember orcic:CLOXIIssuerMember 2023-05-24 0001812554 orcic:CLOXIIssuerMember orcic:MiddleMarketLoansMember 2023-05-24 0001812554 orcic:CLOXIIssuerMember orcic:MiddleMarketLoansMember orcic:CoreIncomeFundingILLCMember 2023-05-24 0001812554 orcic:CLOXIIMember 2025-01-01 2025-12-31 0001812554 orcic:CLOXIIMember us-gaap:SecuredDebtMember 2023-07-18 0001812554 orcic:CLOXIIClassA1ANotesMember us-gaap:SecuredDebtMember 2023-07-18 0001812554 orcic:CLOXIIClassA1ANotesMember us-gaap:SecuredDebtMember 2023-07-18 2023-07-18 0001812554 orcic:CLOXIIClassA1BNotesMember us-gaap:SecuredDebtMember 2023-07-18 0001812554 orcic:CLOXIIClassA2NotesMember us-gaap:SecuredDebtMember 2023-07-18 0001812554 orcic:CLOXIIClassA2NotesMember us-gaap:SecuredDebtMember 2023-07-18 2023-07-18 0001812554 orcic:CLOXIIClassBNotesMember us-gaap:SecuredDebtMember 2023-07-18 0001812554 orcic:CLOXIIClassBNotesMember us-gaap:SecuredDebtMember 2023-07-18 2023-07-18 0001812554 orcic:CLOXIIClassA1LNotesMember us-gaap:SecuredDebtMember 2023-07-18 2023-07-18 0001812554 orcic:CLOXIIClassA1LNotesMember us-gaap:SecuredDebtMember 2023-07-18 0001812554 us-gaap:PreferredStockMember orcic:CLOXIIIssuerMember 2023-07-18 2023-07-18 0001812554 us-gaap:PreferredStockMember orcic:CLOXIIIssuerMember 2023-07-18 0001812554 orcic:CLOXIIIssuerMember orcic:MiddleMarketLoansMember 2023-07-18 0001812554 orcic:CLOXIIIssuerMember orcic:MiddleMarketLoansMember orcic:CoreIncomeFundingILLCMember 2023-07-18 0001812554 orcic:CLOXVMember 2025-01-01 2025-12-31 0001812554 orcic:CLOXVMember us-gaap:SecuredDebtMember 2024-01-30 0001812554 orcic:CLOXVClassAMember us-gaap:SecuredDebtMember 2024-01-30 0001812554 orcic:CLOXVClassBMember us-gaap:SecuredDebtMember 2024-01-30 2024-01-30 0001812554 orcic:CLOXVClassBMember us-gaap:SecuredDebtMember 2024-01-30 0001812554 orcic:CLOXVMember us-gaap:SecuredDebtMember 2024-01-30 2024-01-30 0001812554 us-gaap:PreferredStockMember orcic:CLOXVMember 2024-01-30 2024-01-30 0001812554 us-gaap:PreferredStockMember orcic:CLOXVMember 2024-01-30 0001812554 orcic:CLOXVMember orcic:MiddleMarketLoansMember 2024-01-30 0001812554 orcic:CLOXVMember orcic:MiddleMarketLoansMember orcic:CoreIncomeFundingILLCMember 2024-01-30 0001812554 orcic:CLOXVIMember 2025-01-01 2025-12-31 0001812554 orcic:CLOXVIMember us-gaap:SecuredDebtMember 2024-03-07 0001812554 orcic:CLOXVIClassAMember us-gaap:SecuredDebtMember 2024-03-07 0001812554 orcic:CLOXVIClassAMember us-gaap:SecuredDebtMember 2024-03-07 2024-03-07 0001812554 orcic:CLOXVIClassBMember us-gaap:SecuredDebtMember 2024-03-07 0001812554 orcic:CLOXVIClassBMember us-gaap:SecuredDebtMember 2024-03-07 2024-03-07 0001812554 orcic:CLOXVIClassCMember us-gaap:SecuredDebtMember 2024-03-07 2024-03-07 0001812554 us-gaap:PreferredStockMember orcic:CLOXVIMember 2024-03-07 2024-03-07 0001812554 us-gaap:PreferredStockMember orcic:CLOXVIMember 2024-03-07 0001812554 orcic:CLOXVIMember orcic:MiddleMarketLoansMember 2024-03-07 0001812554 orcic:CLOXVIMember orcic:MiddleMarketLoansMember orcic:CoreIncomeFundingILLCMember 2024-03-07 0001812554 orcic:CLOXVIIMember 2025-01-01 2025-12-31 0001812554 orcic:CLOXVIIMember us-gaap:SecuredDebtMember 2024-07-18 0001812554 orcic:CLOXVIIClassA1Member us-gaap:SecuredDebtMember 2024-07-18 0001812554 orcic:CLOXVIIClassA1Member us-gaap:SecuredDebtMember 2024-07-18 2024-07-18 0001812554 orcic:CLOXVIIClassA2Member us-gaap:SecuredDebtMember 2024-07-18 0001812554 orcic:CLOXVIIClassA2Member us-gaap:SecuredDebtMember 2024-07-18 2024-07-18 0001812554 orcic:CLOXVIIClassBMember us-gaap:SecuredDebtMember 2024-07-18 2024-07-18 0001812554 us-gaap:PreferredStockMember orcic:CLOXVIIMember 2024-07-18 2024-07-18 0001812554 us-gaap:PreferredStockMember orcic:CLOXVIIMember 2024-07-18 0001812554 orcic:CLOXVIIMember orcic:MiddleMarketLoansMember 2024-07-18 0001812554 orcic:CLOXVIIMember orcic:MiddleMarketLoansMember orcic:CoreIncomeFundingILLCMember 2024-07-18 0001812554 orcic:CLOXVIIIMember 2025-01-01 2025-12-31 0001812554 orcic:CLOXVIIIMember us-gaap:SecuredDebtMember 2024-07-12 0001812554 orcic:CLOXVIIIClassAMember us-gaap:SecuredDebtMember 2024-07-12 0001812554 orcic:CLOXVIIIClassAMember us-gaap:SecuredDebtMember 2024-07-12 2024-07-12 0001812554 orcic:CLOXVIIIClassBMember us-gaap:SecuredDebtMember 2024-07-12 0001812554 orcic:CLOXVIIIClassBMember us-gaap:SecuredDebtMember 2024-07-12 2024-07-12 0001812554 orcic:CLOXVIIIClassA1LNotesMember us-gaap:SecuredDebtMember 2024-07-12 2024-07-12 0001812554 us-gaap:PreferredStockMember orcic:CLOXVIIIMember 2024-07-12 2024-07-12 0001812554 us-gaap:PreferredStockMember orcic:CLOXVIIIMember 2024-07-12 0001812554 orcic:CLOXVIIIMember orcic:MiddleMarketLoansMember 2024-07-12 0001812554 orcic:CLOXVIIIMember orcic:MiddleMarketLoansMember orcic:CoreIncomeFundingILLCMember 2024-07-12 0001812554 orcic:CLOXIXMember 2025-01-01 2025-12-31 0001812554 orcic:CLOXIXMember us-gaap:SecuredDebtMember 2024-10-29 0001812554 orcic:CLOXIXClassANotesMember us-gaap:SecuredDebtMember 2024-10-29 0001812554 orcic:CLOXIXClassANotesMember us-gaap:SecuredDebtMember 2024-10-29 2024-10-29 0001812554 orcic:CLOXIXClassBNotesMember us-gaap:SecuredDebtMember 2024-10-29 0001812554 orcic:CLOXIXClassBNotesMember us-gaap:SecuredDebtMember 2024-10-29 2024-10-29 0001812554 orcic:CLOXIXClassA1L1LoansMember us-gaap:SecuredDebtMember 2024-10-29 2024-10-29 0001812554 orcic:CLOXIXClassA1L2LoansMember us-gaap:SecuredDebtMember 2024-10-29 2024-10-29 0001812554 us-gaap:PreferredStockMember orcic:CLOXIXIssuerMember 2024-10-29 2024-10-29 0001812554 us-gaap:PreferredStockMember orcic:CLOXIXIssuerMember 2024-10-29 0001812554 orcic:CLOXIXIssuerMember orcic:MiddleMarketLoansMember 2024-10-29 0001812554 orcic:CLOXIXIssuerMember orcic:MiddleMarketLoansMember orcic:CoreIncomeFundingIIILLCMember 2024-10-29 0001812554 orcic:CLOXXIIMember 2025-01-01 2025-12-31 0001812554 orcic:CLOXXIIMember us-gaap:SecuredDebtMember 2025-09-24 0001812554 orcic:CLOXXIIClassANotesMember us-gaap:SecuredDebtMember 2025-09-24 0001812554 orcic:CLOXXIIClassANotesMember us-gaap:SecuredDebtMember 2025-09-24 2025-09-24 0001812554 orcic:CLOXXIIClassBNotesMember us-gaap:SecuredDebtMember 2025-09-24 0001812554 orcic:CLOXXIIClassBNotesMember us-gaap:SecuredDebtMember 2025-09-24 2025-09-24 0001812554 orcic:CLOXXIIClassCNotesMember us-gaap:SecuredDebtMember 2025-09-24 0001812554 orcic:CLOXXIIClassCNotesMember us-gaap:SecuredDebtMember 2025-09-24 2025-09-24 0001812554 orcic:CLOXXIIClassA1LLoansMember us-gaap:SecuredDebtMember 2025-09-24 2025-09-24 0001812554 orcic:CLOXXIIClassA2LLoansMember us-gaap:SecuredDebtMember 2025-09-24 2025-09-24 0001812554 orcic:CLOXXIIClassBLLoansMember us-gaap:SecuredDebtMember 2025-09-24 2025-09-24 0001812554 us-gaap:PreferredStockMember orcic:CLOXXIIIssuerMember 2025-09-24 2025-09-24 0001812554 us-gaap:PreferredStockMember orcic:CLOXXIIIssuerMember 2025-09-24 0001812554 orcic:CLOXXIIIssuerMember orcic:MiddleMarketLoansMember 2025-09-24 0001812554 orcic:CLOXXIIIssuerMember orcic:MiddleMarketLoansMember orcic:CoreIncomeFundingIVLLCMember 2025-09-24 0001812554 orcic:March2025NotesMember 2025-01-01 2025-12-31 0001812554 orcic:March2025NotesMember us-gaap:UnsecuredDebtMember 2022-03-29 0001812554 orcic:March2025NotesMember us-gaap:UnsecuredDebtMember 2025-03-21 2025-03-21 0001812554 orcic:September2026NotesMember 2025-01-01 2025-12-31 0001812554 orcic:September2026NotesMember us-gaap:UnsecuredDebtMember 2021-09-23 0001812554 orcic:September2026NotesMember us-gaap:UnsecuredDebtMember 2021-09-23 2021-09-23 0001812554 orcic:February2027NotesMember 2025-01-01 2025-12-31 0001812554 orcic:February2027NotesMember us-gaap:UnsecuredDebtMember 2022-02-08 0001812554 orcic:February2027NotesMember us-gaap:UnsecuredDebtMember 2022-02-08 2022-02-08 0001812554 orcic:September2027NotesMember 2025-01-01 2025-12-31 0001812554 orcic:September2027NotesMember us-gaap:UnsecuredDebtMember 2022-09-16 0001812554 orcic:September2027NotesMember us-gaap:UnsecuredDebtMember 2022-09-16 2022-09-16 0001812554 orcic:September2027NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2022-10-18 0001812554 orcic:September2027NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2025-01-01 2025-12-31 0001812554 orcic:September2027NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2024-01-01 2024-12-31 0001812554 orcic:September2027NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2025-09-16 0001812554 orcic:September2027NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:September2027NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:AUD2027NotesMember 2025-01-01 2025-12-31 0001812554 orcic:AUD2027NotesMember us-gaap:UnsecuredDebtMember 2024-10-23 0001812554 orcic:AustralianDebtIssuanceProgramMember us-gaap:UnsecuredDebtMember 2024-10-23 0001812554 orcic:AUD2027NotesMember us-gaap:UnsecuredDebtMember 2024-10-23 2024-10-23 0001812554 orcic:AUD2027NotesMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:UnsecuredDebtMember 2024-10-23 0001812554 orcic:AUD2027NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2024-10-23 0001812554 orcic:AUD2027NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2025-01-01 2025-12-31 0001812554 orcic:AUD2027NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:AUD2027NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:May2028NotesMember 2025-01-01 2025-12-31 0001812554 orcic:May2028NotesMember us-gaap:UnsecuredDebtMember 2025-05-23 0001812554 orcic:May2028NotesMember us-gaap:UnsecuredDebtMember 2025-05-23 2025-05-23 0001812554 orcic:May2028NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2025-05-23 0001812554 orcic:May2028NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2025-05-23 2025-05-23 0001812554 orcic:May2028NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:June2028NotesMember 2025-01-01 2025-12-31 0001812554 orcic:June2028NotesMember us-gaap:UnsecuredDebtMember 2023-06-13 0001812554 orcic:June2028NotesMember us-gaap:UnsecuredDebtMember 2023-07-14 0001812554 orcic:June2028NotesMember us-gaap:UnsecuredDebtMember 2023-06-13 2023-06-13 0001812554 orcic:June2028NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2024-02-16 0001812554 orcic:June2028NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2025-01-01 2025-12-31 0001812554 orcic:June2028NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2024-01-01 2024-12-31 0001812554 orcic:June2028NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2025-12-15 0001812554 orcic:June2028NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:June2028NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:January2029NotesMember 2025-01-01 2025-12-31 0001812554 orcic:January2029NotesMember us-gaap:UnsecuredDebtMember 2023-12-04 0001812554 orcic:January2029NotesMember us-gaap:UnsecuredDebtMember 2023-12-04 2023-12-04 0001812554 orcic:January2029NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2023-11-28 0001812554 orcic:January2029NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2025-01-01 2025-12-31 0001812554 orcic:January2029NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2024-01-01 2024-12-31 0001812554 orcic:January2029NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:January2029NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:September2029NotesMember 2025-01-01 2025-12-31 0001812554 orcic:September2029NotesMember us-gaap:UnsecuredDebtMember 2024-05-14 0001812554 orcic:September2029NotesMember us-gaap:UnsecuredDebtMember 2025-01-22 0001812554 orcic:September2029NotesMember us-gaap:UnsecuredDebtMember 2024-05-14 2024-05-14 0001812554 orcic:September2029NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2024-05-14 0001812554 orcic:September2029NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2025-01-22 0001812554 orcic:September2029NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2025-01-01 2025-12-31 0001812554 orcic:September2029NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2024-01-01 2024-12-31 0001812554 orcic:September2029NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2024-10-01 2024-12-31 0001812554 orcic:September2029NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:September2029NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:March2030NotesMember 2025-01-01 2025-12-31 0001812554 orcic:March2030NotesMember us-gaap:UnsecuredDebtMember 2024-09-13 0001812554 orcic:March2030NotesMember us-gaap:UnsecuredDebtMember 2024-09-13 2024-09-13 0001812554 orcic:March2030NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2024-09-10 0001812554 orcic:March2030NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2025-01-01 2025-12-31 0001812554 orcic:March2030NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:March2030NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:March2031NotesMember 2025-01-01 2025-12-31 0001812554 orcic:March2031NotesMember us-gaap:UnsecuredDebtMember 2024-02-01 0001812554 orcic:March2031NotesMember us-gaap:UnsecuredDebtMember 2024-02-01 2024-02-01 0001812554 orcic:March2031NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2024-01-29 0001812554 orcic:March2031NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2025-01-01 2025-12-31 0001812554 orcic:March2031NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2024-01-01 2024-12-31 0001812554 orcic:March2031NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2025-07-15 0001812554 orcic:March2031NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:March2031NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:GlobalMediumTermNotesProgramMember 2025-01-01 2025-12-31 0001812554 orcic:GlobalMediumTermNotesProgramMember us-gaap:UnsecuredDebtMember 2025-04-04 2025-04-04 0001812554 orcic:GlobalMediumTermNotesProgramMember us-gaap:UnsecuredDebtMember 2025-04-04 0001812554 orcic:EUR2031NotesMember 2025-01-01 2025-12-31 0001812554 orcic:EUR2031NotesMember us-gaap:UnsecuredDebtMember 2025-09-11 0001812554 orcic:EUR2031NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2025-09-11 0001812554 orcic:EUR2031NotesMember us-gaap:InterestRateSwapMember us-gaap:UnsecuredDebtMember 2025-10-01 2025-12-31 0001812554 us-gaap:FairValueInputsLevel1Member 2025-12-31 0001812554 us-gaap:FairValueInputsLevel2Member 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member 2025-12-31 0001812554 us-gaap:FairValueInputsLevel12And3Member 2025-12-31 0001812554 us-gaap:FairValueInputsLevel1Member orcic:DebtSecuritiesFirstLienMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel2Member orcic:DebtSecuritiesFirstLienMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:DebtSecuritiesFirstLienMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel12And3Member orcic:DebtSecuritiesFirstLienMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel1Member orcic:DebtSecuritiesSecondLienMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel2Member orcic:DebtSecuritiesSecondLienMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:DebtSecuritiesSecondLienMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel12And3Member orcic:DebtSecuritiesSecondLienMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel1Member us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel2Member us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel12And3Member us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel1Member orcic:SpecialtyFinanceDebtInvestmentsMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel2Member orcic:SpecialtyFinanceDebtInvestmentsMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:SpecialtyFinanceDebtInvestmentsMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel12And3Member orcic:SpecialtyFinanceDebtInvestmentsMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel1Member us-gaap:PreferredStockMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel2Member us-gaap:PreferredStockMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel12And3Member us-gaap:PreferredStockMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel1Member orcic:SpecialtyFinanceEquityInvestmentsMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel2Member orcic:SpecialtyFinanceEquityInvestmentsMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:SpecialtyFinanceEquityInvestmentsMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel12And3Member orcic:SpecialtyFinanceEquityInvestmentsMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel1Member us-gaap:CommonStockMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel2Member us-gaap:CommonStockMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel12And3Member us-gaap:CommonStockMember 2025-12-31 0001812554 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2025-12-31 0001812554 us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001812554 us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001812554 us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001812554 us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel12And3Member 2025-12-31 0001812554 orcic:ForeignCurrencyForwardContractsMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001812554 orcic:ForeignCurrencyForwardContractsMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001812554 orcic:ForeignCurrencyForwardContractsMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001812554 orcic:ForeignCurrencyForwardContractsMember us-gaap:FairValueInputsLevel12And3Member 2025-12-31 0001812554 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001812554 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001812554 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001812554 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:FairValueInputsLevel12And3Member 2025-12-31 0001812554 us-gaap:FairValueInputsLevel1Member 2024-12-31 0001812554 us-gaap:FairValueInputsLevel2Member 2024-12-31 0001812554 us-gaap:FairValueInputsLevel3Member 2024-12-31 0001812554 us-gaap:FairValueInputsLevel12And3Member 2024-12-31 0001812554 us-gaap:FairValueInputsLevel1Member orcic:DebtSecuritiesFirstLienMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel2Member orcic:DebtSecuritiesFirstLienMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:DebtSecuritiesFirstLienMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel12And3Member orcic:DebtSecuritiesFirstLienMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel1Member orcic:DebtSecuritiesSecondLienMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel2Member orcic:DebtSecuritiesSecondLienMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:DebtSecuritiesSecondLienMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel12And3Member orcic:DebtSecuritiesSecondLienMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel1Member us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel2Member us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel3Member us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel12And3Member us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel1Member orcic:SpecialtyFinanceDebtInvestmentsMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel2Member orcic:SpecialtyFinanceDebtInvestmentsMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:SpecialtyFinanceDebtInvestmentsMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel12And3Member orcic:SpecialtyFinanceDebtInvestmentsMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel1Member us-gaap:PreferredStockMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel2Member us-gaap:PreferredStockMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel12And3Member us-gaap:PreferredStockMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel1Member us-gaap:CommonStockMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel2Member us-gaap:CommonStockMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel12And3Member us-gaap:CommonStockMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel1Member orcic:SpecialtyFinanceEquityInvestmentsMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel2Member orcic:SpecialtyFinanceEquityInvestmentsMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:SpecialtyFinanceEquityInvestmentsMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel12And3Member orcic:SpecialtyFinanceEquityInvestmentsMember 2024-12-31 0001812554 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2024-12-31 0001812554 us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001812554 us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001812554 us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel3Member 2024-12-31 0001812554 us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel12And3Member 2024-12-31 0001812554 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001812554 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001812554 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:FairValueInputsLevel3Member 2024-12-31 0001812554 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:FairValueInputsLevel12And3Member 2024-12-31 0001812554 orcic:DebtSecuritiesFirstLienMember 2024-12-31 0001812554 orcic:DebtSecuritiesSecondLienMember 2024-12-31 0001812554 us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:SpecialtyFinanceDebtInvestmentsMember 2024-12-31 0001812554 us-gaap:PreferredStockMember 2024-12-31 0001812554 orcic:SpecialtyFinanceEquityInvestmentsMember 2024-12-31 0001812554 us-gaap:CommonStockMember 2024-12-31 0001812554 us-gaap:InvestmentsMember 2024-12-31 0001812554 orcic:DebtSecuritiesFirstLienMember 2025-01-01 2025-12-31 0001812554 orcic:DebtSecuritiesSecondLienMember 2025-01-01 2025-12-31 0001812554 us-gaap:UnsecuredDebtMember 2025-01-01 2025-12-31 0001812554 orcic:SpecialtyFinanceDebtInvestmentsMember 2025-01-01 2025-12-31 0001812554 us-gaap:PreferredStockMember 2025-01-01 2025-12-31 0001812554 orcic:SpecialtyFinanceEquityInvestmentsMember 2025-01-01 2025-12-31 0001812554 us-gaap:CommonStockMember 2025-01-01 2025-12-31 0001812554 us-gaap:InvestmentsMember 2025-01-01 2025-12-31 0001812554 orcic:DebtSecuritiesFirstLienMember orcic:DebtAndEquitySecuritiesUnrealizedGainLossMember 2025-01-01 2025-12-31 0001812554 orcic:DebtSecuritiesSecondLienMember orcic:DebtAndEquitySecuritiesUnrealizedGainLossMember 2025-01-01 2025-12-31 0001812554 us-gaap:UnsecuredDebtMember orcic:DebtAndEquitySecuritiesUnrealizedGainLossMember 2025-01-01 2025-12-31 0001812554 orcic:SpecialtyFinanceDebtInvestmentsMember orcic:DebtAndEquitySecuritiesUnrealizedGainLossMember 2025-01-01 2025-12-31 0001812554 us-gaap:PreferredStockMember orcic:DebtAndEquitySecuritiesUnrealizedGainLossMember 2025-01-01 2025-12-31 0001812554 orcic:SpecialtyFinanceEquityInvestmentsMember orcic:DebtAndEquitySecuritiesUnrealizedGainLossMember 2025-01-01 2025-12-31 0001812554 us-gaap:CommonStockMember orcic:DebtAndEquitySecuritiesUnrealizedGainLossMember 2025-01-01 2025-12-31 0001812554 us-gaap:InvestmentsMember orcic:DebtAndEquitySecuritiesUnrealizedGainLossMember 2025-01-01 2025-12-31 0001812554 orcic:DebtSecuritiesFirstLienMember orcic:DebtAndEquitySecuritiesRealizedGainLossMember 2025-01-01 2025-12-31 0001812554 orcic:DebtSecuritiesSecondLienMember orcic:DebtAndEquitySecuritiesRealizedGainLossMember 2025-01-01 2025-12-31 0001812554 us-gaap:UnsecuredDebtMember orcic:DebtAndEquitySecuritiesRealizedGainLossMember 2025-01-01 2025-12-31 0001812554 orcic:SpecialtyFinanceDebtInvestmentsMember orcic:DebtAndEquitySecuritiesRealizedGainLossMember 2025-01-01 2025-12-31 0001812554 us-gaap:PreferredStockMember orcic:DebtAndEquitySecuritiesRealizedGainLossMember 2025-01-01 2025-12-31 0001812554 orcic:SpecialtyFinanceEquityInvestmentsMember orcic:DebtAndEquitySecuritiesRealizedGainLossMember 2025-01-01 2025-12-31 0001812554 us-gaap:CommonStockMember orcic:DebtAndEquitySecuritiesRealizedGainLossMember 2025-01-01 2025-12-31 0001812554 us-gaap:InvestmentsMember orcic:DebtAndEquitySecuritiesRealizedGainLossMember 2025-01-01 2025-12-31 0001812554 orcic:DebtSecuritiesFirstLienMember 2025-12-31 0001812554 orcic:DebtSecuritiesSecondLienMember 2025-12-31 0001812554 us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:SpecialtyFinanceDebtInvestmentsMember 2025-12-31 0001812554 us-gaap:PreferredStockMember 2025-12-31 0001812554 orcic:SpecialtyFinanceEquityInvestmentsMember 2025-12-31 0001812554 us-gaap:CommonStockMember 2025-12-31 0001812554 us-gaap:InvestmentsMember 2025-12-31 0001812554 orcic:DebtSecuritiesFirstLienMember 2023-12-31 0001812554 orcic:DebtSecuritiesSecondLienMember 2023-12-31 0001812554 us-gaap:UnsecuredDebtMember 2023-12-31 0001812554 orcic:SpecialtyFinanceDebtInvestmentsMember 2023-12-31 0001812554 us-gaap:PreferredStockMember 2023-12-31 0001812554 orcic:SpecialtyFinanceEquityInvestmentsMember 2023-12-31 0001812554 us-gaap:CommonStockMember 2023-12-31 0001812554 us-gaap:InvestmentsMember 2023-12-31 0001812554 orcic:DebtSecuritiesFirstLienMember 2024-01-01 2024-12-31 0001812554 orcic:DebtSecuritiesSecondLienMember 2024-01-01 2024-12-31 0001812554 us-gaap:UnsecuredDebtMember 2024-01-01 2024-12-31 0001812554 orcic:SpecialtyFinanceDebtInvestmentsMember 2024-01-01 2024-12-31 0001812554 us-gaap:PreferredStockMember 2024-01-01 2024-12-31 0001812554 orcic:SpecialtyFinanceEquityInvestmentsMember 2024-01-01 2024-12-31 0001812554 us-gaap:CommonStockMember 2024-01-01 2024-12-31 0001812554 us-gaap:InvestmentsMember 2024-01-01 2024-12-31 0001812554 orcic:DebtSecuritiesFirstLienMember orcic:DebtAndEquitySecuritiesUnrealizedGainLossMember 2024-01-01 2024-12-31 0001812554 orcic:DebtSecuritiesSecondLienMember orcic:DebtAndEquitySecuritiesUnrealizedGainLossMember 2024-01-01 2024-12-31 0001812554 us-gaap:UnsecuredDebtMember orcic:DebtAndEquitySecuritiesUnrealizedGainLossMember 2024-01-01 2024-12-31 0001812554 orcic:SpecialtyFinanceDebtInvestmentsMember orcic:DebtAndEquitySecuritiesUnrealizedGainLossMember 2024-01-01 2024-12-31 0001812554 us-gaap:PreferredStockMember orcic:DebtAndEquitySecuritiesUnrealizedGainLossMember 2024-01-01 2024-12-31 0001812554 orcic:SpecialtyFinanceEquityInvestmentsMember orcic:DebtAndEquitySecuritiesUnrealizedGainLossMember 2024-01-01 2024-12-31 0001812554 us-gaap:CommonStockMember orcic:DebtAndEquitySecuritiesUnrealizedGainLossMember 2024-01-01 2024-12-31 0001812554 us-gaap:InvestmentsMember orcic:DebtAndEquitySecuritiesUnrealizedGainLossMember 2024-01-01 2024-12-31 0001812554 orcic:DebtSecuritiesFirstLienMember orcic:DebtAndEquitySecuritiesRealizedGainLossMember 2024-01-01 2024-12-31 0001812554 orcic:DebtSecuritiesSecondLienMember orcic:DebtAndEquitySecuritiesRealizedGainLossMember 2024-01-01 2024-12-31 0001812554 us-gaap:UnsecuredDebtMember orcic:DebtAndEquitySecuritiesRealizedGainLossMember 2024-01-01 2024-12-31 0001812554 orcic:SpecialtyFinanceDebtInvestmentsMember orcic:DebtAndEquitySecuritiesRealizedGainLossMember 2024-01-01 2024-12-31 0001812554 us-gaap:PreferredStockMember orcic:DebtAndEquitySecuritiesRealizedGainLossMember 2024-01-01 2024-12-31 0001812554 orcic:SpecialtyFinanceEquityInvestmentsMember orcic:DebtAndEquitySecuritiesRealizedGainLossMember 2024-01-01 2024-12-31 0001812554 us-gaap:CommonStockMember orcic:DebtAndEquitySecuritiesRealizedGainLossMember 2024-01-01 2024-12-31 0001812554 us-gaap:InvestmentsMember orcic:DebtAndEquitySecuritiesRealizedGainLossMember 2024-01-01 2024-12-31 0001812554 orcic:DebtSecuritiesFirstLienMember 2022-12-31 0001812554 orcic:DebtSecuritiesSecondLienMember 2022-12-31 0001812554 us-gaap:UnsecuredDebtMember 2022-12-31 0001812554 orcic:SpecialtyFinanceDebtInvestmentsMember 2022-12-31 0001812554 us-gaap:PreferredStockMember 2022-12-31 0001812554 orcic:SpecialtyFinanceEquityInvestmentsMember 2022-12-31 0001812554 us-gaap:CommonStockMember 2022-12-31 0001812554 us-gaap:InvestmentsMember 2022-12-31 0001812554 orcic:DebtSecuritiesFirstLienMember 2023-01-01 2023-12-31 0001812554 orcic:DebtSecuritiesSecondLienMember 2023-01-01 2023-12-31 0001812554 us-gaap:UnsecuredDebtMember 2023-01-01 2023-12-31 0001812554 orcic:SpecialtyFinanceDebtInvestmentsMember 2023-01-01 2023-12-31 0001812554 us-gaap:PreferredStockMember 2023-01-01 2023-12-31 0001812554 orcic:SpecialtyFinanceEquityInvestmentsMember 2023-01-01 2023-12-31 0001812554 us-gaap:CommonStockMember 2023-01-01 2023-12-31 0001812554 us-gaap:InvestmentsMember 2023-01-01 2023-12-31 0001812554 orcic:DebtSecuritiesFirstLienMember orcic:DebtAndEquitySecuritiesUnrealizedGainLossMember 2023-01-01 2023-12-31 0001812554 orcic:DebtSecuritiesSecondLienMember orcic:DebtAndEquitySecuritiesUnrealizedGainLossMember 2023-01-01 2023-12-31 0001812554 us-gaap:UnsecuredDebtMember orcic:DebtAndEquitySecuritiesUnrealizedGainLossMember 2023-01-01 2023-12-31 0001812554 orcic:SpecialtyFinanceDebtInvestmentsMember orcic:DebtAndEquitySecuritiesUnrealizedGainLossMember 2023-01-01 2023-12-31 0001812554 us-gaap:PreferredStockMember orcic:DebtAndEquitySecuritiesUnrealizedGainLossMember 2023-01-01 2023-12-31 0001812554 orcic:SpecialtyFinanceEquityInvestmentsMember orcic:DebtAndEquitySecuritiesUnrealizedGainLossMember 2023-01-01 2023-12-31 0001812554 us-gaap:CommonStockMember orcic:DebtAndEquitySecuritiesUnrealizedGainLossMember 2023-01-01 2023-12-31 0001812554 us-gaap:InvestmentsMember orcic:DebtAndEquitySecuritiesUnrealizedGainLossMember 2023-01-01 2023-12-31 0001812554 orcic:DebtSecuritiesFirstLienMember orcic:DebtAndEquitySecuritiesRealizedGainLossMember 2023-01-01 2023-12-31 0001812554 orcic:DebtSecuritiesSecondLienMember orcic:DebtAndEquitySecuritiesRealizedGainLossMember 2023-01-01 2023-12-31 0001812554 us-gaap:UnsecuredDebtMember orcic:DebtAndEquitySecuritiesRealizedGainLossMember 2023-01-01 2023-12-31 0001812554 orcic:SpecialtyFinanceDebtInvestmentsMember orcic:DebtAndEquitySecuritiesRealizedGainLossMember 2023-01-01 2023-12-31 0001812554 us-gaap:PreferredStockMember orcic:DebtAndEquitySecuritiesRealizedGainLossMember 2023-01-01 2023-12-31 0001812554 orcic:SpecialtyFinanceEquityInvestmentsMember orcic:DebtAndEquitySecuritiesRealizedGainLossMember 2023-01-01 2023-12-31 0001812554 us-gaap:CommonStockMember orcic:DebtAndEquitySecuritiesRealizedGainLossMember 2023-01-01 2023-12-31 0001812554 us-gaap:InvestmentsMember orcic:DebtAndEquitySecuritiesRealizedGainLossMember 2023-01-01 2023-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:FirstLienSeniorSecuredDebtInvestmentsMember orcic:ValuationTechniqueYieldAnalysisMember 2025-12-31 0001812554 srt:MinimumMember us-gaap:FairValueInputsLevel3Member orcic:FirstLienSeniorSecuredDebtInvestmentsMember orcic:MeasurementInputMarketYieldMember orcic:ValuationTechniqueYieldAnalysisMember 2025-12-31 0001812554 srt:MaximumMember us-gaap:FairValueInputsLevel3Member orcic:FirstLienSeniorSecuredDebtInvestmentsMember orcic:MeasurementInputMarketYieldMember orcic:ValuationTechniqueYieldAnalysisMember 2025-12-31 0001812554 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member orcic:FirstLienSeniorSecuredDebtInvestmentsMember orcic:MeasurementInputMarketYieldMember orcic:ValuationTechniqueYieldAnalysisMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:FirstLienSeniorSecuredDebtInvestmentsMember orcic:ValuationTechniqueRecentTransactionMember 2025-12-31 0001812554 srt:MinimumMember us-gaap:FairValueInputsLevel3Member orcic:FirstLienSeniorSecuredDebtInvestmentsMember orcic:MeasurementInputTransactionPriceMember orcic:ValuationTechniqueRecentTransactionMember 2025-12-31 0001812554 srt:MaximumMember us-gaap:FairValueInputsLevel3Member orcic:FirstLienSeniorSecuredDebtInvestmentsMember orcic:MeasurementInputTransactionPriceMember orcic:ValuationTechniqueRecentTransactionMember 2025-12-31 0001812554 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member orcic:FirstLienSeniorSecuredDebtInvestmentsMember orcic:MeasurementInputTransactionPriceMember orcic:ValuationTechniqueRecentTransactionMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:FirstLienSeniorSecuredDebtInvestmentsMember orcic:ValuationTechniqueCollateralAnalysisMember 2025-12-31 0001812554 srt:MinimumMember us-gaap:FairValueInputsLevel3Member orcic:FirstLienSeniorSecuredDebtInvestmentsMember orcic:MeasurementInputRecoveryRateMember orcic:ValuationTechniqueCollateralAnalysisMember 2025-12-31 0001812554 srt:MaximumMember us-gaap:FairValueInputsLevel3Member orcic:FirstLienSeniorSecuredDebtInvestmentsMember orcic:MeasurementInputRecoveryRateMember orcic:ValuationTechniqueCollateralAnalysisMember 2025-12-31 0001812554 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member orcic:FirstLienSeniorSecuredDebtInvestmentsMember orcic:MeasurementInputRecoveryRateMember orcic:ValuationTechniqueCollateralAnalysisMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:SecondLienSeniorSecuredDebtInvestmentsMember orcic:ValuationTechniqueYieldAnalysisMember 2025-12-31 0001812554 srt:MinimumMember us-gaap:FairValueInputsLevel3Member orcic:SecondLienSeniorSecuredDebtInvestmentsMember orcic:MeasurementInputMarketYieldMember orcic:ValuationTechniqueYieldAnalysisMember 2025-12-31 0001812554 srt:MaximumMember us-gaap:FairValueInputsLevel3Member orcic:SecondLienSeniorSecuredDebtInvestmentsMember orcic:MeasurementInputMarketYieldMember orcic:ValuationTechniqueYieldAnalysisMember 2025-12-31 0001812554 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member orcic:SecondLienSeniorSecuredDebtInvestmentsMember orcic:MeasurementInputMarketYieldMember orcic:ValuationTechniqueYieldAnalysisMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:UnsecuredDebtInvestmentsMember orcic:ValuationTechniqueYieldAnalysisMember 2025-12-31 0001812554 srt:MinimumMember us-gaap:FairValueInputsLevel3Member orcic:UnsecuredDebtInvestmentsMember orcic:MeasurementInputMarketYieldMember orcic:ValuationTechniqueYieldAnalysisMember 2025-12-31 0001812554 srt:MaximumMember us-gaap:FairValueInputsLevel3Member orcic:UnsecuredDebtInvestmentsMember orcic:MeasurementInputMarketYieldMember orcic:ValuationTechniqueYieldAnalysisMember 2025-12-31 0001812554 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member orcic:UnsecuredDebtInvestmentsMember orcic:MeasurementInputMarketYieldMember orcic:ValuationTechniqueYieldAnalysisMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:UnsecuredDebtInvestmentsMember us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:SpecialtyFinanceDebtInvestmentsMember orcic:MeasurementInputMarketYieldMember orcic:ValuationTechniqueYieldAnalysisMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember orcic:ValuationTechniqueYieldAnalysisMember 2025-12-31 0001812554 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember orcic:MeasurementInputMarketYieldMember orcic:ValuationTechniqueYieldAnalysisMember 2025-12-31 0001812554 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember orcic:MeasurementInputMarketYieldMember orcic:ValuationTechniqueYieldAnalysisMember 2025-12-31 0001812554 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember orcic:MeasurementInputMarketYieldMember orcic:ValuationTechniqueYieldAnalysisMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember us-gaap:MeasurementInputRevenueMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2025-12-31 0001812554 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember us-gaap:MeasurementInputRevenueMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2025-12-31 0001812554 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember us-gaap:MeasurementInputRevenueMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2025-12-31 0001812554 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember us-gaap:MeasurementInputRevenueMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember orcic:ValuationTechniqueRecentTransactionMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember orcic:MeasurementInputTransactionPriceMember orcic:ValuationTechniqueRecentTransactionMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2025-12-31 0001812554 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2025-12-31 0001812554 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2025-12-31 0001812554 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember us-gaap:MeasurementInputRevenueMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2025-12-31 0001812554 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember us-gaap:MeasurementInputRevenueMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2025-12-31 0001812554 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember us-gaap:MeasurementInputRevenueMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2025-12-31 0001812554 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember us-gaap:MeasurementInputRevenueMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember orcic:ValuationTechniqueOptionsPricingModelMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember orcic:MeasurementInputVolatilityMember orcic:ValuationTechniqueOptionsPricingModelMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember orcic:MeasurementInputMarketYieldMember orcic:ValuationTechniqueYieldAnalysisMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember orcic:ValuationTechniqueDiscountedCashFlowAnalysisMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember us-gaap:MarketApproachValuationTechniqueMember orcic:MarketAdjustmentFactorMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember orcic:MeasurementInputGrossProfitMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:SpecialtyFinanceEquityInvestmentsMember orcic:MeasurementInputAUMMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2025-12-31 0001812554 srt:MinimumMember us-gaap:FairValueInputsLevel3Member orcic:SpecialtyFinanceEquityInvestmentsMember orcic:MeasurementInputAUMMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2025-12-31 0001812554 srt:MaximumMember us-gaap:FairValueInputsLevel3Member orcic:SpecialtyFinanceEquityInvestmentsMember orcic:MeasurementInputAUMMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2025-12-31 0001812554 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member orcic:SpecialtyFinanceEquityInvestmentsMember orcic:MeasurementInputAUMMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:SpecialtyFinanceEquityInvestmentsMember us-gaap:MarketApproachValuationTechniqueMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:SpecialtyFinanceEquityInvestmentsMember orcic:ValuationTechniqueYieldAnalysisMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:SpecialtyFinanceEquityInvestmentsMember orcic:MeasurementInputMarketYieldMember orcic:ValuationTechniqueYieldAnalysisMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:SpecialtyFinanceEquityInvestmentsMember orcic:ValuationTechniqueDiscountedCashFlowAnalysisMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:SpecialtyFinanceEquityInvestmentsMember us-gaap:MeasurementInputDiscountRateMember orcic:ValuationTechniqueDiscountedCashFlowAnalysisMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:UnsecuredDebtInvestmentsMember orcic:ValuationTechniqueIndicativeQuotesMember 2025-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:FirstLienSeniorSecuredDebtInvestmentsMember orcic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001812554 srt:MinimumMember us-gaap:FairValueInputsLevel3Member orcic:FirstLienSeniorSecuredDebtInvestmentsMember orcic:MeasurementInputMarketYieldMember orcic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001812554 srt:MaximumMember us-gaap:FairValueInputsLevel3Member orcic:FirstLienSeniorSecuredDebtInvestmentsMember orcic:MeasurementInputMarketYieldMember orcic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001812554 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member orcic:FirstLienSeniorSecuredDebtInvestmentsMember orcic:MeasurementInputMarketYieldMember orcic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:FirstLienSeniorSecuredDebtInvestmentsMember orcic:ValuationTechniqueRecentTransactionMember 2024-12-31 0001812554 srt:MinimumMember us-gaap:FairValueInputsLevel3Member orcic:FirstLienSeniorSecuredDebtInvestmentsMember orcic:MeasurementInputTransactionPriceMember orcic:ValuationTechniqueRecentTransactionMember 2024-12-31 0001812554 srt:MaximumMember us-gaap:FairValueInputsLevel3Member orcic:FirstLienSeniorSecuredDebtInvestmentsMember orcic:MeasurementInputTransactionPriceMember orcic:ValuationTechniqueRecentTransactionMember 2024-12-31 0001812554 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member orcic:FirstLienSeniorSecuredDebtInvestmentsMember orcic:MeasurementInputTransactionPriceMember orcic:ValuationTechniqueRecentTransactionMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:FirstLienSeniorSecuredDebtInvestmentsMember orcic:ValuationTechniqueCollateralAnalysisMember 2024-12-31 0001812554 srt:MinimumMember us-gaap:FairValueInputsLevel3Member orcic:FirstLienSeniorSecuredDebtInvestmentsMember orcic:MeasurementInputRecoveryRateMember orcic:ValuationTechniqueCollateralAnalysisMember 2024-12-31 0001812554 srt:MaximumMember us-gaap:FairValueInputsLevel3Member orcic:FirstLienSeniorSecuredDebtInvestmentsMember orcic:MeasurementInputRecoveryRateMember orcic:ValuationTechniqueCollateralAnalysisMember 2024-12-31 0001812554 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member orcic:FirstLienSeniorSecuredDebtInvestmentsMember orcic:MeasurementInputRecoveryRateMember orcic:ValuationTechniqueCollateralAnalysisMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:SecondLienSeniorSecuredDebtInvestmentsMember orcic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001812554 srt:MinimumMember us-gaap:FairValueInputsLevel3Member orcic:SecondLienSeniorSecuredDebtInvestmentsMember orcic:MeasurementInputMarketYieldMember orcic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001812554 srt:MaximumMember us-gaap:FairValueInputsLevel3Member orcic:SecondLienSeniorSecuredDebtInvestmentsMember orcic:MeasurementInputMarketYieldMember orcic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001812554 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member orcic:SecondLienSeniorSecuredDebtInvestmentsMember orcic:MeasurementInputMarketYieldMember orcic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:UnsecuredDebtInvestmentsMember orcic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001812554 srt:MinimumMember us-gaap:FairValueInputsLevel3Member orcic:UnsecuredDebtInvestmentsMember orcic:MeasurementInputMarketYieldMember orcic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001812554 srt:MaximumMember us-gaap:FairValueInputsLevel3Member orcic:UnsecuredDebtInvestmentsMember orcic:MeasurementInputMarketYieldMember orcic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001812554 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member orcic:UnsecuredDebtInvestmentsMember orcic:MeasurementInputMarketYieldMember orcic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:UnsecuredDebtInvestmentsMember us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:SpecialtyFinanceDebtInvestmentsMember orcic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember orcic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001812554 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember orcic:MeasurementInputMarketYieldMember orcic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001812554 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember orcic:MeasurementInputMarketYieldMember orcic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001812554 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember orcic:MeasurementInputMarketYieldMember orcic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember us-gaap:MeasurementInputRevenueMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2024-12-31 0001812554 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember us-gaap:MeasurementInputRevenueMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2024-12-31 0001812554 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember us-gaap:MeasurementInputRevenueMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2024-12-31 0001812554 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember us-gaap:MeasurementInputRevenueMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2024-12-31 0001812554 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2024-12-31 0001812554 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember orcic:MeasurementInputTransactionPriceMember orcic:ValuationTechniqueRecentTransactionMember 2024-12-31 0001812554 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember orcic:MeasurementInputTransactionPriceMember orcic:ValuationTechniqueRecentTransactionMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember us-gaap:MeasurementInputRevenueMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2024-12-31 0001812554 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember us-gaap:MeasurementInputRevenueMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2024-12-31 0001812554 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember us-gaap:MeasurementInputRevenueMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2024-12-31 0001812554 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember us-gaap:MeasurementInputRevenueMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember orcic:ValuationTechniqueOptionsPricingModelMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember orcic:MeasurementInputVolatilityMember orcic:ValuationTechniqueOptionsPricingModelMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember orcic:MeasurementInputMarketYieldMember orcic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember orcic:MeasurementInputGrossProfitMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:SpecialtyFinanceEquityInvestmentsMember orcic:MeasurementInputAUMMultipleMember us-gaap:MarketApproachValuationTechniqueMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:SpecialtyFinanceEquityInvestmentsMember us-gaap:MarketApproachValuationTechniqueMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:SpecialtyFinanceEquityInvestmentsMember orcic:ValuationTechniqueDiscountedCashFlowAnalysisMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:SpecialtyFinanceEquityInvestmentsMember us-gaap:MeasurementInputDiscountRateMember orcic:ValuationTechniqueDiscountedCashFlowAnalysisMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:SpecialtyFinanceEquityInvestmentsMember orcic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001812554 us-gaap:FairValueInputsLevel3Member orcic:SpecialtyFinanceEquityInvestmentsMember orcic:MeasurementInputMarketYieldMember orcic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001812554 us-gaap:RevolvingCreditFacilityMember orcic:SeniorSecuredRevolvingCreditFacilityMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 us-gaap:RevolvingCreditFacilityMember orcic:SeniorSecuredRevolvingCreditFacilityMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 us-gaap:RevolvingCreditFacilityMember orcic:SeniorSecuredRevolvingCreditFacilityMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 us-gaap:RevolvingCreditFacilityMember orcic:SeniorSecuredRevolvingCreditFacilityMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:SPVAssetFacilityIMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:SPVAssetFacilityIMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:SPVAssetFacilityIMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:SPVAssetFacilityIMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:SPVAssetFacilityIIMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:SPVAssetFacilityIIMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:SPVAssetFacilityIIMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:SPVAssetFacilityIIMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:SPVAssetFacilityIIIMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:SPVAssetFacilityIIIMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:SPVAssetFacilityIIIMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:SPVAssetFacilityIIIMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:SPVAssetFacilityIVNettingMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:SPVAssetFacilityIVNettingMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:SPVAssetFacilityIVMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:SPVAssetFacilityIVMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:SPVAssetFacilityVMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:SPVAssetFacilityVMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:SPVAssetFacilityVMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:SPVAssetFacilityVMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:SPVAssetFacilityVIMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:SPVAssetFacilityVIMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:SPVAssetFacilityVIMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:SPVAssetFacilityVIMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:SPVAssetFacilityVIIMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:SPVAssetFacilityVIIMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:SPVAssetFacilityVIIMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:SPVAssetFacilityVIIMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:SPVAssetFacilityVIIIMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:SPVAssetFacilityVIIIMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:SPVAssetFacilityVIIIMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:SPVAssetFacilityVIIIMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:SPVAssetFacilityIXMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:SPVAssetFacilityIXMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:SPVAssetFacilityIXMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:SPVAssetFacilityIXMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:SPVAssetFacilityIXMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:SPVAssetFacilityXNettingMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:SPVAssetFacilityXNettingMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:LineOfCreditMember 2025-12-31 0001812554 orcic:SPVAssetFacilityXNettingMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:SPVAssetFacilityXNettingMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:SPVAssetFacilityXNettingMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:LineOfCreditMember 2024-12-31 0001812554 orcic:CLOVIIIMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember 2025-12-31 0001812554 orcic:CLOVIIIMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SecuredDebtMember 2025-12-31 0001812554 orcic:CLOVIIIMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember 2024-12-31 0001812554 orcic:CLOVIIIMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SecuredDebtMember 2024-12-31 0001812554 orcic:CLOXIMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember 2025-12-31 0001812554 orcic:CLOXIMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SecuredDebtMember 2025-12-31 0001812554 orcic:CLOXIMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember 2024-12-31 0001812554 orcic:CLOXIMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SecuredDebtMember 2024-12-31 0001812554 orcic:CLOXIIMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember 2025-12-31 0001812554 orcic:CLOXIIMember us-gaap:SecuredDebtMember 2025-12-31 0001812554 orcic:CLOXIIMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SecuredDebtMember 2025-12-31 0001812554 orcic:CLOXIIMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember 2024-12-31 0001812554 orcic:CLOXIIMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SecuredDebtMember 2024-12-31 0001812554 orcic:CLOXVMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember 2025-12-31 0001812554 orcic:CLOXVMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SecuredDebtMember 2025-12-31 0001812554 orcic:CLOXVMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember 2024-12-31 0001812554 orcic:CLOXVMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SecuredDebtMember 2024-12-31 0001812554 orcic:CLOXVIMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember 2025-12-31 0001812554 orcic:CLOXVIMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SecuredDebtMember 2025-12-31 0001812554 orcic:CLOXVIMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember 2024-12-31 0001812554 orcic:CLOXVIMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SecuredDebtMember 2024-12-31 0001812554 orcic:CLOXVIIMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember 2025-12-31 0001812554 orcic:CLOXVIIMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SecuredDebtMember 2025-12-31 0001812554 orcic:CLOXVIIMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember 2024-12-31 0001812554 orcic:CLOXVIIMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SecuredDebtMember 2024-12-31 0001812554 orcic:CLOXVIIIMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember 2025-12-31 0001812554 orcic:CLOXVIIIMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SecuredDebtMember 2025-12-31 0001812554 orcic:CLOXVIIIMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember 2024-12-31 0001812554 orcic:CLOXVIIIMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SecuredDebtMember 2024-12-31 0001812554 orcic:CLOXIXMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember 2025-12-31 0001812554 orcic:CLOXIXMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SecuredDebtMember 2025-12-31 0001812554 orcic:CLOXIXMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember 2024-12-31 0001812554 orcic:CLOXIXMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SecuredDebtMember 2024-12-31 0001812554 orcic:CLOXXIIMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember 2025-12-31 0001812554 orcic:CLOXXIIMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SecuredDebtMember 2025-12-31 0001812554 orcic:CLOXXIIMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember 2024-12-31 0001812554 orcic:CLOXXIIMember us-gaap:SecuredDebtMember 2024-12-31 0001812554 orcic:CLOXXIIMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SecuredDebtMember 2024-12-31 0001812554 orcic:March2025NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:March2025NotesMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:March2025NotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:March2025NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:March2025NotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:September2026NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:September2026NotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:September2026NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:September2026NotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:February2027NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:February2027NotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:February2027NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:February2027NotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:September2027NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:September2027NotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:September2027NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:September2027NotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:AUD2027NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:AUD2027NotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:AUD2027NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:AUD2027NotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:May2028NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:May2028NotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:May2028NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:May2028NotesMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:May2028NotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:June2028NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:June2028NotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:June2028NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:June2028NotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:January2029NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:January2029NotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:January2029NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:January2029NotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:September2029NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:September2029NotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:September2029NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:September2029NotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:March2030NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:March2030NotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:March2030NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:March2030NotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:EUR2031NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:EUR2031NotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:EUR2031NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:EUR2031NotesMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:EUR2031NotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:March2031NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:March2031NotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2025-12-31 0001812554 orcic:March2031NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 orcic:March2031NotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2024-12-31 0001812554 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2025-12-31 0001812554 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2025-12-31 0001812554 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2024-12-31 0001812554 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2024-12-31 0001812554 orcic:InterestRateSwapSeptember2027NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-12-31 0001812554 orcic:InterestRateSwapSeptember2027NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-31 0001812554 orcic:InterestRateSwapAUD2027NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-12-31 0001812554 orcic:InterestRateSwapAUD2027NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-31 0001812554 orcic:InterestRateSwapMay2028NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-12-31 0001812554 orcic:InterestRateSwapMay2028NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-31 0001812554 orcic:InterestRateSwapJune2028NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-12-31 0001812554 orcic:InterestRateSwapJune2028NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-31 0001812554 orcic:InterestRateSwapJanuary2029NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-12-31 0001812554 orcic:InterestRateSwapJanuary2029NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-31 0001812554 orcic:InterestRateSwapMarch2030NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-12-31 0001812554 orcic:InterestRateSwapMarch2030NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-31 0001812554 orcic:InterestRateSwapMarch2031NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-12-31 0001812554 orcic:InterestRateSwapMarch2031NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-31 0001812554 orcic:InterestRateSwapSeptember2029NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-12-31 0001812554 orcic:InterestRateSwapSeptember2029NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-31 0001812554 orcic:InterestRateSwapEUR2031NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-12-31 0001812554 orcic:InterestRateSwapEUR2031NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-31 0001812554 us-gaap:DesignatedAsHedgingInstrumentMember 2025-12-31 0001812554 us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-31 0001812554 orcic:ForeignCurrencyForwardContractGBPMember us-gaap:NondesignatedMember 2025-12-31 0001812554 orcic:ForeignCurrencyForwardContractEURMember us-gaap:NondesignatedMember 2025-12-31 0001812554 us-gaap:NondesignatedMember 2025-12-31 0001812554 us-gaap:InterestRateSwapMember orcic:InterestRateSwapSeptember2027NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-12-31 0001812554 orcic:HedgedItemMember orcic:InterestRateSwapSeptember2027NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-12-31 0001812554 orcic:InterestRateSwapSeptember2027NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-12-31 0001812554 us-gaap:InterestRateSwapMember orcic:InterestRateSwapAUD2027NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-12-31 0001812554 orcic:HedgedItemMember orcic:InterestRateSwapAUD2027NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-12-31 0001812554 orcic:InterestRateSwapAUD2027NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-12-31 0001812554 us-gaap:InterestRateSwapMember orcic:InterestRateSwapMay2028NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-12-31 0001812554 orcic:HedgedItemMember orcic:InterestRateSwapMay2028NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-12-31 0001812554 orcic:InterestRateSwapMay2028NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-12-31 0001812554 us-gaap:InterestRateSwapMember orcic:InterestRateSwapJune2028NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-12-31 0001812554 orcic:HedgedItemMember orcic:InterestRateSwapJune2028NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-12-31 0001812554 orcic:InterestRateSwapJune2028NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-12-31 0001812554 us-gaap:InterestRateSwapMember orcic:InterestRateSwapJanuary2029NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-12-31 0001812554 orcic:HedgedItemMember orcic:InterestRateSwapJanuary2029NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-12-31 0001812554 orcic:InterestRateSwapJanuary2029NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-12-31 0001812554 us-gaap:InterestRateSwapMember orcic:InterestRateSwapMarch2030NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-12-31 0001812554 orcic:HedgedItemMember orcic:InterestRateSwapMarch2030NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-12-31 0001812554 orcic:InterestRateSwapMarch2030NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-12-31 0001812554 us-gaap:InterestRateSwapMember orcic:InterestRateSwapMarch2031NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-12-31 0001812554 orcic:HedgedItemMember orcic:InterestRateSwapMarch2031NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-12-31 0001812554 orcic:InterestRateSwapMarch2031NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-12-31 0001812554 us-gaap:InterestRateSwapMember orcic:InterestRateSwapSeptember2029NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-12-31 0001812554 orcic:HedgedItemMember orcic:InterestRateSwapSeptember2029NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-12-31 0001812554 orcic:InterestRateSwapSeptember2029NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-12-31 0001812554 us-gaap:InterestRateSwapMember orcic:InterestRateSwapEUR2031NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-12-31 0001812554 orcic:HedgedItemMember orcic:InterestRateSwapEUR2031NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-12-31 0001812554 orcic:InterestRateSwapEUR2031NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-12-31 0001812554 us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-12-31 0001812554 orcic:InterestRateSwaps2031NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-07-17 0001812554 orcic:InterestRateSwaps2027NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-09-16 0001812554 orcic:InterestRateSwaps2028NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-12-15 0001812554 us-gaap:InterestRateSwapMember orcic:InterestRateSwapSeptember2027NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-01-01 2024-12-31 0001812554 orcic:HedgedItemMember orcic:InterestRateSwapSeptember2027NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-01-01 2024-12-31 0001812554 orcic:InterestRateSwapSeptember2027NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-01-01 2024-12-31 0001812554 us-gaap:InterestRateSwapMember orcic:InterestRateSwapAUD2027NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-01-01 2024-12-31 0001812554 orcic:HedgedItemMember orcic:InterestRateSwapAUD2027NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-01-01 2024-12-31 0001812554 orcic:InterestRateSwapAUD2027NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-01-01 2024-12-31 0001812554 us-gaap:InterestRateSwapMember orcic:InterestRateSwapJune2028NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-01-01 2024-12-31 0001812554 orcic:HedgedItemMember orcic:InterestRateSwapJune2028NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-01-01 2024-12-31 0001812554 orcic:InterestRateSwapJune2028NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-01-01 2024-12-31 0001812554 us-gaap:InterestRateSwapMember orcic:InterestRateSwapJanuary2029NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-01-01 2024-12-31 0001812554 orcic:HedgedItemMember orcic:InterestRateSwapJanuary2029NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-01-01 2024-12-31 0001812554 orcic:InterestRateSwapJanuary2029NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-01-01 2024-12-31 0001812554 us-gaap:InterestRateSwapMember orcic:InterestRateSwapMarch2030NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-01-01 2024-12-31 0001812554 orcic:HedgedItemMember orcic:InterestRateSwapMarch2030NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-01-01 2024-12-31 0001812554 orcic:InterestRateSwapMarch2030NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-01-01 2024-12-31 0001812554 us-gaap:InterestRateSwapMember orcic:InterestRateSwapMarch2031NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-01-01 2024-12-31 0001812554 orcic:HedgedItemMember orcic:InterestRateSwapMarch2031NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-01-01 2024-12-31 0001812554 orcic:InterestRateSwapMarch2031NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-01-01 2024-12-31 0001812554 us-gaap:InterestRateSwapMember orcic:InterestRateSwapSeptember2029NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-01-01 2024-12-31 0001812554 orcic:HedgedItemMember orcic:InterestRateSwapSeptember2029NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-01-01 2024-12-31 0001812554 orcic:InterestRateSwapSeptember2029NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-01-01 2024-12-31 0001812554 us-gaap:DesignatedAsHedgingInstrumentMember 2024-01-01 2024-12-31 0001812554 us-gaap:InterestRateSwapMember orcic:InterestRateSwapMarch2031NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2023-01-01 2023-12-31 0001812554 orcic:HedgedItemMember orcic:InterestRateSwapMarch2031NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2023-01-01 2023-12-31 0001812554 orcic:InterestRateSwapMarch2031NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2023-01-01 2023-12-31 0001812554 us-gaap:InterestRateSwapMember orcic:InterestRateSwapSeptember2029NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2023-01-01 2023-12-31 0001812554 orcic:HedgedItemMember orcic:InterestRateSwapSeptember2029NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2023-01-01 2023-12-31 0001812554 orcic:InterestRateSwapSeptember2029NotesMember us-gaap:DesignatedAsHedgingInstrumentMember 2023-01-01 2023-12-31 0001812554 us-gaap:DesignatedAsHedgingInstrumentMember 2023-01-01 2023-12-31 0001812554 orcic:ForeignCurrencyForwardContractGBPMember us-gaap:NondesignatedMember 2025-01-01 2025-12-31 0001812554 orcic:ForeignCurrencyForwardContractEURMember us-gaap:NondesignatedMember 2025-01-01 2025-12-31 0001812554 us-gaap:NondesignatedMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentAdvisoryAgreementPercentageOfGrossOfferingProceedsMaximumMember srt:AffiliatedEntityMember 2025-01-01 2025-12-31 0001812554 orcic:InvestmentAdvisoryAgreementOrganizationAndOfferingCostsMember srt:AffiliatedEntityMember 2025-01-01 2025-12-31 0001812554 orcic:AdvisorMember orcic:CommonClassIMember 2020-09-30 2020-09-30 0001812554 orcic:FICEquityMember orcic:CommonClassIMember 2020-11-12 2020-11-12 0001812554 orcic:ContinuousPublicOfferingMember 2020-11-12 2020-11-12 0001812554 2024-06-25 0001812554 orcic:CommonClassSMember 2024-06-25 0001812554 orcic:CommonClassDMember 2024-06-25 0001812554 orcic:CommonClassIMember 2024-06-25 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2023-01-01 2023-12-31 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2023-01-01 2023-12-31 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2023-01-01 2023-12-31 0001812554 orcic:ContinuousPublicOfferingMember 2023-01-01 2023-12-31 0001812554 orcic:CommonClassSMember us-gaap:PrivatePlacementMember 2023-01-01 2023-12-31 0001812554 orcic:CommonClassDMember us-gaap:PrivatePlacementMember 2023-01-01 2023-12-31 0001812554 orcic:CommonClassIMember us-gaap:PrivatePlacementMember 2023-01-01 2023-12-31 0001812554 us-gaap:PrivatePlacementMember 2023-01-01 2023-12-31 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2023-01-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2023-02-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2023-03-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2023-04-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2023-05-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2023-06-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2023-07-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2023-08-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2023-09-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2023-10-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2023-11-01 0001812554 orcic:CommonClassSMember orcic:ContinuousPublicOfferingMember 2023-12-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2023-01-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2023-02-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2023-03-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2023-04-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2023-05-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2023-06-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2023-07-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2023-08-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2023-09-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2023-10-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2023-11-01 0001812554 orcic:CommonClassDMember orcic:ContinuousPublicOfferingMember 2023-12-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2023-01-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2023-02-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2023-03-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2023-04-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2023-05-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2023-06-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2023-07-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2023-08-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2023-09-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2023-10-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2023-11-01 0001812554 orcic:CommonClassIMember orcic:ContinuousPublicOfferingMember 2023-12-01 0001812554 orcic:O2023M1DividendsMember 2023-01-01 2023-12-31 0001812554 orcic:O2023M1DividendsMember orcic:CommonClassSMember 2023-01-31 2023-01-31 0001812554 orcic:O2023M1DividendsMember orcic:CommonClassDMember 2023-01-31 2023-01-31 0001812554 orcic:O2023M1DividendsMember orcic:CommonClassIMember 2023-01-31 2023-01-31 0001812554 orcic:O2023M2DividendsMember 2023-01-01 2023-12-31 0001812554 orcic:O2023M2DividendsMember orcic:CommonClassSMember 2023-02-28 2023-02-28 0001812554 orcic:O2023M2DividendsMember orcic:CommonClassDMember 2023-02-28 2023-02-28 0001812554 orcic:O2023M2DividendsMember orcic:CommonClassIMember 2023-02-28 2023-02-28 0001812554 orcic:O2023M3DividendsMember 2023-01-01 2023-12-31 0001812554 orcic:O2023M3DividendsMember orcic:CommonClassSMember 2023-03-31 2023-03-31 0001812554 orcic:O2023M3DividendsMember orcic:CommonClassDMember 2023-03-31 2023-03-31 0001812554 orcic:O2023M3DividendsMember orcic:CommonClassIMember 2023-03-31 2023-03-31 0001812554 orcic:O2023M4DividendsMember 2023-01-01 2023-12-31 0001812554 orcic:O2023M4DividendsMember orcic:CommonClassSMember 2023-04-30 2023-04-30 0001812554 orcic:O2023M4DividendsMember orcic:CommonClassDMember 2023-04-30 2023-04-30 0001812554 orcic:O2023M4DividendsMember orcic:CommonClassIMember 2023-04-30 2023-04-30 0001812554 orcic:O2023M5DividendsMember 2023-01-01 2023-12-31 0001812554 orcic:O2023M5DividendsMember orcic:CommonClassSMember 2023-05-31 2023-05-31 0001812554 orcic:O2023M5DividendsMember orcic:CommonClassDMember 2023-05-31 2023-05-31 0001812554 orcic:O2023M5DividendsMember orcic:CommonClassIMember 2023-05-31 2023-05-31 0001812554 orcic:O2023M6DividendsMember 2023-01-01 2023-12-31 0001812554 orcic:O2023M6DividendsMember orcic:CommonClassSMember 2023-06-30 2023-06-30 0001812554 orcic:O2023M6DividendsMember orcic:CommonClassDMember 2023-06-30 2023-06-30 0001812554 orcic:O2023M6DividendsMember orcic:CommonClassIMember 2023-06-30 2023-06-30 0001812554 orcic:O2023M7DividendsMember 2023-01-01 2023-12-31 0001812554 orcic:O2023M7DividendsMember orcic:CommonClassSMember 2023-07-31 2023-07-31 0001812554 orcic:O2023M7DividendsMember orcic:CommonClassDMember 2023-07-31 2023-07-31 0001812554 orcic:O2023M7DividendsMember orcic:CommonClassIMember 2023-07-31 2023-07-31 0001812554 orcic:O2023M8DividendsMember 2023-01-01 2023-12-31 0001812554 orcic:O2023M8DividendsMember orcic:CommonClassSMember 2023-08-31 2023-08-31 0001812554 orcic:O2023M8DividendsMember orcic:CommonClassDMember 2023-08-31 2023-08-31 0001812554 orcic:O2023M8DividendsMember orcic:CommonClassIMember 2023-08-31 2023-08-31 0001812554 orcic:O2023M9DividendsMember 2023-01-01 2023-12-31 0001812554 orcic:O2023M9DividendsMember orcic:CommonClassSMember 2023-09-30 2023-09-30 0001812554 orcic:O2023M9DividendsMember orcic:CommonClassDMember 2023-09-30 2023-09-30 0001812554 orcic:O2023M9DividendsMember orcic:CommonClassIMember 2023-09-30 2023-09-30 0001812554 orcic:O2023M10DividendsMember 2023-01-01 2023-12-31 0001812554 orcic:O2023M10DividendsMember orcic:CommonClassSMember 2023-10-31 2023-10-31 0001812554 orcic:O2023M10DividendsMember orcic:CommonClassDMember 2023-10-31 2023-10-31 0001812554 orcic:O2023M10DividendsMember orcic:CommonClassIMember 2023-10-31 2023-10-31 0001812554 orcic:O2023M11DividendsMember 2023-01-01 2023-12-31 0001812554 orcic:O2023M11DividendsMember orcic:CommonClassSMember 2023-11-30 2023-11-30 0001812554 orcic:O2023M11DividendsMember orcic:CommonClassDMember 2023-11-30 2023-11-30 0001812554 orcic:O2023M11DividendsMember orcic:CommonClassIMember 2023-11-30 2023-11-30 0001812554 orcic:O2023M12DividendsMember 2023-01-01 2023-12-31 0001812554 orcic:O2023M12DividendsMember orcic:CommonClassSMember 2023-12-29 2023-12-29 0001812554 orcic:O2023M12DividendsMember orcic:CommonClassDMember 2023-12-29 2023-12-29 0001812554 orcic:O2023M12DividendsMember orcic:CommonClassIMember 2023-12-29 2023-12-29 0001812554 us-gaap:CommonStockMember 2023-01-01 2023-12-31 0001812554 srt:SubsidiariesMember 2025-01-01 2025-12-31 0001812554 srt:SubsidiariesMember 2024-01-01 2024-12-31 0001812554 srt:SubsidiariesMember 2023-01-01 2023-12-31 0001812554 srt:SubsidiariesMember 2025-12-31 0001812554 srt:SubsidiariesMember 2024-12-31 0001812554 srt:SubsidiariesMember 2023-12-31 0001812554 orcic:CommonClassSMember 2023-12-31 0001812554 orcic:CommonClassDMember 2023-12-31 0001812554 orcic:CommonClassIMember 2023-12-31 0001812554 orcic:CommonClassSMember 2022-12-31 0001812554 orcic:CommonClassDMember 2022-12-31 0001812554 orcic:CommonClassIMember 2022-12-31 0001812554 orcic:CommonClassSMember 2021-12-31 0001812554 orcic:CommonClassDMember 2021-12-31 0001812554 orcic:CommonClassIMember 2021-12-31 0001812554 orcic:CommonClassSMember 2021-04-01 0001812554 orcic:CommonClassDMember 2021-04-01 0001812554 orcic:CommonClassIMember 2020-12-31 0001812554 orcic:CommonClassSMember 2019-12-31 0001812554 orcic:CommonClassDMember 2019-12-31 0001812554 orcic:CommonClassIMember 2019-12-31 0001812554 orcic:CommonClassSMember 2022-01-01 2022-12-31 0001812554 orcic:CommonClassDMember 2022-01-01 2022-12-31 0001812554 orcic:CommonClassIMember 2022-01-01 2022-12-31 0001812554 orcic:CommonClassSMember 2021-01-01 2021-12-31 0001812554 orcic:CommonClassDMember 2021-01-01 2021-12-31 0001812554 orcic:CommonClassIMember 2021-01-01 2021-12-31 0001812554 orcic:CommonClassSMember 2020-01-01 2020-12-31 0001812554 orcic:CommonClassDMember 2020-01-01 2020-12-31 0001812554 orcic:CommonClassIMember 2020-01-01 2020-12-31 0001812554 orcic:CommonClassSMember 2020-12-31 0001812554 orcic:CommonClassDMember 2020-12-31 0001812554 orcic:CommonClassSMember us-gaap:CommonStockMember 2025-12-31 0001812554 orcic:CommonClassDMember us-gaap:CommonStockMember 2025-12-31 0001812554 orcic:CommonClassIMember us-gaap:CommonStockMember 2025-12-31 0001812554 orcic:CommonClassSMember us-gaap:CommonStockMember 2024-12-31 0001812554 orcic:CommonClassDMember us-gaap:CommonStockMember 2024-12-31 0001812554 orcic:CommonClassIMember us-gaap:CommonStockMember 2024-12-31 0001812554 orcic:CommonClassSMember us-gaap:CommonStockMember 2023-12-31 0001812554 orcic:CommonClassDMember us-gaap:CommonStockMember 2023-12-31 0001812554 orcic:CommonClassIMember us-gaap:CommonStockMember 2023-12-31 0001812554 orcic:CommonClassSMember us-gaap:CommonStockMember 2022-12-31 0001812554 orcic:CommonClassDMember us-gaap:CommonStockMember 2022-12-31 0001812554 orcic:CommonClassIMember us-gaap:CommonStockMember 2022-12-31 0001812554 orcic:CommonClassSMember us-gaap:CommonStockMember 2021-12-31 0001812554 orcic:CommonClassDMember us-gaap:CommonStockMember 2021-12-31 0001812554 orcic:CommonClassIMember us-gaap:CommonStockMember 2021-12-31 0001812554 orcic:CommonClassSMember us-gaap:CommonStockMember 2020-12-31 0001812554 orcic:CommonClassDMember us-gaap:CommonStockMember 2020-12-31 0001812554 orcic:CommonClassIMember us-gaap:CommonStockMember 2020-12-31 0001812554 2020-11-10 2020-12-31 0001812554 orcic:CommonClassSMember us-gaap:SubsequentEventMember orcic:ContinuousPublicOfferingMember 2026-03-03 2026-03-03 0001812554 orcic:CommonClassDMember us-gaap:SubsequentEventMember orcic:ContinuousPublicOfferingMember 2026-03-03 2026-03-03 0001812554 orcic:CommonClassIMember us-gaap:SubsequentEventMember orcic:ContinuousPublicOfferingMember 2026-03-03 2026-03-03 0001812554 orcic:AdviserMember 2020-09-01 2020-09-30 0001812554 orcic:OwlRockFeederFICORCICEquityLLCMember us-gaap:SubsequentEventMember 2026-03-03 2026-03-03 0001812554 2025-03-01 0001812554 orcic:O2025M1DividendsMember us-gaap:SubsequentEventMember 2026-02-18 2026-02-18 0001812554 orcic:O2025M2DividendsMember us-gaap:SubsequentEventMember 2026-02-18 2026-02-18 0001812554 orcic:O2025M3DividendsMember us-gaap:SubsequentEventMember 2026-02-18 2026-02-18 0001812554 us-gaap:RevolvingCreditFacilityMember orcic:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember us-gaap:SubsequentEventMember 2026-01-23 0001812554 us-gaap:RevolvingCreditFacilityMember orcic:TermLoanAndSeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember us-gaap:SubsequentEventMember 2026-01-23 0001812554 2025-10-01 2025-12-31 iso4217:USD shares pure iso4217:USD shares iso4217:EUR iso4217:GBP iso4217:CAD iso4217:AUD orcic:division false 2025 FY 0001812554 P3Y http://fasb.org/us-gaap/2025#UnrealizedGainLossOnInvestments http://fasb.org/us-gaap/2025#UnrealizedGainLossOnInvestments 10-K true 2025-12-31 --12-31 false 814-01369 BLUE OWL CREDIT INCOME CORP. MD 85-1187564 399 Park Avenue New York NY 10022 212 419-3000 Class S Common Stock, par value $0.01 per share Class D Common Stock, par value $0.01 per share Class I Common Stock, par value $0.01 per share No No Yes Yes Non-accelerated Filer false false false false false 0 688347166 60852882 1439230160 Risk Factors<div style="margin-top:10pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Investing in our securities involves a number of significant risks. You should consider carefully the following information before making an investment in our securities. The risks below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur, our business, financial condition and results of operations could be materially and adversely affected.</span></div><div style="margin-top:10pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The following is a summary of the principal risks that you should carefully consider before investing in our securities.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We are subject to risks related to macroeconomic factors.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Difficult market and geopolitical conditions could have a significant adverse effect on our business, financial condition and results of operations.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Capital markets disruption and economic uncertainty could have a material adverse effect on our business, financial condition or results of operations.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Future increases in inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Fluctuations in interest rates could have a material adverse effect on our business and that of our portfolio companies.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We are subject to risks related to our business and operations.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">The lack of liquidity in our investments may adversely affect our business.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">We borrow money, which magnifies the potential for gain or loss and may increase the risk of investing in us.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Defaults and provisions under our current borrowings or any future borrowing facility or notes may adversely affect our business, financial condition, results of operations and cash flows.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">If we are unable to obtain additional debt financing, or if our borrowing capacity is materially reduced, our business could be materially adversely affected.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Our ability to achieve our investment objective depends on our Adviser’s ability to manage and support our investment process. If our Adviser were to lose a significant number of its key professionals, or terminate the Investment Advisory Agreement, our ability to achieve our investment objective could be significantly harmed.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Our ability to achieve our investment objective also depends to a significant extent upon Blue Owl’s relationships with corporations, financial institutions and investment firms, the inability of Blue Owl to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">We may face increasing competition for investment opportunities, which could delay further deployment of our capital, reduce returns and result in losses.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Our investment portfolio is recorded at fair value as determined in good faith by our Adviser in accordance with procedures approved by our Board and, as a result, there is and will be uncertainty as to the value of our portfolio investments.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Our Board may change our operating policies and strategies without prior notice or shareholder approval, the effects of which may be adverse to our shareholders.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Cybersecurity risks and cyber data security incidents could adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential information and confidential information in our possession and damage to our business relationships.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Use of AI technologies by us could lead to the exposure of our data or other adverse effects and increase competitive, operational, legal, and regulatory risks in ways that we cannot predict.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">We are subject to risks in using custodians, counterparties, administrators and other agents.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We are subject to risks related to our Adviser and its affiliates.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Our Adviser and its affiliates, including our officers and some of our directors, may face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in increased risk-taking or speculative investments, or cause our Adviser to use substantial leverage.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">The time and resources that individuals associated with our Adviser devote to us may be diverted, and we may face additional competition due to, among other things, the fact that neither our Adviser nor its affiliates is prohibited from raising money for or managing another entity that makes the same types of investments that we target.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Our Adviser and its affiliates may face conflicts of interest with respect to services performed for their respective other accounts and clients or issuers in which we may invest.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">We may be obligated to pay our Adviser incentive fees even if we incur a net loss due to a decline in the value of our portfolio and even if our earned interest income is not payable in cash.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Our ability to enter into transactions with our affiliates is restricted.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.15pt">Our Class S and Class D shares are each subject to an ongoing service fee.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We are subject to risks related to business development companies.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">The requirement that we invest a sufficient portion of our assets in qualifying assets could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in qualifying assets could result in our failure to maintain our status as a BDC.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Regulations governing our operation as a BDC and RIC affect our ability to raise capital and the way in which we raise additional capital or borrow for investment purposes, which may have a negative effect on our growth. As a BDC, the necessity of raising additional capital may expose us to risks, including risks associated with leverage.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We are subject to risks related to our investments.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Our investments in portfolio companies may be risky, and we could lose all or part of our investments.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">We have invested and may continue to invest through joint ventures, partnerships and other special purpose vehicles and our investments through these vehicles may entail greater risks, or risks that we otherwise would not incur, if we otherwise made such investments directly.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Defaults by our portfolio companies could jeopardize a portfolio company’s ability to meet its obligations under the debt or equity investments that we hold which could harm our operating results.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Subordinated liens on collateral securing debt investments that we may make to portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">We generally will not control the business operations of our portfolio companies and, due to the illiquid nature of our holdings in our portfolio companies, we may not be able to dispose of our interests in our portfolio companies.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">We and our portfolio companies are, and will continue to be, exposed to risks associated with changes in interest rates.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">International investments create additional risks.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Our portfolio may be focused on a limited number of portfolio companies or industries, which will subject us to a risk of significant loss if any of these companies defaults on its obligations under any of its debt instruments or if there is a downturn in a particular industry.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We are subject to risks related to an investment in our common stock.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">The net asset value of our common stock may fluctuate significantly.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">The amount of any distributions we may make on our common stock is uncertain. We may not be able to pay distributions to shareholders, or be able to sustain distributions at any particular level, and our distributions per share, if any, may not grow over time, and our distributions per share may be reduced. We have not established any limits on the extent to which we may use borrowings, if any, and we may use sources other than from cash flows from operations to fund distributions (which may reduce the amount of capital we ultimately invest in portfolio companies). </span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Our shares are not listed, and we do not intend to list our shares, on an exchange, nor quoted through a quotation system. Therefore, our shareholders will have limited liquidity and may not receive a full return of invested capital (including front-end commissions, fees and expenses), upon selling their shares or upon liquidation of our Company.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We are subject to risks related to an investment in our unsecured notes</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Our unsecured notes are effectively subordinated to any secured indebtedness we have currently incurred or may incur in the future.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Our unsecured notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">A downgrade, suspension or withdrawal of the credit rating assigned by a rating agency to us or our unsecured notes, if any, or change in the debt markets, could cause the liquidity or market value of our unsecured notes to decline significantly.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We are subject to risks related to U.S. federal income tax.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">We cannot predict how new tax legislation will affect us, our investments, or our stockholders, and any such legislation could adversely affect our business.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">We will be subject to U.S. federal income tax imposed at corporate rates if we are unable to maintain our tax treatment as a RIC under Subchapter M of the Code.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We are subject to general risks.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Heightened scrutiny of the financial services industry by regulators may materially and adversely affect our business.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">Macroeconomic Factors</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Difficult market and geopolitical conditions could have a significant adverse effect on our business, financial condition and results of operations.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our business, financial conditions and results of operations may be affected by conditions and trends in the global financial markets and the global economic and political climate relating to, among other things, fluctuations in interest rates, the availability and cost of credit, future increases in inflation, economic uncertainty, changes in laws (including laws and regulations relating to our taxation, taxation of our clients and applicable to alternative asset managers), trade policies, commodity prices, tariffs (including retaliatory tariffs), currency exchange rates and controls, political elections and administration transitions, and national and international political events (including contract terminations or funding pauses, government agency closures, prolonged government shutdowns, wars and other forms of conflict, terrorist acts, and security operations), work stoppages, labor shortages and labor disputes, supply chain disruptions and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health pandemics. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Changes in trade policies, including the imposition of new tariffs or increases in existing tariffs between the United States, Mexico, Canada, China or other countries, or reactionary measures in response thereto including retaliatory tariffs, legal challenges, or currency manipulation, could adversely affect the market conditions in which we operate. Although the Supreme Court recently invalidated the tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”), certain tariff rates and obligations established through trade agreements that were negotiated during active IEEPA tariffs remain in effect, and the current administration has announced widely applicable tariffs pursuant to the Trade Act of 1974, effective February 24, 2026. The </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">administration has indicated that it will continue seeking to implement tariffs through other statutory authorities as well. The scope of the Supreme Court’s decision may create market uncertainty as it relates to the availability of refunds for prior tariffs and the imposition of new tariffs to replace those imposed under IEEPA. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">These factors are outside of our control and may negatively impact the businesses in which we invest directly or indirectly and, in turn, could have a material adverse impact on our business, operating results and financial condition. We monitor developments and seek to manage our investments in a manner consistent with achieving our investment objective, but there can be no assurance that we will be successful in doing so.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Global financial markets have experienced heightened volatility in recent periods, including as a result of economic and political events in or affecting the world’s major economies, such as the ongoing wars and conflicts between Russia and Ukraine, as well as continued political and social unrest in Venezuela, the Middle East and regions of North Africa. Concerns over economic recession, future increases in inflation, interest rate volatility, fluctuations in oil and gas prices resulting from global production and demand levels and geopolitical tension, have exacerbated market volatility. Market volatility has been further exacerbated by social unrest, changes regarding immigration and work permit policies and other political and security concerns both in the United States and across various international regions. Due to interrelationships within the global financial markets, our business may be adversely affected by such issues both within and outside of the directly affected regions.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">During periods of difficult market conditions or slowdowns, which may be across one or more industries, sectors or geographies, the companies in which we invest may experience decreased revenues, financial losses, credit rating downgrades, difficulty in obtaining access to financing and increased funding costs. During such periods, those companies may also have difficulty in pursuing growth strategies, expanding their businesses and operations and be unable to meet their debt service obligations or other expenses as they become due, including obligations and expenses payable us. Negative financial results in our portfolio companies could have a material adverse effect on our business, financial condition, cash flows and results of operations and could cause the market value of our common shares and/or debt securities to decline.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Capital markets disruption and economic uncertainty could have a material adverse effect on our business, financial condition or results of operations.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In recent years, the U.S. corporate debt markets have been impacted by inflation. Uncertain market conditions caused by increased inflation or other conditions may make it difficult to extend the maturity of or refinance our existing indebtedness or obtain new indebtedness with similar terms and any failure to do so could have a material adverse effect on our business. The debt capital that will be available to us in the future, if at all, may be at a higher cost and on less favorable terms and conditions than what we currently experience, including being in an elevated interest rate environment. If we are unable to raise or refinance debt, then our equity investors may not benefit from the potential for increased returns on equity resulting from leverage and we may be limited in our ability to make new commitments or to fund existing commitments to our portfolio companies. An inability to extend the maturity of, or refinance, our existing indebtedness or obtain new indebtedness could have a material adverse effect on our business, financial condition or results of operations.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Significant disruption or volatility in the capital markets may also have a negative effect on the valuations of our investments. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity). Significant disruption or volatility in the capital markets may also affect the pace of our investment activity and the potential for liquidity events involving our investments. Thus, the illiquidity of our investments may make it difficult for us to sell such investments to access capital if required, and as a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them for liquidity purposes. An inability to raise or access capital could have a material adverse effect on our business, financial condition or results of operations and cause our net asset value to decline. In addition, adverse or volatile market conditions may make equity capital difficult to raise because, subject to some limited exceptions, as a BDC, we are generally not able to issue additional shares of our common stock at a price less than net asset value without first obtaining approval for such issuance from our shareholders and independent directors. In addition, unfavorable economic conditions may require us to modify the payment terms of our investments, including changes in “payment in kind” or “PIK” interest provisions and/or cash interest rates, and also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us on terms we deem acceptable. </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Future increases in inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Certain of our portfolio companies operate in industries that have been, or may be, impacted by inflation. Ongoing inflationary pressures have increased the costs of labor, energy and raw materials and have adversely affected consumer spending, economic growth and our portfolio companies’ operations. If such portfolio companies are unable to pass any increases in the costs of their operations along to their customers, it could adversely affect their operating results. Such conditions would increase the risk of default on their obligations as a borrower. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future unrealized losses and therefore reduce our net assets resulting from operations. Any decreases in the fair value of our investments could result in future realized or unrealized losses.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Fluctuations in interest rates could have a material adverse effect on our business and that of our portfolio companies.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Fluctuations in interest rates could have a dampening effect on overall economic activity, the financial condition of our portfolio companies and the financial condition of the end customers who ultimately create demand for the capital we supply, all of which could </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">negatively affect our business, financial condition or results of operations. In addition, lower interest rates may increase prepayment risk for our portfolio company investments with higher interest rates. The Federal Reserve decreased the federal funds rate three times in 2025. Although the Federal Reserve has signaled the potential for additional federal funds rate cuts, there remains uncertainty around the rate and timing of decreases. Uncertainty surrounding future Federal Reserve actions may have a material effect on our business making it particularly difficult for us to obtain financing at attractive rates, impacting our ability to execute on our growth strategies or future acquisitions.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">Risks Related to Our Business</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">The lack of liquidity in our investments may adversely affect our business.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We may acquire a significant percentage of our investments from privately held companies in directly negotiated transactions. Substantially all of these investments are subject to legal and other restrictions on resale or are otherwise less liquid than exchange-listed securities or other securities for which there is an active trading market. We typically would be unable to exit these investments unless and until the portfolio company has a liquidity event such as a sale, refinancing, or initial public offering.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The illiquidity of our investments may make it difficult or impossible for us to sell such investments if the need arises. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments, which could have a material adverse effect on our business, financial condition and results of operations.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Moreover, investments purchased by us that are liquid at the time of purchase may subsequently become illiquid due to events relating to the issuer, market events, economic conditions or investor perceptions.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We borrow money, which magnifies the potential for gain or loss and may increase the risk of investing in us.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The use of borrowings, also known as leverage, increases the volatility of investments by magnifying the potential for gain or loss on invested equity capital. We currently borrow under our credit facilities and have issued or assumed other senior securities, and in the future may borrow from, or issue additional senior securities to, banks, insurance companies, funds, institutional investors and other lenders and investors. Holders of these senior securities have fixed-dollar claims on our assets that are superior to the claims of our shareholders. If the value of our assets decreases, leverage would cause our net asset value to decline more sharply than it otherwise would have if we did not employ leverage. Similarly, any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to service our debt or make distributions to our shareholders. In addition, our shareholders will bear the burden of any increase in our expenses as a result of our use of leverage, including interest expenses and any increase in the base management or incentive fees payable to our Adviser attributable to the increase in assets purchased using leverage. There can be no assurance that a leveraging strategy will be successful.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our ability to service any borrowings that we incur will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. The amount of leverage that we employ will depend on our Adviser’s and our Board’s assessment of market and other factors at the time of any proposed borrowing. We cannot assure you that we will be able to obtain credit at all or on terms acceptable to us, which could affect our return on capital. However, to the extent that we use leverage to finance our assets, our financing costs will reduce cash available for distributions to shareholders. Moreover, we may not be able to meet our financing obligations and, to the extent that we cannot, we risk the loss of some or all of our assets to liquidation or sale to satisfy the obligations. In such an event, we may be forced to sell assets at significantly depressed prices due to market conditions or otherwise, which may result in losses.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition to having fixed-dollar claims on our assets that are superior to the claims of our common shareholders, obligations to lenders may be secured by a first priority security interest in our portfolio of investments and cash. As a BDC, generally, the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus any preferred stock, if any, must be at least 200%. The Adviser, as our sole initial shareholder, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Small Business Credit Availability Act. As a result, our asset coverage ratio applicable to senior securities was reduced from 200% to 150%, and the risks associated with an investment in us may increase. If this ratio declines below 150%, we cannot incur additional debt and could be required to sell a portion of our investments to repay some indebtedness when it may be disadvantageous to do so. This could have a material adverse effect on our operations, and we may not be able to service our debt or make distributions.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns on our portfolio, net of expenses. Leverage generally magnifies the return of shareholders when the portfolio return is positive and magnifies their losses when the portfolio return is negative. The calculations in the table below are hypothetical, and actual returns may be higher or lower than those appearing in the table below.</span></div><div style="margin-top:6pt"><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:94.861%"><tr><td style="width:1.0%"></td><td style="width:41.798%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.734%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.734%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.734%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.734%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.738%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="27" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Assumed Return on Our Portfolio (Net of Expenses)</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">(10)%</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">(5)%</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">0%</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">5%</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">10%</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-top:0.5pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:105%">Corresponding return to common shareholder</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:105%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(23.8)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(14.5)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(5.1)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4.3 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">13.6 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div style="margin-top:3pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(1)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:6.34pt">Assumes, as of December 31, 2025, (i) $37.01 billion in total assets, (ii) $15.75 billion in outstanding indebtedness, (iii) $19.76 billion in net assets and (iv) weighted average interest rate, excluding fees (such as fees on undrawn amounts and amortization of financing costs), of 6.4%.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">See “</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">ITEM 7 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — Financial Condition, Liquidity and Capital Resources</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">” for more information regarding our borrowings.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Defaults and provisions under our current borrowings or any future borrowing facility or notes may adversely affect our business, financial condition, results of operations and cash flows.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our borrowings may include customary covenants, including certain limitations on our incurrence 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 certain financial covenants related to asset coverage and liquidity and other maintenance covenants, as well as customary events of default. In the event we default under the terms of our current or future borrowings, our business could be adversely affected as we may be forced to sell a portion of our investments quickly and prematurely at what may be disadvantageous prices to us in order to meet our outstanding payment obligations and/or support working capital requirements under the terms of our current or future borrowings, any of which would have a material adverse effect on our business, financial condition, results of operations and cash flows. An event of default under the terms of our current or any future borrowings could result in an accelerated maturity date for all amounts outstanding thereunder, and in some instances, lead to a cross-default under other borrowings. This could reduce our liquidity and cash flow and impair our ability to grow our business. Collectively, substantially all of our assets are currently pledged as collateral under our credit facilities. If we were to default on our obligations under the terms of our credit facilities or any future secured debt instrument the agent for the applicable creditors would be able to assume control of the disposition of any or all of our assets securing such debt, including the selection of such assets to be disposed and the timing of such disposition, which would have a material adverse effect on our business, financial condition, results of operations and cash flows.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Any security interests and/or negative covenants required by a credit facility we enter into or notes we issue may limit our ability to create liens on assets to secure additional debt and may make it difficult for us to restructure or refinance indebtedness at or prior to maturity or obtain additional debt or equity financing.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">A credit facility may be backed by all or a portion of our loans and securities on which the lenders will have a security interest. We may pledge up to 100% of our assets and may grant a security interest in all of our assets under the terms of any debt instrument we enter into with lenders. If we were to default under the terms of any debt instrument, the agent for the applicable lenders would be able to assume control of the timing of disposition of any or all of our assets securing such debt, which would have a material adverse effect on our business, financial condition, results of operations and cash flows.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, if our borrowing base under a credit facility were to decrease, we may be required to secure additional assets in an amount sufficient to cure any borrowing base deficiency. In the event that all of our assets are secured at the time of such a borrowing base deficiency, we could be required to repay advances under a credit facility or make deposits to a collection account, either of which could have a material adverse impact on our ability to fund future investments and to make distributions.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, we may be subject to limitations as to how borrowed funds may be used, which may include restrictions on geographic and industry concentrations, loan size, payment frequency and status, average life, collateral interests and investment ratings, as well as regulatory restrictions on leverage which may affect the amount of funding that may be obtained. There may also be certain requirements relating to portfolio performance, including required minimum portfolio yield and limitations on delinquencies and charge-offs, a violation of which could limit further advances and, in some cases, result in an event of default. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Under the terms of the Revolving Credit Facility, we have agreed not to incur any additional secured indebtedness other than in certain limited circumstances in which the incurrence is permitted under the Revolving Credit Facility. In addition, if our borrowing base under the Revolving Credit Facility were to decrease, we would be required to secure additional assets or repay advances under the Revolving Credit Facility which could have a material adverse impact on our ability to fund future investments and to make distributions.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, under the terms of our credit facilities, we are subject to limitations as to how borrowed funds may be used, as well as regulatory restrictions on leverage which may affect the amount of funding that we may obtain. There may also be certain requirements relating to portfolio performance, a violation of which could limit further advances and, in some cases, result in an event of default. This could reduce our liquidity and cash flow and impair our ability to grow our business.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">If we are unable to obtain additional debt financing, or if our borrowing capacity is materially reduced, our business could be materially adversely affected.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We may want to obtain additional debt financing, or need to do so upon maturity of our credit facilities, in order to obtain funds which may be made available for investments. Our credit facilities, notes and CLOs currently expire between September 2026 and October 2037. If we are unable to increase, renew or replace any such facilities and enter into new debt financing facilities or other debt financing on commercially reasonable terms, our liquidity may be reduced significantly. In addition, if we are unable to repay amounts outstanding under any such facilities and are declared in default or are unable to renew or refinance these facilities, we may not be able to make new investments or operate our business in the normal course. These situations may arise due to circumstances that we may be unable to control, such as lack of access to the credit markets, a severe decline in the value of the U.S. dollar, an economic downturn or an operational problem that affects us or third parties, and could materially damage our business operations, results of operations and financial condition. See</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:110%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">“—</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%">Capital markets disruption and economic uncertainty could have a material adverse effect on our business, financial condition or results of operations</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">.”</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our ability to achieve our investment objective depends on our Adviser’s ability to manage and support our investment process. If our Adviser were to lose a significant number of its key professionals, or terminate the Investment Advisory Agreement, our ability to achieve our investment objective could be significantly harmed.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We do not have any employees. Additionally, we have no internal management capacity other than our appointed executive officers and will be dependent upon the investment expertise, skill and network of business contacts of our Adviser to achieve our investment objective. Our Adviser evaluates, negotiates, executes, monitors, and services our investments. Our success depends to a significant extent on the continued service and coordination of our Adviser, including its key professionals. The departure of a significant number of key professionals from our Adviser could have a material adverse effect on our ability to achieve our investment objective.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our ability to achieve our investment objective also depends on the ability of our Adviser to identify, analyze, invest in, finance, and monitor companies that meet our investment criteria. Our Adviser’s capabilities in structuring the investment process, and providing competent, attentive and efficient services to us depend on the involvement of investment professionals of adequate number and sophistication to match the corresponding flow of transactions. Any failure to find, hire, train, supervise and manage new investment professionals could have a material adverse effect on our business, financial condition and results of operations.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, the Investment Advisory Agreement has a termination provision that allows the agreement to be terminated by us on 60 days' notice without penalty by the vote of a Majority of the Outstanding Shares of our common stock or by the vote of our independent directors and generally may be terminated at any time, without penalty, by our Adviser upon 120 days' notice to us. Furthermore, the Investment Advisory Agreement automatically terminates in the event of its assignment, as defined in the 1940 Act, by the Adviser. If the Adviser resigns or is terminated, or if we do not obtain the requisite approvals of shareholders and our Board to approve an agreement with the Adviser after an assignment, we may not be able to find a new investment adviser or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms prior to the termination of the Investment Advisory Agreement, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption and costs under any new agreements that we enter into could increase. Our financial condition, business and results of operations, as well as our ability to meet our payment obligations under our indebtedness and pay distributions, are likely to be adversely affected, and the value of our common stock may decline.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our ability to achieve our investment objective also depends to a significant extent upon Blue Owl’s relationships with corporations, financial institutions and investment firms, the inability of Blue Owl to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Blue Owl depends on its relationships with corporations, financial institutions and investment firms, and we rely to a significant extent upon these relationships to provide us with potential investment opportunities. The investment management business is intensely competitive, with competition based on a variety of factors, including investment performance, business relationships, quality of service provided to clients, fund investor liquidity, fund terms (including fees and economic sharing arrangements), brand recognition and business reputation. If Blue Owl fails to maintain its reputation it may not be able to maintain its existing relationships or develop new relationships or sources of investment opportunities, and we may not be able to grow our investment portfolio. In addition, there is no assurance that such relationships will generate investment opportunities for us.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our cash and cash equivalents could be adversely affected if the financial institutions in which we hold our cash and cash equivalents fail.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We regularly maintain cash balances at third-party financial institutions in excess of the Federal Deposit Insurance Corporation insurance limits. If a depository institution fails to return these deposits or is otherwise subject to adverse conditions in the financial or credit markets, our access to invested cash or cash equivalents could be limited which adversely impact our results of operations or financial condition.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We may face increasing competition for investment opportunities, which could delay further deployment of our capital, reduce returns and result in losses.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We may compete for investments with other BDCs and investment funds (including registered investment companies, private equity funds and mezzanine funds), including the other Blue Owl Clients or other funds managed by our Adviser or its affiliates comprising Blue Owl’s Credit platform (including Blue Owl's alternative credit products), the private funds managed by Blue Owl’s GP Strategic Capital platform, the funds and accounts managed by Blue Owl’s Real Assets platform, as well as traditional financial services companies such as commercial banks and other sources of funding. Moreover, alternative investment vehicles, such as hedge funds, continue to increase their investment focus in our target market of privately owned U.S. companies. We may experience increased competition from banks and investment vehicles who may continue to lend to the middle market. Additionally, the U.S. Federal Reserve and other bank regulators may periodically provide incentives to U.S. commercial banks to originate more loans to U.S. middle-market private companies. As a result of these market participants and regulatory incentives, competition for investment opportunities in privately owned U.S. companies is strong and may intensify. Many of our competitors are substantially larger and have considerably greater financial, technical, and marketing resources than we do. For example, some competitors may have a lower cost of capital and access to funding sources that are not available to us. In addition, some competitors may have higher risk tolerances or different risk assessments than us. These characteristics could allow our competitors to consider a wider variety of investments, establish more relationships and offer better pricing and more flexible structuring than we are able to do.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Numerous factors increase our competitive risks, including, but not limited to:</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Some of our competitors may have or are perceived to have more expertise or financial, technical, marketing and other resources and more personnel than we do;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">We may not perform as well as competitors’ funds or other available investment products;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Some of our competitors have raised significant amounts of capital, and many of them have similar investment objectives to ours, which may create additional competition for investment opportunities;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Some of our competitors may have lower fees or alternative fee arrangements;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Some of our competitors may have a lower cost of capital and access to funding sources that are not available to us, which may create competitive disadvantages for us;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Some of our competitors may have higher risk tolerances, different risk assessments or lower return thresholds than us, which could allow them to consider a wider variety of investments and to bid more aggressively than us or to agree to less restrictive legal terms and protections for investments that we want to make; and</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Some of our competitors may be subject to less regulation or fewer conflicts of interest and, accordingly, may have more flexibility to undertake and execute certain businesses or investments than we do, bear less compliance expense than we do or be viewed differently in the marketplace.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We may lose investment opportunities if we do not match our competitors’ pricing, terms, and investment structure criteria. If we are forced to match these competitors’ investment terms criteria, we may not be able to achieve acceptable returns on our investments or may bear substantial risk of capital loss. A significant increase in the number and/or the size of our competitors in our target market could force us to accept less attractive investment terms. Furthermore, many competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC or the source of income, asset diversification and distribution requirements we must satisfy to maintain our RIC tax treatment. The competitive pressures we face, and the manner in which we react or adjust to competitive pressures, may have a material adverse effect on our business, financial condition, results of operations, effective yield on investments, investment returns, leverage ratio, and cash flows. As a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time. Also, we may not be able to identify and make investments that are consistent with our investment objective.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our investment portfolio is recorded at fair value as determined in good faith by our Adviser in accordance with procedures approved by our Board and, as a result, there is and will be uncertainty as to the value of our portfolio investments.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Under the 1940 Act, we are required to carry our portfolio investments at market value or, if there is no readily available market value, at fair value as determined in accordance with procedures established by our Adviser and approved by our Board. There is not a public market or active secondary market for many of the types of investments in privately held companies that we hold and intend to make. Our investments may not be publicly traded or actively traded on a secondary market but, instead, may be traded on a privately negotiated over-the-counter secondary market for institutional investors, if at all. As a result, we will value these investments quarterly at fair value as determined in good faith in accordance with valuation policy and procedures approved by our Board.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The determination of fair value, and thus the amount of unrealized appreciation or depreciation we may recognize in any reporting period, is to a degree subjective, and our Adviser has a conflict of interest in determining fair value. We will value our investments quarterly at fair value as determined in good faith by our Adviser, based on, among other things, input of our Audit Committee and independent third-party valuation firm(s) engaged at the direction of our Adviser. The types of factors that may be considered in determining the fair values of our investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flow, current market interest rates and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, the valuations may fluctuate significantly over short periods of time due to changes in current market conditions. The determinations of fair value in accordance with procedures approved by our Board may differ materially from the values that would have been used if an active market and market quotations existed for such investments. Our net asset value could be adversely affected if the determinations regarding the fair value of the investments were materially higher than the values that we ultimately realize upon the disposal of such investments.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our Board may change our operating policies and strategies without prior notice or shareholder approval, the effects of which may be adverse to our shareholders.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our Board has the authority to modify or waive current operating policies, investment criteria and strategies without prior notice and without shareholder approval. We cannot predict the effect any changes to current operating policies, investment criteria and strategies would have on our business, net asset value, operating results and the value of our securities. However, the effects might be adverse, which could negatively impact our ability to pay you distributions and cause you to lose all or part of your investment. Moreover, we will have significant flexibility in investing the net proceeds of our offering and may use the net proceeds from our offering in ways with which our investors may not agree.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Any unrealized depreciation we experience on our portfolio may be an indication of future realized losses, which could reduce our income available for distribution.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at the fair value as determined in good faith in accordance with procedures approved by our Board. Decreases in the market values or fair values of our </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">investments relative to amortized cost will be recorded as unrealized depreciation. Any unrealized losses in our portfolio could be an indication of a portfolio company’s inability to meet its repayment obligations to us with respect to the affected loans. This could result in realized losses in the future and ultimately in reductions of our income available for distribution in future periods. In addition, decreases in the market value or fair value of our investments will reduce our net asset value. See “</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%">ITEM 7 </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">—</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%"> MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">—</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%"> Critical Accounting Policies </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">—</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%"> Investments at Fair Value</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">.”</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Cybersecurity risks and cyber data security incidents could adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential information and confidential information in our possession and damage to our business relationships.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">There has been an increase in the frequency and sophistication of the cyber and security threats we face, with attacks ranging from those common to businesses generally to those that are more advanced and persistent, which may target us because, as an alternative asset management firm, we hold confidential and other price sensitive information about existing and potential investments. Malicious cyber activity involving ransomware, extortion, business email compromise, social engineering and other security threats could originate from a wide variety of sources, including cyber criminals, nation state hackers, hacktivists and other outside parties. Additionally, cyber-attacks and other security threats have become increasingly complex as a result of the emergence of new AI technologies, which are able to identify and target new vulnerabilities in information technology systems. As a result, we may face a heightened risk of a security breach or disruption with respect to confidential information resulting from an attack by computer hackers, foreign governments or cyber terrorists.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The efficient operation of our business is dependent on computer hardware and software systems, as well as data processing systems and the secure processing, storage and transmission of information, which, despite implementation of a variety of security measures, are vulnerable to security breaches and cyber-attacks. A cyber-attack is considered to be an intentional attack or an unintentional event or series of events and involves gaining unauthorized access to our information systems for purposes of misappropriating assets, stealing confidential information, corrupting data or causing operational disruption or otherwise compromising the confidentiality, integrity or availability of our systems or infrastructure. Some factors that could create a heightened risk of a cyber incident include the use of remote work tools and/or third-party service providers, including cloud-based service providers. In addition, we may be the target of social engineering, fraudulent emails or other targeted attempts to gain unauthorized access to proprietary or sensitive information. In addition to cyber-related threats, our and our affiliates’ information systems and those of our third-party service providers may be subject to failures or interruptions arising from other causes beyond our control, including sudden electrical or telecommunications outages, natural disasters such as earthquakes, tornadoes or hurricanes, disease pandemics, social unrest and geopolitical events including wars and acts of terrorism. Any such events could materially disrupt our operations and adversely affect our business and financial results. The result of any cyber-attack may include disrupted operations, including in our, our affiliates’, our investors’, our counterparties’, or third parties’ operations, misstated or unreliable financial data, fraudulent transfers or requests for transfers of money, liability for stolen or improperly accessed assets or information (including personal information), increased cybersecurity protection and insurance costs, litigation or damage to our business relationships and reputation, in each case causing our business and results of operations to suffer. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The rapid evolution and increased availability of artificial intelligence and machine learning technologies (collectively, “AI technologies”) may also intensify cybersecurity risks by making such attacks and other cybersecurity incidents more difficult to detect, contain, and mitigate. For example, threat actors could impersonate Blue Owl or its employees, including through the use of AI technologies. Such technologies make such impersonation more likely to occur or appear more credible.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">As our reliance on technology has increased, so have the risks posed to our information systems, both internal and those provided by third-party service providers, including increased risks resulting from remote work. We cannot guarantee that third parties and infrastructure in our networks or our partners’ networks have not been compromised or that they do not contain exploitable defects or bugs that could result in a breach of or disruption to our information technology systems or the third-party information technology systems that support our services. Our ability to monitor these third parties’ information security practices is limited, and they may not have adequate information security measures in place. Outages of and interruptions to third-party software vendors’ services, including as a result of the termination of an agreement with a third-party service provider, have previously resulted in and could in the future result in temporary disruptions to our and our affiliates’ normal operations. We have implemented processes, procedures and internal controls designed to mitigate cybersecurity risks and cyber intrusions and rely on industry accepted security measures and technology to securely maintain confidential and proprietary information maintained on our information systems. However, these measures, as well as our increased awareness of the nature and extent of a risk of a cyber-attack, do not guarantee that a cyber-attack will not occur or that our financial results, operations or confidential information will not be negatively impacted by such an incident, especially because the cyber-attack techniques change frequently or are not recognized until launched and because cyber-attacks can originate from a wide variety of sources.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Cybersecurity risks are exacerbated by the rapidly increasing volume of highly sensitive data, including our proprietary business information and intellectual property, personally identifiable information of our clients and others and other sensitive information that we collect and store in our data centers, on our cloud environments and on our networks. Our products may also invest in strategic assets having a national or regional profile or in infrastructure assets, the nature of which could expose them to a greater risk of being subject to a terrorist attack or security breach than other assets or businesses. The secure processing, maintenance and transmission of this information are critical to our operations. A significant actual or potential theft, loss, corruption, exposure, fraudulent use or misuse of personally identifiable, proprietary business data or other sensitive information, by third parties, as a result of the negligence or malfeasance of third party service providers that have access to such confidential information or otherwise, non-compliance with our contractual or other legal obligations regarding such data or intellectual property or a violation of our privacy and security policies </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">with respect to such data could result in significant remediation and other costs, fines, litigation or regulatory actions against us and significant reputational harm, any of which could harm our business and results of operations.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Use of AI technologies by us could lead to the exposure of our data or other adverse effects and increase competitive, operational, legal, and regulatory risks in ways that we cannot predict.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Recent technological advances in AI technologies, as well as the rapid growth and widespread use thereof, present risks to our business, products, portfolio companies and investments. AI technologies may result in significant and disruptive changes in companies, sectors or industries, including those in which we invest, and any such changes could render our Adviser’s underwriting models obsolete or create new and unpredictable operational, legal and/or regulatory risks. To the extent our competitors make more efficient or extensive use of AI technologies, there is a possibility that such competitors will gain a competitive advantage. Many jurisdictions have passed or are considering laws and regulations concerning AI technologies, which could adversely affect our business, products, portfolio companies and investments. Additionally, we and the companies in which we invest could be further exposed to the risks of AI technologies if third-party service providers or any counterparties, whether or not known to us, use AI technologies in their business activities. We will not be able to control the use of AI technologies in third-party products or services, including those provided by our and our affiliates’ service providers. Additionally, the Adviser expects to use AI technologies in connection with its business activities, including to support our due diligence and investment activities. AI technologies are generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to review all data upon which AI technologies are trained or which are otherwise utilized. AI technologies are also highly reliant on the accuracy, adequacy, completeness and objectivity of their underlying data, and any inaccuracies, deficiencies, errors or biases in this data could lead to errors affecting our decision-making and investment processes, which could have adverse impacts on us and our portfolio companies. </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We are subject to risks in using custodians, counterparties, administrators and other agents.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our business is dependent on our and third parties’ communications and information systems. Any failure or interruption of those systems, including as a result of the termination of an agreement with any third-party service providers, could cause delays or other problems in our activities. Our financial, accounting, data processing, portfolio monitoring, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control. There could be:</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">sudden electrical or telecommunications outages;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">natural disasters such as earthquakes, tornadoes and hurricanes;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">disease pandemics;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">events arising from local or larger scale political or social matters, including terrorist acts;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">outages due to idiosyncratic issues at specific service providers; and</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">cyber-attacks.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">These events, in turn, could have a material adverse effect on our operating results and negatively affect the net asset value of our common stock and our ability to pay distributions to our shareholders.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Increased data protection regulation may result in increased complexities and risk in connection with the operation of our business.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our business is highly dependent on information systems and technology. The costs related to cyber or other security threats or disruptions may not be fully insured or indemnified by other means. Cybersecurity has become a priority for regulators in the U.S. and around the world. The SEC has also particularly focused on cybersecurity, and we expect increased scrutiny of our policies and systems designed to manage our cybersecurity risks and our related disclosures as a result. In May 2024, the SEC adopted amendments to Regulation S-P that require covered institutions, such as investment companies, to develop, implement, and maintain written policies and procedures for an incident response program that is reasonably designed to detect, respond to, and recover from unauthorized access to or use of customer information. The amendments also require that the response program include procedures for, with certain limited exceptions, covered institutions to provide notice to individuals whose sensitive customer information was or is reasonably likely to have been accessed or used without authorization. The amendments took effect on August 2, 2024, and had a compliance deadline of December 3, 2025 for large entities. We also face and expect to continue to face increased costs to comply with the new SEC rules, including increased costs for cybersecurity training and management. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Many jurisdictions in which we operate have laws and regulations relating to data privacy, cybersecurity and/or information security to which we may be subject (collectively, “Privacy Laws”). Compliance with applicable Privacy Laws may require adhering to stringent legal and operational requirements, which could increase compliance costs for us and require the dedication of additional time and resources to compliance. A failure to comply with applicable Data Protection Legislation could result in fines, sanctions, enforcement actions or other penalties or reputational damage. In addition, the SEC has indicated in recent periods that one of its examination priorities for the Division of Examinations is to continue to examine cybersecurity procedures and controls, including testing the implementation of these procedures and controls.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">There may be substantial financial penalties or fines for a failure to comply with applicable Privacy Laws (which may include insufficient security for our personal or other sensitive information). For example, failure to comply with Regulation (EU) 2016/679 (the “GDPR”).</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:110%"> </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our operations will be impacted by a growing movement to adopt comprehensive privacy and data protection laws where such laws focus on privacy as an individual right in general. Further, the Company’s portfolio companies and/or each of their affiliates are subject to regulations related to privacy, data protection and information security in the jurisdictions in which they do business. Such laws and regulations vary from jurisdiction to jurisdiction, thus increasing costs, operational and legal burdens and the potential for significant liability on regulated entities.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Non-compliance with any applicable Privacy Laws represents a serious risk to our business. Some jurisdictions have also enacted laws requiring companies to notify individuals of data security breaches involving certain types of personal information. For example, the SEC’s most recent amendments to Regulation S-P require notification of affected customers no later than 30 days after becoming aware of a security incident that compromises their sensitive customer information</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:110%">.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%"> Breaches in security could potentially jeopardize our, our employees’ or our product investors’ or counterparties’ confidential or other information processed and stored in, or transmitted through, our computer systems and networks (or those of our third party vendors), or otherwise cause interruptions or malfunctions in our, our employees’, our product investors’, our counterparties’ or third parties’ operations, which could result in significant losses, increased costs, disruption of our business, liability to our product investors and other counterparties, fines or penalties, litigation, regulatory intervention or reputational damage, which could also lead to loss of product investors or clients.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We and our portfolio companies are subject to increasing scrutiny from certain investors, third party assessors, regulators and our shareholders with respect to ESG-related topics.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We and our portfolio companies face increasing scrutiny from certain investors, third party assessors that measure companies’ ESG performance, regulators and our shareholders related to ESG-related topics, including in relation to diversity and inclusion, human rights, environmental stewardship, support for local communities, corporate governance and transparency. For example, we and the companies in which we invest risk damage to our brands and reputations if we or they do not act (or are perceived to not act) responsibly either with respect to responsible investing processes or ESG-related practices. Adverse incidents related to ESG practices could impact the value of our brand or the companies in which we invest, or the cost of our or their operations and relationships with investors, all of which could adversely affect our business and results of operations. Further, there can be no assurance that any of our Adviser’s ESG initiatives or commitments will meet the standards or expectations of our shareholders or other stakeholders. There can be no assurance that our Adviser will be able to accomplish any goals related to responsible investing or ESG practices, as statements regarding its ESG and responsible investing commitments and priorities reflect its current estimates, plans and/or aspirations and are not guarantees that it will be able to achieve them within the timelines announced or at all. Additionally, the Adviser may determine in its discretion that it is not feasible or practical to implement or complete certain aspects of its responsible investing program or ESG initiatives based on cost, timing or other considerations.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In recent years, certain investors have placed increasing importance on policies and practices related to responsible investing and ESG for the products to which they commit capital, and investors may decide not to commit capital to future fundraises based on their assessment of the Adviser’s approach to and consideration of ESG-related issues or risks. Similarly, a variety of organizations measure the performance of companies on ESG topics, and the results of these assessments are widely publicized. If the Adviser’s responsible investing or ESG-related practices or ratings do not meet the standards set by such investors or organizations, or if the Adviser receives a negative rating or assessment from any such organization, or if the Adviser fails, or is perceived to fail, to demonstrate progress toward its ESG priorities and initiatives, they may choose not to invest in us, and we may face reputational damage. Similarly, it is expected that investor and/or shareholder demands will require the Adviser to spend additional resources on and place continued importance on business relevant ESG factors in its review of prospective investments and management of existing ones. Devoting additional resources to our responsible investing or ESG-related practices could increase the amount of expenses we or our investments are required to bear. For example, collecting, measuring, and reporting ESG information and metrics can be costly, difficult and time consuming, is subject to evolving reporting standards, and can present numerous operational, reputational, financial, legal and other risks. To the extent our access to capital from investors focused on ESG ratings or ESG-related matters is impaired, we may not be able to maintain or increase the size of our existing products or raise sufficient capital for new products, which may adversely affect our revenues. Further, interest on the part of investors and regulators in ESG-related topics and themes and increased demand for, and scrutiny of, ESG-related disclosure by asset managers, has also increased the risk that asset managers could be perceived as, or accused of, making inaccurate or misleading statements regarding the ESG-related investment strategies of their and their funds’ responsible investing or ESG-related efforts or initiatives, or “greenwashing.” This risk may also materialize where ESG-related statements and/or disclosures made by our portfolio companies are materially inconsistent with our ESG-related statements or disclosures, including those made on a voluntary basis or pursuant to any applicable regulation, such as Regulation EU 2019/2088 on sustainability-related disclosures in the financial services sector (the “SFDR”). Such perception or accusation could damage our reputation, result in litigation or regulatory actions and adversely impact our ability to raise capital.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">At the same time, various stakeholders may have differing approaches to responsible investing activities or divergent views on the consideration of ESG topics, including in the countries in which our Adviser operates and invests, as well as in the states and localities where our Adviser serves public sector clients. These differing views increase the risk that any action or lack thereof with respect to our Adviser’s consideration of responsible investing or ESG-related practices will be perceived negatively. Several states, the executive branch, federal agencies and Congress have enacted, proposed or indicated an intent to pursue “anti-ESG” policies, legislation or initiatives, issued related legal opinions and engaged in related investigations and litigation. For example: (i) boycott bills target financial institutions that “boycott” or “discriminate against” companies in certain industries (e.g., energy and mining) and prohibit state entities from doing business with such institutions and/or investing the state’s assets (including pension plan assets) through such institutions and (ii) ESG investment prohibitions require that state entities or managers/administrators of state investments make investments based solely on pecuniary factors without consideration of ESG factors. If investors subject to such legislation view our responsible investing or ESG practices as being in contradiction of such “anti-ESG” policies, legislation or legal </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">opinions, such investors may not invest in us and it could negatively affect the results of operations Further, asset managers have been subject to scrutiny related to ESG-focused industry working groups, initiatives and associations, including organizations advancing action to address climate change or climate-related risk. In addition, state attorneys general, among others, have asserted that the Supreme Court’s decision striking down race-based affirmative action in higher education in June 2023 should be analogized to private employment matters and private contract matters. Cases alleging discrimination based on similar arguments have been filed since that decision, with scrutiny of certain corporate DEI practices increasing throughout 2025. Additionally, in January 2025, the current U.S. Presidential administration signed a number of executive orders focused on DEI (the “Executive Orders”), which include a broad mandate to eliminate federal DEI programs and a caution to the private sector to end what may be viewed as illegal DEI discrimination and preferences. The Executive Orders have resulted in compliance investigations of private entities, including publicly traded companies, and changes to federal contracting regulations. If the Adviser does not successfully manage expectations across these varied stakeholder interests, it could erode stakeholder trust, impact our reputation and/or constrain our investment and fundraising opportunities. Such scrutiny of both ESG and DEI related practices could expose the Adviser to additional compliance obligations, the risk of litigation, investigations or challenges by federal or state authorities, result in reputational harm and/or discourage certain investors from investing in us.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We are subject to increasing scrutiny from regulators with respect to ESG-related issues and the regulatory disclosure landscape surrounding related topics continues to evolve.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Responsible investing, ESG practices and ESG-related disclosures have been the subject of increased focus by certain regulators, and regulatory initiatives related to ESG-specific topics that are applicable to us, our products and our products’ portfolio companies could adversely affect our business. There has been a growing regulatory interest across jurisdictions in improving transparency regarding the definition, measurement and disclosure of ESG factors in order to allow investors to validate and better understand sustainability claims, including in the United States, the European Union and the United Kingdom.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">For example, the SEC sometimes reviews compliance with ESG commitments in examinations, and it has taken enforcement actions against registered investment advisers for not establishing adequate or consistently implementing ESG policies and procedures to meet ESG commitments to investors.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, in October 2023, California enacted legislation that will ultimately require certain companies that (i) do business in California to publicly disclose their Scopes 1, 2 and 3 greenhouse gas emissions, with third party assurance of such data, (Climate Corporate Data Accountability Act, or “SB 253”), and issue public reports on their climate-related financial risk and related mitigation measures (Climate-Related Financial Risk Act, or “SB 261”) and (ii) operate in California and make certain climate-related claims to provide enhanced disclosures around the achievement of climate-related claims, including the use of voluntary carbon credits to achieve such claims. Pending litigation against SB 253 and SB 261 creates ongoing uncertainty around the enforceability of related disclosure obligations and may result in additional compliance burdens, increased legal and compliance costs, and enhanced disclosure obligations. From a European perspective, the European Union has in place regulation aimed at increasing transparency for investors of sustainability-related policies, processes, performance and commitments which apply to certain of our products, including, without limitation: (a) the SFDR, for which most rules took effect beginning on March 10, 2021 and (b) Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investment and amending the SFDR. In November 2025, the European Commission published a draft legislative proposal to revise SFDR to introduce, among others, new categories for sustainability-related financial products with related criteria that are required to be met for each category. Relatedly, the European Securities and Markets Authority (“ESMA”) has identified promoting transparency through effective sustainability disclosures and addressing greenwashing as one of its key priorities per ESMA’s sustainable finance roadmap and strategy. ESMA has also introduced guidelines on funds with ESG, impact, transition or sustainability-related terms in their names.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">There are still some uncertainties regarding the operation of some of these requirements and how they might evolve, and an established market practice is still being developed in certain cases, which can lead to diverging implementation and/or operationalization, data gaps or methodological challenges which may affect our ability to collect relevant data. These regimes continue to evolve and there is still a lack of clarity and established practice around the approach to their supervision and enforcement, which may vary across national competent authorities. There is a risk that a development or reorientation in the regulatory requirements or market practice in this respect could be adverse to our investments if they are perceived to be less valuable as a consequence of, among other things, their carbon footprint or perceived “greenwashing.” Compliance with requirements of this nature may also increase risks relating to financial supervision and enforcement action. There is also a risk that market expectations in relation to the SFDR categorization of financial products, could adversely affect our ability to raise capital, especially from EEA investors.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In November 2023, the Sustainability Labelling and Disclosure of Sustainability-Related Financial Information Instrument 2023 (“SDR”) introduced sustainability disclosure requirements, voluntary investment product labels and an ‘anti-greenwashing’ rule. The anti-greenwashing rule applies to all UK-authorized firms in relation to sustainability-related claims made in their communications, and/or communications of financial promotions with, clients in the UK. The balance of the new regime is currently directed at UK investment funds and UK-regulated asset management firms as well as distributors of such funds. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In Asia, examples of ESG-related regulations including those by regulators in Singapore and Hong Kong, have released guidelines for asset managers to integrate climate risk considerations in investment and risk management processes, together with enhanced disclosure and reporting and have also issued enhanced rules for certain ESG funds on general ESG risk management and disclosure.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">As a result of these and other legislative and regulatory initiatives, we or the Adviser may be required to provide additional disclosure to our investors with respect to ESG matters. This exposes us to increased disclosure risks, for example due to a lack of </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">available or credible data, and the potential for conflicting disclosures may also expose us to an increased risk of misstatement litigation or miss-selling allegations. Failure to manage these risks could result in a material adverse effect on our business in a number of ways. Compliance with frameworks of this nature may create an additional compliance burden and increased legal, compliance, governance, reporting and other costs to funds and/or fund managers because of the need to collect certain information to meet the disclosure requirements. In addition, where there are uncertainties regarding the operation of the framework, a lack of official, conflicting or inconsistent regulatory guidance, a lack of established market practice and/or data gaps or methodological challenges affecting the ability to collect relevant data, funds and/or fund managers may be required to engage third party advisers and/or service providers to fulfil the requirements, thereby exacerbating any increase in compliance burden and costs. To the extent that any applicable jurisdictions enact similar laws and/or frameworks, there is a risk that we may not be able to maintain alignment of a particular investment with such frameworks, and/or may be subject to additional compliance burdens and costs, which might adversely affect us.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We may be the target of litigation or similar proceedings in the future and we are subject to public perception risks.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We could generally be subject to litigation or similar proceedings in the future, including securities litigation and derivative actions by our stockholders. Any litigation or similar proceedings could result in substantial costs, divert management’s attention and resources from our business or otherwise have a material adverse effect on our business, financial condition and results of operations. In addition, in recent periods, there has been increased negative publicity with respect to the private credit industry, which could in the future harm our reputation.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">Risks Related to Our Adviser and Its Affiliates</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our Adviser and its affiliates, including our officers and some of our directors, may face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in increased risk-taking or speculative investments, or cause our Adviser to use substantial leverage.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our Adviser and its affiliates receive fees from us in return for their services. These fees may include certain incentive fees based on the amount of appreciation of our investments and arrangement, structuring or similar fees from portfolio companies in which we invest. These fees could influence the advice provided to us or create an incentive for our Adviser to make investments on our behalf that are risky or more speculative than would be the case in the absence of such incentive fees. Generally, the more equity we sell in public offerings and the greater the risk assumed by us with respect to our investments, including through the use of leverage, the greater the potential for growth in our assets and profits, and, correlatively, the fees payable by us to our Adviser. The way in which the incentive fee is determined may encourage our Adviser to use leverage to increase the leveraged return on our investment portfolio.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, the fact that our base management fee is payable based upon our net assets (which includes any borrowings used for investment purposes) may encourage our Adviser to use leverage to make additional investments. Such a practice could make such investments more risky than would otherwise be the case, which could result in higher investment losses, particularly during cyclical economic downturns. Under certain circumstances, the use of substantial leverage (up to the limits prescribed by the 1940 Act) may increase the likelihood of our defaulting on our borrowings, which would be detrimental to holders of our securities.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">These compensation arrangements could affect our Adviser’s or its affiliates’ judgment with respect to public offerings of equity, incurrence of debt, and investments made by us, which allow our Adviser to earn increased asset management fees.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">The time and resources that individuals associated with our Adviser devote to us may be diverted, and we may face additional competition due to, among other things, the fact that neither our Adviser nor its affiliates is prohibited from raising money for or managing another entity that makes the same types of investments that we target.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Blue Owl is not prohibited from raising money for and managing future investment entities, in addition to the Blue Owl Clients, that make the same or similar types of investments as those we target. As a result, the time and resources that our Adviser devotes to us may be diverted, and during times of intense activity in other investment programs they may devote less time and resources to our business than is necessary or appropriate. In addition, we may compete with any such investment entity also managed by our Adviser or its affiliates for the same investors and investment opportunities. Furthermore, certain members of the Diversified Lending Investment Committee or our affiliates are officers of Blue Owl and will devote a portion of their time to the operations of Blue Owl, including with respect to public company compliance.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our Adviser and its affiliates may face conflicts of interest with respect to services performed for their respective other accounts and clients or issuers in which we may invest.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our Adviser and its affiliates may provide a broad range of financial services to companies in which we may invest, including providing arrangement, syndication, origination structuring and other services to portfolio companies, and will generally be paid fees for such services, in compliance with applicable law, by the portfolio company. Any compensation received by our Adviser or its affiliates for providing these services will not be shared with us and may be received before we realize a return on our investment. In addition, we may invest in companies managed by entities in which funds managed by GP Strategic Capital have acquired a minority interest. Our Adviser and its affiliates may face conflicts of interest with respect to services performed for these companies, on the one hand, and investments recommended to us, on the other hand and could, in certain instances, have an incentive not to pursue actions against a portfolio company that would be in our best interest</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Additionally, because our Adviser and its affiliates manage assets for, or may in the future manage assets for, other investment companies, pooled investment vehicles and/or other accounts (including institutional clients, pension plans, insurance companies, co-invest vehicles and certain high net worth individuals), including the Blue Owl Clients, and we may compete for capital and </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">investment opportunities with these entities, certain of which may have investment objectives that overlap with ours. As a result, conflicts may arise with respect to the allocation of investment opportunities among those products. For example, the Adviser is permitted to allocate an investment to a number of products across its platforms that it views as appropriate for the particular investment objectives, strategies and characteristics of such products. These conflicts include conflicts of interest relating to the allocation of investment opportunities by our Adviser and its affiliates; compensation to our Adviser; services that may be provided by our Adviser and its affiliates to issuers in which we may invest; investments by us and other clients of our Adviser, subject to the limitations of the 1940 Act; the formation of additional investment funds managed by our Adviser; differing recommendations given by our Adviser to us versus other clients; our Adviser’s use of information gained from issuers in our portfolio for investments by other clients, subject to applicable law; restrictions on our Adviser’s use of “inside information” with respect to potential investments by us; the allocation of certain expenses; and cross transactions.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">For instance, our Adviser and its affiliates may receive asset management performance-based, or other fees from certain accounts that are higher than the fees received by our Adviser from us. In addition, certain members of Blue Owl’s Credit platform’s investment committees and other executives and employees of our Adviser or its affiliates will hold and receive interest in Blue Owl and its affiliates, in addition to cash and carried interest compensation. In these instances, a portfolio manager for our Adviser may have an incentive to favor the higher fee and/or performance-based fee accounts over us and/or to favor Blue Owl. In addition, a conflict of interest exists to the extent our Adviser, its affiliates, or any of their respective executives, portfolio managers or employees have proprietary or personal investments in other investment companies or accounts or when certain other investment companies or accounts are investment options in our Adviser’s or its affiliates’ employee benefit plans or employee offerings. In these circumstances, personnel of our Adviser may have incentive to favor these other investment companies or accounts over us. In addition, investments by more than one Blue Owl product in a portfolio company also have the potential to raise the risk of using assets of one Blue Owl product to support positions taken by another.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">To mitigate these conflicts, the Blue Owl Credit Advisers will seek to execute such transactions for all of the participating investment accounts, including us, on a fair and equitable basis and in accordance with the Blue Owl Credit Advisers’ investment allocation policies, taking into account such factors as differences with respect to available capital; the current or anticipated size of a product; minimum investment amounts; the remaining life of a product; differences in investment objectives, guidelines or strategies; diversification; portfolio construction considerations; liquidity needs; legal, tax and regulatory requirements and other considerations deemed relevant to the Adviser and in accordance with its policies and procedures. We may be prohibited under the 1940 Act from participating in certain transactions with our affiliates without the prior approval of our directors who are not interested persons and, in some cases, the prior approval of the SEC. We, our Adviser and certain affiliates have been granted exemptive relief by the SEC to permit us to co-invest with other funds managed by our Adviser or certain of its affiliates in a manner consistent with our positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. See “</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%">—Our ability to enter into transactions with our affiliates is restricted.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">”</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Actions taken by our Adviser and its affiliates on behalf of the Blue Owl Clients as a result of any conflict of interest may be adverse to us, which could harm our performance. For example, we may invest in the same credit obligations as other Blue Owl Clients, although, to the extent permitted under the 1940 Act, our investments may include different obligations or levels of the capital structure of the same issuer. The interests of Blue Owl Clients invested in different levels of the capital structure of a portfolio company may not always be aligned and actions taken for one Blue Owl Client may be adverse to one or more other products, which may give rise to conflicts of interest. The interests of these different Blue Owl Clients may diverge significantly particularly in the case of financial distress of the portfolio company. For example, in a bankruptcy proceeding or out-of-court restructuring, the interests of a Blue Owl Client owning equity or subordinated debt securities may be subordinated or otherwise adversely affected by virtue of a different Blue Owl Client's actions in respect of its own interests as a senior debt holder. While the Blue Owl Credit Advisers and their affiliates have developed general guidelines regarding when two or more funds can invest in different parts of the same company’s capital structure and created a process that they employ to handle those conflicts when they arise, their decision to permit the investments to occur in the first instance or their judgment on how to mitigate the conflict could be challenged or deemed insufficient. If the Blue Owl Credit Advisers and their affiliates fail to appropriately address those conflicts, it could negatively impact their reputation and ability to raise additional funds and the willingness of counterparties to do business with them or result in potential litigation against them.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">From time to time, fees and expenses generated in connection with potential portfolio investments that are not consummated and other investment related expenses may be allocable to us and one or more Blue Owl Clients. These expenses will be allocated in a manner that is fair and equitable over time and in accordance with policies adopted by the Blue Owl Credit Advisers and the Investment Advisory Agreement; however, the method for allocation expenses may vary depending on the nature of the expense and such determinations involve inherent discretion.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our Adviser and its affiliates may give advice and recommend securities to other clients which may differ from advice given to, or securities recommended or bought for, us even though such other clients’ investment objectives may be similar to ours, which could have an adverse effect on our business, financial condition and results of operations.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, from time to time, our Adviser could cause us to purchase a security or other investment from, or sell a security or other investment to, another Blue Owl Client. Such cross transaction would be in accordance with applicable regulations and our and our Adviser’s valuation and cross-trades policies; however, such cross transactions could give rise to additional conflicts of interest.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our Board will seek to monitor these conflicts but there can be no assurances that such monitoring will fully mitigate any such conflicts.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">The Adviser may have an incentive to delay a liquidity event, which may result in actions that are not in the best interest of our shareholders. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The ongoing servicing fee is payable by us to compensate our affiliated Dealer Manager and its affiliates for services rendered to shareholders, including, among other things, responding to customer inquiries of a general nature regarding the Company; crediting distributions from us to customer accounts; arranging for bank wire transfer of funds to or from a customer’s account; responding to customer inquiries and requests regarding shareholder reports, notices, proxies and proxy statements, and other Company documents; forwarding prospectuses, tax notices and annual and quarterly reports to beneficial owners of our shares; assisting us in establishing and maintaining shareholder accounts and records; assisting customers in changing account options, account designations and account addresses, and providing such other similar services as we may reasonably request to the extent the an authorized service provider is permitted to do so under applicable statutes, rules, or regulations. The ongoing servicing fee will terminate for all Class S and Class D shareholders upon a liquidity event. Although we do not intend to complete a liquidity event within any specific time period, if at all, the Advisor, an affiliate of our Dealer Manager, may have an incentive to delay a liquidity event if such amounts receivable by our Dealer Manager have not been fully paid. A delay in a liquidity event may not be in the best interests of our shareholders.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Reductions, waivers or absorptions of fees and costs can temporarily result in higher returns to shareholders than they would otherwise receive if full fees and costs were charged.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The Adviser and its affiliates are permitted to reduce, waive or absorb some of the fees or costs otherwise due by us. While this activity can be seen as friendly to shareholders, reductions, waivers and absorptions of fees and costs result in higher returns to shareholders than such shareholders would receive if full fees and costs were charged. There is no guarantee that any reductions, waivers or absorptions will occur in the future, and any reductions, waivers and absorptions are entirely at the discretion of the Adviser.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Products within Blue Owl’s Real Assets platform may enter into sale lease-back transactions with our portfolio companies or with borrowers under our credit facilities.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">From time to time, companies in which we have invested or may invest, may enter into sale-leaseback transactions with products within Blue Owl’s Real Assets platform. As a result of these arrangements we could be a creditor to, or equity owners of, a company at the same time that company is a tenant of a product within Blue Owl’s Real Assets platform. If such a company were to encounter financial difficulty or default on its obligations as a borrower, our Adviser could be required to take actions that may be adverse to those of Blue Owl’s Real Assets platform in enforcing our rights under the relevant facilities or agreements, or vice versa. This could lead to actual or perceived conflicts of interest.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our access to confidential information may restrict our ability to take action with respect to some investments, which, in turn, may negatively affect our results of operations.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We, directly or through our Adviser, may obtain confidential information about the companies in which we have invested or may invest or be deemed to have such confidential information. Our Adviser may come into possession of material, non-public information through its members, officers, directors, employees, principals or affiliates. In addition, funds managed by GP Strategic Capital may invest in entities that manage our portfolio companies and, as a result, may obtain additional confidential information about our portfolio companies. The possession of such information may, to our detriment, limit the ability of us and our Adviser to buy or sell a security or otherwise to participate in an investment opportunity. In certain circumstances, employees of our Adviser may serve as board members or in other capacities for portfolio or potential portfolio companies, which could restrict our ability to trade in the securities of such companies. For example, if personnel of our Adviser come into possession of material non-public information with respect to our investments, such personnel will be restricted by our Adviser’s information-sharing policies and procedures or by law or contract from sharing such information with our management team, even where the disclosure of such information would be in our best interests or would otherwise influence decisions taken by the members of the management team with respect to that investment. This conflict and these procedures and practices may limit the freedom of our Adviser to enter into or exit from potentially profitable investments for us, which could have an adverse effect on our results of operations. Accordingly, there can be no assurance that we will be able to fully leverage the resources and industry expertise of our Adviser in the course of its duties. Additionally, there may be circumstances in which one or more individuals associated with our Adviser will be precluded from providing services to us because of certain confidential information available to those individuals or to other parts of our Adviser.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We may be obligated to pay our Adviser incentive fees even if we incur a net loss due to a decline in the value of our portfolio and even if our earned interest income is not payable in cash.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The Investment Advisory Agreement entitles our Adviser to receive an incentive fee based on our pre-incentive fee net investment income regardless of any capital losses. In such case, we may be required to pay our Adviser an incentive fee for a fiscal quarter even if there is a decline in the value of our portfolio or if we incur a net loss for that quarter.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Any incentive fee payable by us that relates to the pre-incentive fee net investment income may be computed and paid on income that may include interest that has been accrued but not yet received or interest in the form of securities received rather than cash (“payment-in-kind” or “PIK” income”). PIK income will be included in the pre-incentive fee net investment income used to calculate the incentive fee to our Adviser even though we do not receive the income in the form of cash. If a portfolio company defaults on a loan that is structured to provide accrued interest income, it is possible that accrued interest income previously included in the calculation of the incentive fee will become uncollectible. Our Adviser is not obligated to reimburse us for any part of the incentive fee it received that was based on accrued interest income that we never receive as a result of a subsequent default.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The quarterly incentive fee on income is recognized and paid without regard to: (i) the trend of pre-incentive fee net investment income as a percent of adjusted capital over multiple quarters in arrears which may in fact be consistently less than the quarterly preferred return, or (ii) the net income or net loss in the current calendar quarter, the current year or any combination of prior periods.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">For U.S. federal income tax purposes, we may be required to recognize taxable income in some circumstances in which we do not receive a corresponding payment in cash and to make distributions with respect to such income to maintain our tax treatment as a RIC and/or minimize U.S. federal income or excise tax. Under such circumstances, we may have difficulty meeting the Annual Distribution Requirement necessary to maintain RIC tax treatment under the Code. This difficulty in making the required distribution may be amplified to the extent that we are required to pay the incentive fee on income with respect to such accrued income. As a result, we may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital, or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, we may fail to qualify for RIC tax treatment and thus become subject to U.S. federal income tax imposed at corporate rates.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our ability to enter into transactions with our affiliates is restricted.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We are prohibited under the 1940 Act from participating in certain transactions with certain of our affiliates without the prior approval of a majority of our independent directors and, in some cases, the SEC. Any person that owns, directly or indirectly, 5% or more of our outstanding voting securities will be our affiliate for purposes of the 1940 Act, and we will generally be prohibited from buying or selling any securities from or to such affiliate on a principal basis, absent the prior approval of our Board and, in some cases, the SEC. The 1940 Act also prohibits certain “joint” transactions with certain of our affiliates, including other funds or clients advised by our Adviser or its affiliates, which in certain circumstances could include investments in the same portfolio company (whether at the same or different times to the extent the transaction involves a joint investment), without prior approval of our Board and, in some cases, the SEC. If a person acquires more than 25% of our voting securities, we will be prohibited from buying or selling any security from or to such person or certain of that person’s affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC. Similar restrictions limit our ability to transact business with our officers or directors or their affiliates or anyone who is under common control with us. The SEC has interpreted the BDC regulations governing transactions with affiliates to prohibit certain joint transactions involving entities that share a common investment adviser. As a result of these restrictions, we may be prohibited from buying or selling any security from or to any portfolio company that is controlled by a fund managed by either of our Adviser or its affiliates without the prior approval of the SEC, which may limit the scope of investment or disposition opportunities that would otherwise be available to us.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We rely on an order for exemptive relief (the “Order”) from the SEC, to co-invest with other funds managed by our Adviser or its affiliates in a manner consistent with our positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. 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.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We may make investments that could give rise to a conflict of interest.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We do not expect to invest in, or hold securities of, companies that are controlled by an affiliate’s other clients. However, our Adviser or an affiliate’s other clients may invest in, and gain control over, one of our portfolio companies. If our Adviser or an affiliate’s other client, or clients, gains control over one of our portfolio companies, it may create conflicts of interest and may subject us to certain restrictions under the 1940 Act. As a result of these conflicts and restrictions our Adviser may be unable to implement our investment strategies as effectively as they could have in the absence of such conflicts or restrictions. For example, as a result of a conflict or restriction, our Adviser may be unable to engage in certain transactions that it would otherwise pursue. In order to avoid these conflicts and restrictions, our Adviser may choose to exit such investments prematurely and, as a result, we may forego any positive returns associated with such investments. In addition, to the extent that an affiliate’s other client holds a different class of securities than us as a result of such transactions, our interests may not be aligned.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our Adviser’s liability is limited under the Investment Advisory Agreement, and we are required to indemnify our Adviser against certain liabilities, which may lead our Adviser to act in a riskier manner on our behalf than it would when acting for its own account.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our Adviser has not assumed any responsibility to us other than to render the services described in the Investment Advisory Agreement (and, separately, under the Administration Agreement), and it will not be responsible for any action of our Board in declining to follow our Adviser’s advice or recommendations. Pursuant to the Investment Advisory Agreement, our Adviser and its directors, officers, shareholders, members, agents, employees, controlling persons, and any other person or entity affiliated with, or acting on behalf of our Adviser will not be liable to us for their acts under the Investment Advisory Agreement, absent criminal conduct, willful misfeasance, bad faith or gross negligence in the performance of their duties. We have also agreed to indemnify, defend and protect our Adviser and its directors, officers, shareholders, members, agents, employees, controlling persons and any other person or entity affiliated with, or acting on behalf of our Adviser with respect to all damages, liabilities, costs and expenses resulting from acts of our Adviser not arising out of criminal conduct, willful misfeasance, bad faith or gross negligence in the performance of their duties. However, in accordance with Section 17(i) of the 1940 Act, neither our Adviser nor any of its affiliates, directors, officers, members, employees, agents, or representatives may be protected against any liability to us or our investors to which it would otherwise be subject by reason of criminal conduct, willful misfeasance, bad faith or gross negligence or reckless </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">disregard of the duties involved in the conduct of its office. These protections may lead our Adviser to act in a riskier manner when acting on our behalf than it would when acting for its own account.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">There are risks associated with any potential merger with or purchase of assets of another fund.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our Adviser may in the future recommend to our Board that we merge with or acquire all or substantially all of the assets of one or more funds including a fund that could be managed by our Adviser or its affiliates (including another BDC). We do not expect that our Adviser would recommend any such merger or asset purchase unless it determines that it would be in our best interests, with such determination dependent on factors it deems relevant, which may include our historical and projected financial performance and that of any proposed merger partner, portfolio composition, potential synergies from the merger or asset sale, available alternative options and market conditions. In addition, no such merger or asset purchase would be consummated absent the meeting of various conditions required by applicable law or contract, at such time, which may include approval of the board of directors and common equity holders of both funds. If our Adviser is the investment adviser of both funds, various conflicts of interest would exist with respect to any such transaction. Such conflicts of interest may potentially arise from, among other things, differences between the compensation payable to our Adviser by us and by the entity resulting from such a merger or asset purchase or efficiencies or other benefits to our Adviser as a result of managing a single, larger fund instead of two separate funds.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our Adviser’s failure to comply with pay-to-play laws, regulations and policies could have an adverse effect on our Adviser, and thus, us.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">A number of U.S. states and municipal pension plans have adopted so-called “pay-to-play” laws, regulations or policies which prohibit, restrict or require disclosure of payments to (and/or certain contacts with) state officials by individuals and entities seeking to do business with state entities, including those seeking investments by public retirement funds. The SEC has adopted a rule that, among other things, prohibits an investment adviser from providing advisory services for compensation to a government client for two years after the adviser or certain of its executives or employees makes a contribution to certain elected officials or candidates. If our Adviser, any of its employees or affiliates or any service provider acting on its behalf, fails to comply with such laws, regulations or policies, such non-compliance could have an adverse effect on our Adviser, and thus, us.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our Adviser’s net worth is not available to satisfy our liabilities and other obligations.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The North American Securities Administrators Association (“NASAA”), in its Omnibus Guidelines Statement of Policy adopted on March 29, 1992 and as amended on May 7, 2007 and from time to time, requires that our affiliates and Adviser, or our Sponsor under the Omnibus Guidelines, have an aggregate financial net worth, exclusive of home, automobiles and home furnishings, of 5.0% of the first $20 million of both the gross amount of securities currently being offered in our offering and the gross amount of any originally issued direct participation program securities sold by our affiliates and sponsors within the past 12 months, plus 1.0% of all amounts in excess of the first $20 million. Based on these requirements, our Adviser and its affiliates have an aggregate financial net worth in excess of those amounts required by the Omnibus Guidelines. However, no portion of such net worth will be available to us to satisfy any of our liabilities or other obligations. The use of our own funds to satisfy such liabilities or other obligations could have a material adverse effect on our business, financial condition and results of operations.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our Class S and Class D shares are each subject to an ongoing servicing fee. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The ongoing servicing fees will be payable by investors in our Class S and Class D shares to compensate our Dealer Manager and its affiliates, participating broker-dealers and financial representatives for services rendered to shareholders, including, among other things, responding to customer inquiries of a general nature regarding the Company; crediting distributions from us to customer accounts; arranging for bank wire transfer of funds to or from a customer's account; responding to customer inquiries and requests regarding shareholder reports, notices, proxies and proxy statements, and other Company documents; forwarding prospectuses, tax notices and annual and quarterly reports to beneficial owners of our shares; assisting us in establishing and maintaining shareholder accounts and records; assisting customers in changing account options, account designations and account addresses, and providing such other similar services as we may reasonably request to the extent an authorized service provider is permitted to do so under applicable statutes, rules, or regulations.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">Risks Related to Business Development Companies</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">The requirement that we invest a sufficient portion of our assets in qualifying assets could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in qualifying assets could result in our failure to maintain our status as a BDC.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">As a BDC, the 1940 Act prohibits us from acquiring any assets other than certain qualifying assets unless, at the time of and after giving effect to such acquisition, at least 70% of our total assets are qualifying assets. Therefore, we may be precluded from investing in what we believe are attractive investments if such investments are not qualifying assets. Conversely, if we fail to invest a sufficient portion of our assets in qualifying assets, we could lose our status as a BDC, which would have a material adverse effect on our business, financial condition and results of operations. Similarly, these rules could prevent us from making additional investments in existing portfolio companies, which could result in the dilution of our position, or could require us to dispose of investments at an inopportune time to comply with the 1940 Act. If we were forced to sell non-qualifying investments in the portfolio for compliance purposes, the proceeds from such sale could be significantly less than the current value of such investments.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Failure to maintain our status as a BDC would reduce our operating flexibility.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">If we do not remain a BDC, we might be regulated as a closed-end investment company under the 1940 Act, which would subject us to substantially more regulatory restrictions, including a greater required asset coverage ratio and additional restrictions on transactions with affiliates, and correspondingly decrease our operating flexibility.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Regulations governing our operation as a BDC and RIC affect our ability to raise capital and the way in which we raise additional capital or borrow for investment purposes, which may have a negative effect on our growth. As a BDC, the necessity of raising additional capital may expose us to risks, including risks associated with leverage.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">As a result of the Annual Distribution Requirement to qualify for tax treatment as a RIC, we may need to access the capital markets periodically to raise cash to fund new investments in portfolio companies. Currently, we may issue “senior securities,” including borrowing money from banks or other financial institutions only in amounts such that the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus preferred stock, if any, equals at least 150% after such incurrence or issuance. If we issue senior securities, we will be exposed to risks associated with leverage, including an increased risk of loss. Our ability to issue different types of securities is also limited. Compliance with RIC distribution requirements may unfavorably limit our investment opportunities and reduce our ability in comparison to other companies to profit from favorable spreads between the rates at which we can borrow and the rates at which we can lend. Therefore, we intend to seek to continuously issue equity securities, which may lead to shareholder dilution.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">If the value of our assets declines, we may be unable to satisfy the asset coverage test under the 1940 Act, which would prohibit us from paying distributions and could prevent us from qualifying for tax treatment as a RIC, which would generally result in U.S. federal income tax imposed at corporate rates on any income and net gains. If we cannot satisfy the asset coverage test, we may be required to sell a portion of our investments and, depending on the nature of our debt financing, repay a portion of our indebtedness at a time when such sales may be disadvantageous. Also, any amounts that we use to service our indebtedness would not be available for distribution to our shareholders.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, as market conditions permit, we have and may continue to securitize our loans to generate cash for funding new investments. To securitize loans, we have and may continue to create a wholly owned subsidiary, contribute a pool of loans to the subsidiary and have the subsidiary issue primarily investment grade debt securities to purchasers who would be expected to be willing to accept a substantially lower interest rate than the loans earn. We have and may continue to retain all or a portion of the equity in the securitized pool of loans. Our retained equity would be exposed to any losses on the portfolio of loans before any of the debt securities would be exposed to such losses. See “</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%">—W</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">e</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%"> are subject to certain risks as a result of our interests in the CLO Preferred Shares</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">”;</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">“</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%">The subordination of the CLO Preferred Shares will affect our right to payment</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">”; and “</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%">The CLO Indentures require mandatory redemption of the respective CLO Debt for failure to satisfy coverage tests, which would reduce the amounts available for distribution to us.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">”</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">Risks Related to Our Investments</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our investments in portfolio companies may be risky, and we could lose all or part of our investments.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our strategy focuses primarily on originating and making loans to, and making debt and equity investments in, U.S. middle market companies, with a focus on originated transactions sourced through the networks of our Adviser. Short transaction closing timeframes associated with originated transactions coupled with added tax or accounting structuring complexity and international transactions may result in higher risk in comparison to non-originated transactions.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Most debt securities in which we intend to invest will not be rated by any rating agency and, if they were rated, they would be rated as below investment grade quality and are commonly referred to as “high yield” or “junk.” Debt securities rated below investment grade quality are generally regarded as having predominantly speculative characteristics and may carry a greater risk with respect to a borrower’s capacity to pay interest and repay principal. In addition, some of the loans in which we may invest may be “covenant-lite” loans. We use the term “covenant-lite” loans to refer generally to loans that do not have a complete set of financial maintenance covenants. Generally, “covenant-lite” loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Accordingly, to the extent we invest in “covenant-lite” loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%">First-Lien Debt.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%"> When we make a first-lien loan, we generally take a security interest in the available assets of the portfolio company, including the equity interests of its subsidiaries, which we expect to help mitigate the risk that we will not be repaid. However, there is a risk that the collateral securing our loans may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise, and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the portfolio company to raise additional capital. In some circumstances, our lien is, or could become, subordinated to claims of other creditors. Consequently, the fact that a loan is secured does not guarantee that we will receive principal and interest payments according to the loan’s terms, or at all, or that we will be able to collect on the loan should we need to enforce our remedies.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%">Unitranche Loans. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, in connection with any unitranche loans (including “last out” portions of such loans) in which we may invest, we would enter into agreements among lenders. Under these agreements, our interest in the collateral of the first-lien loans may rank junior to those of other lenders in the loan under certain circumstances. This may result in greater risk and loss of principal on these loans.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%">Second-Lien and Mezzanine Debt.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%"> Our investments in second-lien and mezzanine debt generally are subordinated to senior loans and will either have junior security interests or be unsecured. As such, other creditors may rank senior to us in the event of insolvency. This may result in greater risk and loss of principal.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%">Equity Investments.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%"> When we invest in first-lien debt, second-lien debt or mezzanine debt, we may acquire equity securities, such as warrants, options and convertible instruments, as well. In addition, we may invest directly in the equity securities of portfolio companies. We may structure such equity investments to include provisions protecting our rights as a minority-interest holder, as well as a “put,” or right to sell such securities back to the issuer, upon the occurrence of specified events. In many cases, we may also seek to obtain registration rights in connection with these equity interests, which may include demand and “piggyback” registration rights, which grants us the right to register our equity interest when either the portfolio company or another investor in the portfolio company files a registration statement with the SEC to issue securities. We seek to dispose of these equity interests and realize gains upon our disposition of these interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We have invested and may continue to invest through joint ventures, partnerships and other special purpose vehicles and our investments through these vehicles may entail greater risks, or risks that we otherwise would not incur, if we otherwise made such investments directly.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We may make indirect investments in portfolio companies through joint ventures, partnerships or other special purpose vehicles (“Investment Vehicles”). In general, the risks associated with indirect investments in portfolio companies through a joint venture, partnership or other special purpose vehicle are similar to those associated with a direct investment in a portfolio company; however, if we are not the sole investor in such Investment Vehicle, the investment may involve risks not present in investments where a third party is not involved. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">For any such investments, the optimization of the joint venture may be a complex, costly and time-consuming process and if we experience difficulties in this process, the anticipated benefits may not be realized fully or at all, or may take longer to realize than expected, which could have an adverse effect on us for an undetermined period after any such acquisition. There can be no assurances that we will realize any potential operating efficiencies, synergies and other benefits anticipated in connection with such joint ventures.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">While we intend to analyze the credit and business of a potential portfolio company in determining whether to make an investment in an Investment Vehicle, we will nonetheless be exposed to the creditworthiness of the Investment Vehicle and any third party. In the event of a bankruptcy proceeding against the portfolio company, the assets of the portfolio company may be used to satisfy its obligations prior to the satisfaction of our investment in the Investment Vehicle (i.e., our investment in the Investment Vehicle could be structurally subordinated to the other obligations of the portfolio company). If a third party is involved, we are subject to the risk that such third-party could have financial difficulties resulting in a negative impact on the Investment Vehicle, could have economic or business interests or goals which are inconsistent with ours, or could be in a position to take (or block) action in a manner contrary to our investment objective or the increased possibility of default by, diminished liquidity or insolvency of, the third party, due to a sustained or general economic downturn. In addition, if we are not the sole investor in an Investment Vehicle, we may be required to rely on our partners in the Investment Vehicle when making decisions regarding such Investment Vehicle’s investments, accordingly, the value of the investment could be adversely affected if our interests diverge from those of our partners in the Investment Vehicle.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Any strategic investments that we pursue are subject to risks and uncertainties.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We have pursued and may continue to pursue growth through strategic investments in new businesses, including through investments in our specialty finance vehicles. Completion and timing of any such strategic investments may be subject to a number of contingencies, including the uncertainty in reaching a commercial agreement with our counterparty, our ability to obtain required board, shareholder and regulatory approvals, as well as any required financing (or the risk that these are obtained subject to terms and conditions that are not anticipated). We may not be required to announce an acquisition or strategic transaction until a definitive agreement is reached and the announcement or consummation of any such transaction may adversely impact our business relationships or engender competitive responses.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, the proposal and negotiation of strategic investments, whether or not completed, as well as the integration of those businesses into our existing portfolio, could result in substantial expenses and the diversion of our Adviser’s time, attention and resources from our day-to-day operations.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our ability to manage our growth through strategic investments will depend, in part, on our success in addressing these risks. Any failure to effectively implement our acquisition or strategic investment strategies could have a material adverse effect on our business, financial condition or results of operations.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Broadly syndicated loans, including “covenant-lite” loans, may expose us to different risks, including with respect to liquidity, price volatility, ability to restructure loans, credit risks and less protective loan documentation, than is the case with loans that contain financial maintenance covenants.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our investments may consist of broadly syndicated loans that were not originated by us. Under the documentation for such loans, a financial institution or other entity typically is designated as the administrative agent and/or collateral agent. This agent is granted a lien on any collateral on behalf of the other lenders and distributes payments on the indebtedness as they are received. The agent is the party responsible for administering and enforcing the loan and generally may take actions only in accordance with the instructions of a majority or two-thirds in commitments and/or principal amount of the associated indebtedness. Accordingly, we may be precluded </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">from directing such actions unless we or our investment adviser is the designated administrative agent or collateral agent or we act together with other holders of the indebtedness. If we are unable to direct such actions, we cannot assure shareholders that the actions taken will be in our best interests.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">There is also a risk that a loan agent may become bankrupt or insolvent. Such an event would delay, and possibly impair, any enforcement actions undertaken by holders of the associated indebtedness, including attempts to realize upon the collateral securing the associated indebtedness and/or direct the agent to take actions against the related obligor or the collateral securing the associated indebtedness and actions to realize on proceeds of payments made by obligors that are in the possession or control of any other financial institution. In addition, we may be unable to remove the agent in circumstances in which removal would be in our best interests. Moreover, agented loans typically allow for the agent to resign with certain advance notice.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, a significant number of high yield loans in the market, in particular the broadly syndicated loan market, may consist of “covenant-lite” loans. Generally, “covenant-lite” loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Ownership of “covenant-lite” loans may expose us to different risks, including with respect to liquidity, price volatility, ability to restructure loans, credit risks and less protective loan documentation, than is the case with loans that contain financial maintenance covenants.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We may be subject to risks associated with our investments in bank loans.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We may invest in bank loans and participations. These obligations are subject to unique risks, including:</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">the possible invalidation of an investment transaction as a fraudulent conveyance under relevant creditors’ rights laws,</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">so-called lender-liability claims by the issuer of the obligations,</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">environmental liabilities that may arise with respect to collateral securing the obligations, and</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">limitations on our ability to directly enforce its rights with respect to participations.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, the illiquidity of bank loans may make it difficult for us to sell such investments to access capital if required. As a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them for liquidity purposes. Compared to securities and to certain other types of financial assets, purchases and sales of loans take relatively longer to settle. This extended settlement process can (i) increase the counterparty credit risk borne by us; (ii) leave us unable to timely vote, or otherwise act with respect to, loans it has agreed to purchase; (iii) delay us from realizing the proceeds of a sale of a loan; (iv) inhibit our ability to re-sell a loan that it has agreed to purchase if conditions change (leaving us more exposed to price fluctuations); (v) prevent us from timely collecting principal and interest payments; and (vi) expose us to adverse tax or regulatory consequences. To the extent the extended loan settlement process gives rise to short-term liquidity needs, we may hold cash, sell investments or temporarily borrow from banks or other lenders.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In purchasing participations, we generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of set-off against the borrower, and we may not directly benefit from the collateral supporting the debt obligation in which we have purchased the participation. As a result, we will assume the credit risk of both the borrower and the institution selling the participation.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In analyzing each bank loan or participation, our Adviser compares the relative significance of the risks against the expected benefits of the investment. Successful claims by third parties arising from these and other risks will be borne by us.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">If the assets securing the loans that we make decrease in value, then we may lack sufficient collateral to cover losses.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">To attempt to mitigate credit risks, we intend to take a security interest in the available assets of our portfolio companies. There is no assurance that we will obtain sufficient collateral to cover losses or properly perfect our liens.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">There is a risk that the collateral securing our loans may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of a portfolio company to raise additional capital. In some circumstances, our lien could be subordinated to claims of other creditors. Consequently, the fact that a loan is secured does not guarantee that we will receive principal and interest payments according to the loan’s terms, or that we will be able to collect on the loan should we be forced to enforce our remedies.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We may suffer a loss if a portfolio company defaults on a loan and the underlying collateral is not sufficient.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In the event of a default by a portfolio company on a secured loan, we will only have recourse to the assets collateralizing the loan. If the underlying collateral value is less than the loan amount, we will suffer a loss. In addition, we may make loans that are unsecured, which are subject to the risk that other lenders may be directly secured by the assets of the portfolio company. In the event of a default, those collateralized lenders would have priority over us with respect to the proceeds of a sale of the underlying assets. In cases described above, we may lack control over the underlying asset collateralizing our loan or the underlying assets of the portfolio company prior to a default, and as a result the value of the collateral may be reduced by acts or omissions by owners or managers of the assets.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In the event of bankruptcy of a portfolio company, we may not have full recourse to its assets in order to satisfy our loan, or our loan may be subject to “equitable subordination.” This means that depending on the facts and circumstances, including the extent to which we actually provided significant “managerial assistance,” if any, to that portfolio company, a bankruptcy court might re-</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">characterize our debt holding and subordinate all or a portion of our claim to that of other creditors. In addition, certain of our loans are subordinate to other debt of the portfolio company. If a portfolio company defaults on our loan or on debt senior to our loan, or in the event of a portfolio company bankruptcy, our loan will be satisfied only after the senior debt receives payment. Where debt senior to our loan exists, the presence of intercreditor arrangements may limit our ability to amend our loan documents, assign our loans, accept prepayments, exercise our remedies (through “standstill” periods) and control decisions made in bankruptcy proceedings relating to the portfolio company. Bankruptcy and portfolio company litigation can significantly increase collection losses and the time needed for us to acquire the underlying collateral in the event of a default, during which time the collateral may decline in value, causing us to suffer losses.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Borrowers of broadly syndicated loans may be permitted to designate unrestricted subsidiaries under the terms of their financing agreements, which would exclude such unrestricted subsidiaries from restrictive covenants under the financing agreement with the borrower. Without restriction under the financing agreement, the borrower could take various actions with respect to the unrestricted subsidiary including, among other things, incur debt, grant security on its assets, sell assets, pay dividends or distribute shares of the unrestricted subsidiary to the borrower’s shareholders. Any of these actions could increase the amount of leverage that the borrower is able to incur and increase the risk involved in our investments in broadly syndicated loans accordingly.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">If the value of collateral underlying our loan declines or interest rates increase during the term of our loan, a portfolio company may not be able to obtain the necessary funds to repay our loan at maturity through refinancing. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Decreasing collateral value and/or increasing interest rates may hinder a portfolio company’s ability to refinance our loan because the underlying collateral cannot satisfy the debt service coverage requirements necessary to obtain new financing. In some instances a borrower may engage in liability management exercises with certain of its investors who agree to provide additional capital or capital on modified terms in exchange for a superior position in the portfolio company’s capital structure. In such instances, the collateral securing our investment may be reduced or our lien may be further subordinated. If a borrower is unable to repay our loan at maturity, we could suffer a loss which may adversely impact our financial performance.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We may not realize any income or gains from our equity investments.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We have invested in and may continue to invest in equity-related securities, including common equity, warrants, preferred stock and convertible preferred securities. These equity interests we acquire may not appreciate in value and, in fact, may decline in value if the company fails to perform financially or achieve its growth objectives. We will generally have little, if any, control over the timing of any gains we may realize from our equity investments since these securities may have restrictions on their transfer or may not have an active trading market.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Equity investments also have experienced significantly more volatility in their returns and may under-perform relative to fixed income securities during certain periods. An adverse event, such as an unfavorable earnings report, may depress the value. Also, prices of equity investments are sensitive to general movements in the stock market and a drop in the stock market may depress the price of common stock investments to which we have exposure. Equity prices fluctuate for several reasons including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or when political or economic events affecting the issuers occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Although we expect to receive current income in the form of dividend payments on any convertible preferred equity investments, a substantial portion of the gains we expect to receive from our investments in such securities will likely be from the capital gains generated from the sale of our equity investments upon conversion of our convertible securities, the timing of which we cannot predict and we cannot guarantee that such sale will happen at all. We do not expect to generate capital gains from the sale of our portfolio investments on a level or uniform basis from quarter to quarter. In addition, any convertible preferred stock instruments will generally provide for conversion upon the portfolio companies’ achievement of certain milestone events, including a qualified public offering and/or a senior exchange listing for their common stock. However, there can be no assurance that our portfolio companies will obtain either a junior or senior exchange listing or, even if a listing is obtained, that an active trading market will ever develop in the common stock of our publicly traded portfolio companies. In addition, even if our portfolio companies obtain an exchange listing, we may be subject to lock-up provisions that prohibit us from selling our investments into the public market for specified periods of time after such listing. As a result, the market price of securities that we hold may decline substantially before we are able to sell these securities following an exchange listing.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience. Furthermore, due to the expected growth of our portfolio companies, we do not generally expect to receive dividend income from our common stock investments. In the case of cumulative preferred stock, there is no assurance that any dividends will ever be paid by a portfolio company. Dividends to any equity holders may be suspended or cancelled at any time.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Investments in equity securities can carry additional risks and may have other characteristics that require investments to be made indirectly through blocker entities or otherwise. In addition, if an issuer of equity securities in which we have invested sells additional shares of its equity securities, our interest in the issuer may be diluted and the value of our investment could decrease.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We may invest, to the extent permitted by law, in the equity securities of investment funds that are operating pursuant to certain exceptions to the 1940 Act and in advisers to similar investment funds and, to the extent we so invest, will bear our ratable share of any such company’s expenses, including management and performance fees. We will also remain obligated to pay the base management fee, income based fee and capital gains incentive fee to our investment adviser with respect to the assets invested in the securities and instruments of such companies. With respect to each of these investments, each of our common stockholders will bear </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">his or her share of the base management fee, income based fee and capital gains incentive fee due to our investment adviser as well as indirectly bearing the management and performance fees and other expenses of any such investment funds or advisers. For the foregoing reasons, investments in equity securities can be highly speculative and carry a substantial risk of loss of investment.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">An investment strategy focused primarily on privately held companies presents certain challenges, including the lack of available information about these companies.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We invest primarily in privately held companies. Investments in private companies pose certain incremental risks as compared to investments in public companies including that they generally:</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">have reduced access to the capital markets, resulting in diminished capital resources and ability to withstand financial distress;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">may have limited financial resources and may be unable to meet their obligations under their debt obligations that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of our realizing any guarantees we may have obtained in connection with our investment;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">may have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and changing market conditions, as well as general economic downturns;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">are more likely to depend on the management talents and efforts of a small group of persons and, therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on the company and, in turn, on us; and</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, investments in private companies tend to be less liquid. The securities of private companies are not publicly traded or actively traded on the secondary market and are, instead, traded on a privately negotiated over-the-counter secondary market for institutional investors. These over-the-counter secondary markets may be inactive during an economic downturn or a credit crisis and in any event often have lower volumes than publicly traded securities even in normal market conditions. In addition, the securities in these companies will be subject to legal and other restrictions on resale or will otherwise be less liquid than publicly traded securities.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">If there is no readily available market for these investments, we are required to carry these investments at fair value as determined by our Board. As a result, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we had previously recorded these investments. We may also face other restrictions on our ability to liquidate an investment in a portfolio company to the extent that we, our Adviser or any of its affiliates have material nonpublic information regarding such portfolio company or where the sale would be an impermissible joint transaction under the 1940 Act. The reduced liquidity of our investments may make it difficult for us to dispose of them at a favorable price, and, as a result, we may suffer losses.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Finally, little public information generally exists about private companies and these companies may not have third-party credit ratings or audited financial statements. We must therefore rely on the ability of our Adviser to obtain adequate information through due diligence to evaluate the creditworthiness and potential returns from investing in these companies, and to monitor the activities and performance of these investments. To the extent that we (or other clients of our Adviser) may hold a larger number of investments, greater demands will be placed on our Adviser’s time, resources and personnel in monitoring such investments, which may result in less attention being paid to any individual investment and greater risk that our investment decisions may not be fully informed.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Additionally, these companies and their financial information will not generally be subject to the Sarbanes-Oxley Act of 2002 and other rules that govern public companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">To the extent we invest in publicly traded companies, we may be unable to obtain financial covenants and other contractual rights, which subjects us to additional risks.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We have invested and may continue to invest in instruments issued by publicly-held companies, we may be subject to risks that differ in type or degree from those involved with investments in privately-held companies. Such risks include, without limitation, greater volatility in the valuation of such companies, increased obligations to disclose information regarding such companies, limitations on our ability to dispose of such instruments at certain times, increased likelihood of shareholder litigation against such companies’ board members and increased costs associated with each of the aforementioned risks. In addition, to the extent we invest in publicly traded debt instruments, we may not be able to obtain financial covenants or other contractual rights that we might otherwise be able to obtain when making privately-negotiated investments. We may not have the same access to information in connection with investments in public debt instruments that we would expect to have in connection with privately-negotiated investments. If we or our Adviser were deemed to have material, nonpublic information regarding the issuer of a publicly traded instrument in which we have invested, we may be limited in our ability to make new investments or sell existing investments in such issue.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">The credit ratings of certain of our investments may not be indicative of the actual credit risk of such rated instruments.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Rating agencies rate debt securities based upon their assessment of the likelihood of the receipt of principal and interest payments. Rating agencies do not consider the risks of fluctuations in market value or other factors that may influence the value of debt </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">securities. Therefore, the credit rating assigned to a particular instrument may not fully reflect the true risks of an investment in such instrument. Credit rating agencies may change their methods of evaluating credit risk and determining ratings. These changes may occur quickly and often. While we may give some consideration to ratings, ratings may not be indicative of the actual credit risk of our investments in rated instruments.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We are subject to the risk that the investments we make in our portfolio companies may be repaid prior to maturity. When this occurs, we will generally reinvest these proceeds in temporary investments, pending their future investment in new portfolio companies. These temporary investments will typically have substantially lower yields than the debt being prepaid and we could experience significant delays in reinvesting these amounts.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Any future investment in a new portfolio company may also be at lower yields than the debt that was repaid. As a result, our results of operations could be materially adversely affected if one or more of our portfolio companies elect to prepay amounts owed to us. Additionally, prepayments, net of prepayment fees, could negatively impact our return on equity. This risk will be more acute when interest rates decrease, as we may be unable to reinvest at rates as favorable as when we made our initial investment.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">A redemption of convertible securities held by us could have an adverse effect on our ability to achieve our investment objective.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security’s governing instrument. If a convertible security held by us is called for redemption, we will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on our ability to achieve our investment objective.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">To the extent original issue discount (“OID”) and payment-in-kind (“PIK”) interest income constitute a portion of our income, we will be exposed to risks associated with the deferred receipt of cash representing such income.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our investments may include OID and PIK instruments. To the extent OID and PIK constitute a portion of our income, we will be exposed to risks associated with such income being required to be included in income for financial reporting purposes in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and taxable income prior to receipt of cash, including the following:</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Original issue discount instruments may have unreliable valuations because the accruals require judgments about collectability or deferred payments and the value of any associated collateral;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Original issue discount instruments may create heightened credit risks because the inducement to the borrower to accept higher interest rates in exchange for the deferral of cash payments typically represents, to some extent, speculation on the part of the borrower;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">For U.S. GAAP purposes, cash distributions to shareholders that include a component of OID income do not come from paid-in capital, although they may be paid from the offering proceeds. Thus, although a distribution of OID income may come from the cash invested by the shareholders, the 1940 Act does not require that shareholders be given notice of this fact;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">The presence of OID and PIK creates the risk of non-refundable cash payments to our Adviser in the form of incentive fees on income based on non-cash OID and PIK accruals that may never be realized; and</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">In the case of PIK, “toggle” debt, which gives the issuer the option to defer an interest payment in exchange for an increased interest rate in the future, the PIK election has the simultaneous effect of increasing the investment income, thus increasing the potential for realizing incentive fees.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our strategy focuses on investing primarily in the debt of privately owned U.S. companies with a focus on originated transactions sourced through the networks of our Adviser. Our portfolio companies may have, or may be permitted to incur, other debt that ranks equally with, or senior to, the debt in which we invest. By their terms, such debt instruments may entitle the holders to receive payment of interest or principal on or before the dates on which we are entitled to receive payments with respect to the debt instruments in which we invest. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, any holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution. After repaying such senior creditors, such portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of debt ranking equally with debt instruments in which we invest, we would have to share on an equal basis any distributions with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company and our portfolio company may not have sufficient assets to pay all equally ranking credit even if we hold senior, first-lien debt.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our portfolio companies may be highly leveraged.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Some of our portfolio companies may be highly leveraged, which may have adverse consequences to these companies and to us as an investor. These companies may be subject to restrictive financial and operating covenants and the leverage may impair these companies’ ability to finance their future operations and capital needs. As a result, these companies’ flexibility to respond to changing </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">business and economic conditions and to take advantage of business opportunities may be limited. Further, a leveraged company’s income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">If we cannot obtain debt financing or equity capital on acceptable terms, our ability to acquire investments and to expand our operations will be adversely affected.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Any working capital reserves we maintain may not be sufficient for investment purposes, and we may require additional debt financing or equity capital to operate. We generally are required to distribute at least 90% of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to our shareholders to maintain our tax treatment as a RIC. Accordingly, in the event that we need additional capital in the future for investments or for any other reason we may need to access the capital markets periodically to issue debt or equity securities or borrow from financial institutions in order to obtain such additional capital. These sources of funding may not be available to us due to unfavorable economic conditions, which could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. Consequently, if we cannot obtain further debt or equity financing on acceptable terms, our ability to acquire additional investments and to expand our operations will be adversely affected. As a result, we would be less able to diversify our portfolio and achieve our investment objective, which may negatively impact our results of operations and reduce our ability to make distributions to our shareholders. See “—</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%">If we are unable to obtain additional debt financing, or if our borrowing capacity is materially reduced, our business could be materially adversely affected.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">”</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Defaults by our portfolio companies could jeopardize a portfolio company’s ability to meet its obligations under the debt or equity investments that we hold which could harm our operating results.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its debt financing and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize a portfolio company’s ability to meet its obligations under the debt or equity investments that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with a defaulting portfolio company. In addition, some of the loans in which we may invest may be “covenant-lite” loans. We use the term “covenant-lite” loans to refer generally to loans that do not have a complete set of financial maintenance covenants. Generally, “covenant-lite” loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Accordingly, to the extent we invest in “covenant-lite” loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">As part of our lending activities, we may in certain opportunistic circumstances originate loans to companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Any such investment would involve a substantial degree of risk. In any reorganization or liquidation proceeding relating to a company that we fund, we may lose all or part of the amounts advanced to the borrower or may be required to accept collateral with a value less than the amount of the loan advanced by us to the borrower.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Subordinated liens on collateral securing debt investments that we may make to portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Certain debt investments that we will make in portfolio companies will be secured on a second priority lien basis by the same collateral securing senior debt of such companies. We also make debt investments in portfolio companies secured on a first priority basis. The first priority liens on the collateral will secure the portfolio company’s obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the portfolio company under the agreements governing the debt. In the event of a default, the holders of obligations secured by the first priority liens on the collateral will generally control the liquidation of and be entitled to receive proceeds from any realization of the collateral to repay their obligations in full before us.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from the sale or sales of all of the collateral would be sufficient to satisfy the debt obligations secured by the first priority or second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds are not sufficient to repay amounts outstanding under the debt obligations secured by the first priority or second priority liens, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the portfolio company’s remaining assets, if any.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We may also make unsecured debt investments in portfolio companies, meaning that such investments will not benefit from any interest in collateral of such companies. Liens on any such portfolio company’s collateral, if any, will secure the portfolio company’s obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the portfolio company under its secured debt agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before us. In addition, the value of such collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of such collateral would be sufficient to satisfy our unsecured debt obligations after payment in full of all secured debt obligations. If such proceeds were not sufficient to repay the outstanding secured debt obligations, then our unsecured claims would rank equally with the unpaid portion of such secured creditors’ claims against the portfolio company’s remaining assets, if any.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The rights we may have with respect to the collateral securing the debt investments we make in our portfolio companies with senior debt outstanding may also be limited pursuant to the terms of one or more inter-creditor agreements that we enter into with the holders of senior debt. Under such an inter-creditor agreement, at any time obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first priority liens: the ability to cause the commencement of enforcement proceedings against the collateral; the ability to control the conduct of such proceedings; the approval of amendments to collateral documents; releases of liens on the collateral; and waivers of past defaults under collateral documents. We may not have the ability to control or direct such actions, even if our rights are adversely affected.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Certain of our investments may be adversely affected by laws relating to fraudulent conveyance or voidable preferences.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Certain of our investments could be subject to federal bankruptcy law and state fraudulent transfer laws, which vary from state to state, if the debt obligations relating to certain investments were issued with the intent of hindering, delaying or defrauding creditors or, in certain circumstances, if the issuer receives less than reasonably equivalent value or fair consideration in return for issuing such debt obligations. If the debt proceeds are used for a buyout of shareholders, this risk is greater than if the debt proceeds are used for day-to-day operations or organic growth. If a court were to find that the issuance of the debt obligations was a fraudulent transfer or conveyance, the court could void or otherwise refuse to recognize the payment obligations under the debt obligations or the collateral supporting such obligations, further subordinate the debt obligations or the liens supporting such obligations to other existing and future indebtedness of the issuer or require us to repay any amounts received by us with respect to the debt obligations or collateral. In the event of a finding that a fraudulent transfer or conveyance occurred, we may not receive any repayment on such debt obligations.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Under certain circumstances, payments to us and distributions by us to our shareholders may be reclaimed if any such payment or distribution is later determined to have been a fraudulent conveyance, preferential payment or similar transaction under applicable bankruptcy and insolvency laws. Furthermore, investments in restructurings may be adversely affected by statutes relating to, among other things, fraudulent conveyances, voidable preferences, lender liability and the court’s discretionary power to disallow, subordinate or disenfranchise particular claims or re-characterize investments made in the form of debt as equity contributions.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Although we intend to structure certain of our investments as senior debt, if one of our portfolio companies were to go bankrupt, depending on the facts and circumstances, including the extent to which we provided managerial assistance to that portfolio company or a representative of us or our Adviser sat on the board of directors of such portfolio company, a bankruptcy court might re-characterize our debt investment and subordinate all or a portion of our claim to that of other creditors. In situations where a bankruptcy carries a high degree of political significance, our legal rights may be subordinated to other creditors.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, a number of U.S. judicial decisions have upheld judgments obtained by borrowers against lending institutions on the basis of various evolving legal theories, collectively termed “lender liability.” Generally, lender liability is founded on the premise that a lender has violated a duty (whether implied or contractual) of good faith, commercial reasonableness and fair dealing, or a similar duty owed to the borrower or has assumed an excessive degree of control over the borrower resulting in the creation of a fiduciary duty owed to the borrower or its other creditors or shareholders. Because of the nature of our investments in portfolio companies (including that, as a BDC, we may be required to provide managerial assistance to those portfolio companies if they so request upon our offer), we may be subject to allegations of lender liability.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We generally will not control the business operations of our portfolio companies and, due to the illiquid nature of our holdings in our portfolio companies, we may not be able to dispose of our interests in our portfolio companies.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We do not currently, and do not expect in the future to control most of our portfolio companies, although we may have board representation or board observation rights, and our debt agreements may impose certain restrictive covenants on our borrowers. As a result, we are subject to the risk that a portfolio company in which we invest may make business decisions with which we disagree and the management of such company, as representatives of the holders of their common equity, may take risks or otherwise act in ways that do not serve our interests as a debt investor. Due to the lack of liquidity for our investments in private companies, we may not be able to dispose of our interests in our portfolio companies as readily as we would like or at a favorable value. As a result, a portfolio company may make decisions that could decrease the value of our portfolio holdings.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We and our portfolio companies are, and will continue to be, exposed to risks associated with changes in interest rates.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">General interest rate fluctuations and changes in credit spreads on floating rate loans may have a substantial negative impact on our portfolio company investments and our investment opportunities and, accordingly, may have a material adverse effect on our rate of return on invested capital, our net investment income and our net asset value. The majority of our debt investments have, and are expected to have, variable interest rates that reset periodically based on benchmarks such as the SOFR, the SONIA, the Euro Interbank Offered Rate, the Federal Funds rate or Prime rate. The Federal Reserve decreased the federal funds rate three times in 2025. A reduction in the interest rates on new investments relative to interest rates on current investments could have an adverse impact on our net investment income. On the other hand, increases in interest rates have made and may continue to make it more difficult for our portfolio companies to service their obligations under the debt investments that we will hold and may increase defaults even where our investment income increases. Elevated interest rates could also cause borrowers to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. Additionally, higher interest rate loans may be less liquid as fewer investors may be willing to purchase such loans in the secondary market in light of the increased risk of a default by the borrower and the heightened risk of a loss of an investment in such loans. All of these risks may be exacerbated when interest rates rise rapidly and/or significantly. Decreases in credit spreads on debt </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">that pays a floating rate of return would have an impact on the income generation of our floating rate assets. Trading prices for debt that pays a fixed rate of return tend to fall as interest rates rise. Trading prices tend to fluctuate more for fixed rate securities that have longer maturities.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Conversely, when interest rates decline, borrowers may refinance their loans at lower interest rates, which could shorten the average life of the loans and reduce the associated returns on the investment, as well as require our Adviser and the Adviser’s personnel to incur management time and expense to re-deploy such proceeds, including on terms that may not be as favorable as our existing loans.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, because we borrow money to make investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. In periods of declining interest rates, we may earn less interest income from investments and our cost of funds will also decrease, to a lesser extent, given certain of our currently outstanding indebtedness bears interest at fixed rates, resulting in lower net investment income. Conversely, in periods of rising interest rates, our interest income will increase as the majority of our portfolio bears interest at variable rates while our cost of funds will also increase, to a lesser extent, resulting in an increase to our net investment income. In addition, in periods of elevated interest rates, our cost of funds increases, which tends to reduce our net investment income. We can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We may hedge against interest rate fluctuations by using standard hedging instruments such as interest rate swap agreements, futures, options and forward contracts, subject to applicable legal requirements, including all necessary registrations (or exemptions from registration) with the Commodity Futures Trading Commission. In addition, our interest expense may not decrease at the same rate as overall interest rates because of our fixed rate borrowings, which could lead to greater declines in our net investment income. These activities may limit our ability to participate in the benefits of lower interest rates with respect to the hedged borrowings. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We do not have a policy governing the maturities of our investments. This means that we are subject to greater risk (other things being equal) than a fund invested solely in shorter-term securities. A decline in the prices of the debt we own could adversely affect our net asset value. Also, an increase in interest rates available to investors could make an investment in our common stock less attractive if we are not able to increase our dividend rate.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">International investments create additional risks.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We may make investments in portfolio companies that are domiciled outside of the United States. Our investments in foreign portfolio companies are deemed “non-qualifying assets,” which means that, as required by the 1940 Act, such investments, along with other investments in non-qualifying assets, may not constitute more than 30% of our total assets at the time of our acquisition of any such asset, after giving effect to the acquisition. Notwithstanding the limitation on our ownership of foreign portfolio companies, such investments subject us to many of the same risks as our domestic investments, as well as certain additional risks, including the following:</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">foreign governmental laws, rules and policies, including those relating to taxation and bankruptcy and restricting the ownership of assets in the foreign country or the repatriation of profits from the foreign country to the United States and any adverse changes in these laws;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">foreign currency devaluations that reduce the value of and returns on our foreign investments;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">adverse changes in the availability, cost and terms of investments due to the varying economic policies of a foreign country in which we invest;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">adverse changes in tax rates, the tax treatment of transaction structures and other changes in operating expenses of a particular foreign country in which we invest;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">the assessment of foreign-country taxes (including withholding taxes, transfer taxes and value added taxes, any or all of which could be significant) on income or gains from our investments in the foreign country;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">changes that adversely affect the social, political and/or economic stability of a foreign country in which we invest; high inflation in the foreign countries in which we invest, which could increase the costs to us of investing in those countries;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">deflationary periods in the foreign countries in which we invest, which could reduce demand for our assets in those countries and diminish the value of such investments and the related investment returns to us; and</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">legal and logistical barriers in the foreign countries in which we invest that materially and adversely limit our ability to enforce our contractual rights with respect to those investments.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, we may make investments in countries whose governments or economies may prove unstable. Certain of the countries in which we may invest may have political, economic and legal systems that are unpredictable, unreliable or otherwise inadequate with respect to the implementation, interpretation and enforcement of laws protecting asset ownership and economic interests. In some of the countries in which we may invest, there may be a risk of nationalization, expropriation or confiscatory taxation, which may have an adverse effect on our portfolio companies in those countries and the rates of return that we are able to achieve on such investments. We may also lose the total value of any investment which is nationalized, expropriated or confiscated. The financial results and </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">investment opportunities available to us, particularly in developing countries and emerging markets, may be materially and adversely affected by any or all of these political, economic and legal risks.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We expose ourselves to risks when we engage in risk management activities.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We have entered, and may in the future enter, into hedging transactions, which may expose us to risks associated with such transactions. We may seek to utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates and market interest rates and the relative value of certain debt securities from changes in market interest rates. Use of these hedging instruments may include counter-party credit risk. The scope of risk management activities we undertake varies based on the level of interest rates, prevailing foreign currency exchange rates, the types of investments that are made and other changing market conditions. To the extent we have non-U.S. investments, particularly investments denominated in non-U.S. currencies, our hedging costs will increase.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Hedging against a decline in the values of our portfolio positions would not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions were to decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions were to increase. It also may not be possible to hedge against an exchange rate or interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The success of our hedging strategy will depend on our ability to correctly identify appropriate exposures for hedging. In connection with the September 2027 Notes, AUD 2027 Notes, May 2028 Notes, June 2028 Notes, January 2029 Notes, September 2029 Notes, March 2030 Notes, EUR 2031 Notes, and March 2031 Notes which bear interest at fixed rates, we entered into interest rate swaps to continue to align the interest rates of our liabilities with our investment portfolio, which consists of predominately floating rate loans. However, unanticipated changes in currency exchange rates or other exposures that we might hedge may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary, as may the time period in which the hedge is effective relative to the time period of the related exposure.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">For a variety of reasons, we may not seek to (or be able to) establish a perfect correlation between such hedging instruments and the positions being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those securities is likely to fluctuate as a result of factors not related to currency fluctuations. Income derived from hedging transactions also is not eligible to be distributed to non-U.S. stockholders free from withholding taxes. Changes to the regulations applicable to the financial instruments we use to accomplish our hedging strategy could affect the effectiveness of that strategy. See “—</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%">The market structure applicable to derivatives imposed by the Dodd-Frank Act, the U.S. Commodity Futures Trading Commission (“CFTC”) and the SEC may affect our ability to use over-the-counter (“OTC”) derivatives for hedging purposes</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">” and “</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%">We are, and will continue to be, exposed to risks associated with changes in interest rates.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">”</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">The market structure applicable to derivatives imposed by the Dodd-Frank Act, the U.S. Commodity Futures Trading Commission (“CFTC”) and the SEC may affect our ability to use over-the-counter (“OTC”) derivatives for hedging purposes.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The CFTC and the SEC have issued final rules establishing that certain swap transactions are subject to CFTC regulation. Engaging in such swap or other commodity interest transactions such as futures contracts or options on futures contracts may cause us to fall within the definition of “commodity pool” under the Commodity Exchange Act and related CFTC regulations. Our Adviser has claimed relief from CFTC registration and regulation as a commodity pool operator with respect to our operations, with the result that we are limited in our ability to use futures contracts or options on futures contracts or engage in swap transactions. Specifically, we are subject to strict limitations on using such derivatives other than for hedging purposes, whereby the use of derivatives not used solely for hedging purposes is generally limited to situations where (i) the aggregate initial margin and premiums required to establish such positions does not exceed five percent of the liquidation value of our portfolio, after taking into account unrealized profits and unrealized losses on any such contracts we have entered into; or (ii) the aggregate net notional value of such derivatives does not exceed 100% of the liquidation value of our portfolio.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The Dodd-Frank Act also imposed requirements relating to real-time public and regulatory reporting of OTC derivative transactions, enhanced documentation requirements, position limits on an expanded array of derivatives, and recordkeeping requirements. Taken as a whole, these changes could significantly increase the cost of using uncleared OTC derivatives to hedge risks, including interest rate and foreign exchange risk; reduce the level of exposure we are able to obtain for risk management purposes through OTC derivatives (including as the result of the CFTC imposing position limits on additional products); reduce the amounts available to us to make non-derivatives investments; impair liquidity in certain OTC derivatives; and adversely affect the quality of execution pricing obtained by us, all of which could adversely impact our investment returns.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, as a result of rules adopted by U.S. and foreign regulators concerning certain financial contracts, including OTC derivatives, entered into with counterparties that have been designated as global systemically important banking organizations, we may be restricted in our ability to terminate such contracts following the occurrence of certain insolvency-related default events. Transactions with these counterparties, therefore, carry heightened risk in the event that the counterparty defaults on its obligations to us.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Rule 18f-4 requires a BDC (or a registered investment company) that uses 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 requirements. 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. Under Rule 18f-4, 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. Collectively, these requirements may limit our ability to use derivatives and/or enter into certain other financial contracts.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We may enter into total return swaps that would expose us to certain risks, including market risk, liquidity risk and other risks similar to those associated with the use of leverage.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">A total return swap is a contract in which one party agrees to make periodic payments to another party based on the change in the market value of the assets underlying the total return swap, which may include a specified security or loan, basket of securities or loans or securities or loan indices during the specified period, in return for periodic payments based on a fixed or variable interest rate. A total return swap is typically used to obtain exposure to a security, loan or market without owning or taking physical custody of such security or loan or investing directly in such market. A total return swap may effectively add leverage to our portfolio because, in addition to our total net assets, we would be subject to investment exposure on the amount of securities or loans subject to the total return swap. A total return swap is also subject to the risk that a counterparty will default on its payment obligations thereunder or that we will not be able to meet our obligations to the counterparty. In addition, because a total return swap is a form of synthetic leverage, such arrangements are subject to risks similar to those associated with the use of leverage.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our portfolio may be focused on a limited number of industries, which will subject us to a risk of significant loss if there is a downturn in a particular industry.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Beyond the asset diversification requirements associated with our qualification as a RIC for U.S. federal income tax purposes, we do not have fixed guidelines for diversification. While we are not targeting any specific industries, our investments may be focused on relatively few industries. To the extent that we hold large positions in a small number of issuers, or within a particular industry, our net asset value may be subject to greater fluctuation. We may also be more susceptible to any single economic or regulatory occurrence or a downturn in particular industry. As a result, the aggregate returns we realize may be significantly adversely affected if a small number of investments perform poorly or if we need to write down the value of any one investment. Additionally, a downturn in any particular industry in which we are invested could significantly affect our aggregate returns. Further, any industry in which we are meaningfully concentrated at any given time could be subject to significant risks that could adversely impact our aggregate returns. For example, as of December 31, 2025, our investments in internet software and services represented 11.6% of our portfolio at fair value. Our investments in internet software and services are subject to substantial risks, including, but not limited to, intense competition, changing technology, shifting user needs, frequent introductions of new products and services, competitors in different industries and ranging from large established companies to emerging startups, decreasing average selling prices of products and services resulting from rapid technological changes, cybersecurity risks and cyber incidents and various legal and regulatory risks. In addition, as of December 31, 2025, our investments in healthcare providers and services represented 13.9% of our portfolio at fair value. The U.S. healthcare industry is heavily regulated and our investments in healthcare providers and services are subject to a variety of risks, including, but not limited to, additional or changing government regulations that could increase compliance and other costs of doing business, which may impact the business of such portfolio companies.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We cannot guarantee that we will be able to obtain various required licenses in U.S. states or in any other jurisdiction where they may be required in the future.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We are required to have and may be required in the future to obtain various state licenses to, among other things, originate commercial loans, and may be required to obtain similar licenses from other authorities, including outside of the United States, in the future in connection with one or more investments. Applying for and obtaining required licenses can be costly and take several months. We cannot assure you that we will maintain or obtain all of the licenses that we need on a timely basis. We also are and will be subject to various information and other requirements to maintain and obtain these licenses, and we cannot assure you that we will satisfy those requirements. Our failure to maintain or obtain licenses that we require, now or in the future, might restrict investment options and have other adverse consequences.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Certain investment analyses and decisions by our Adviser may be required to be undertaken on an expedited basis.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Investment analyses and decisions by our Adviser may be required to be undertaken on an expedited basis to take advantage of certain investment opportunities. While we generally will not seek to make an investment until our Adviser has conducted sufficient due diligence to make a determination as to the acceptability of the credit quality of the investment and the underlying issuer, in such cases, the information available to our Adviser at the time of making an investment decision may be limited. Therefore, no assurance can be given that our Adviser will have knowledge of all circumstances that may adversely affect an investment. In addition, our Adviser may rely upon independent consultants and others in connection with its evaluation of proposed investments. No assurance can be given as to the accuracy or completeness of the information provided by such independent consultants and we may incur liability as a result of such consultants’ actions, many of whom we will have limited recourse against in the event of any such inaccuracies.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We may not have the funds or ability to make additional investments in our portfolio companies.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">After our initial investment in a portfolio company, we may be called upon from time to time to provide additional funds to such company or have the opportunity to increase our investment through the exercise of a warrant or other right to purchase common stock. There is no assurance that we will make, or will have sufficient funds to make, follow-on investments. Even if we do have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our level of risk, we prefer other opportunities, we are limited in our ability to do so by compliance with BDC requirements, or in order to maintain our RIC status. Our ability to make follow-on investments may also be limited by our Adviser’s allocation policies. Any decision not to make a follow-on investment or any inability on our part to make such an investment may have a negative impact on a portfolio company in need of such an investment, may result in a missed opportunity for us to increase our participation in a successful investment or may reduce the expected return to us on the investment.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We are subject to certain risks as a result of our interests in the CLO Preferred Shares.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Under the terms of the loan sale agreements entered into in connection with our debt securitization transactions with respect to the CLOs (collectively, the “CLO Transactions”), we and certain financing subsidiaries sold and/or contributed to the respective issuers in connection with the particular CLO Transaction (the "CLO Issuers"), all of the ownership interest in the portfolio loans and participations held by the CLO Issuers on the closing date for the CLO Transaction for the purchase price and other consideration set forth in such loan sale agreements. As a result of the CLO Transactions, we hold all of the preferred shares issued by the CLO Issuers (collectively, the “CLO Preferred Shares”), which comprise 100% of the equity interests (other than, in the case of CLO Issuers domiciled in the Cayman Islands, certain nominal interests held by a charitable trust for purposes of limiting the ability of the CLO Issuers to file for bankruptcy) in the CLO Issuers and in the case of CLO Transactions which have a Delaware limited liability company as co-issuer (the “CLO Co-Issuers”), such CLO Issuer in turn owns 100% of the equity of such CLO Co-Issuer. In the case of CLO Issuers organized in Delaware, we own the equity interests of such CLO Issuer (i.e., the CLO Preferred Shares). As a result, we expect to consolidate the financial statements of the CLO Issuers in our consolidated financial statements. However, once sold or contributed to a CLO, the underlying loans and participation interests have been securitized and are no longer our direct investment, and the risk return profile has been altered. In general, rather than holding interests in the underlying loans and participation interests, the CLO Transactions resulted in us holding equity interests in the CLO Issuers, with the CLO Issuers holding the underlying loans. As a result, we are subject both to the risks and benefits associated with the Preferred Shares and, indirectly, the risks and benefits associated with the underlying loans and participation interests held by the CLO Issuers. In addition, our ability to sell, amend or otherwise modify an underlying loan held by a CLO Issuer is subject to certain conditions and restrictions under the applicable CLO Transactions, which may prevent us from taking actions that we would take if we held such underlying loan directly.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">The subordination of the CLO Preferred Shares will affect our right to payment</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The respective CLO Preferred Shares are subordinated to the notes issued and amounts borrowed by the CLO Issuers and CLO Co-Issuers, as applicable (collectively, the “CLO Debt”), respectively, and certain fees and expenses. If an overcollateralization test or an interest coverage test is not satisfied as of a determination date, the proceeds from the underlying loans otherwise payable to a CLO Issuer (which such CLO Issuer could have distributed with respect to the CLO Preferred Shares of such CLO Issuer) will be diverted to the payment of principal on the CLO Debt of such CLO Issuer. See “—The CLO Indentures require mandatory redemption of the respective CLO Debt for failure to satisfy coverage tests, which would reduce the amounts available for distribution to us.”</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">On the scheduled maturity of the CLO Debt of a CLO Issuer or if such CLO Debt is accelerated after an event of default, proceeds available after the payment of certain administrative expenses will be applied to pay both principal of and interest on the such CLO Debt until such CLO Debt is paid in full before any further payment will be made on the CLO Preferred Shares of such CLO Issuer. As a result, such CLO Preferred Shares would not receive any payments until such CLO Debt is paid in full and under certain circumstances may not receive payments at any time.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, if an event of default occurs and is continuing with respect to the CLO Debt of a CLO Issuer, the holders of such CLO Debt will be entitled to determine the remedies to be exercised under the indenture pursuant to which such CLO Debt was issued (each a “CLO Indenture” and collectively, the “CLO Indentures”). Remedies pursued by the holders of CLO Debt could be adverse to our interests as the holder of CLO Preferred Shares, and the holders of CLO Debt will have no obligation to consider any possible adverse effect on such our interest or the interest of any other person. See “ —</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%">The holders of certain CLO Debt will control many rights under the CLO Indentures and therefore, we will have limited rights in connection with an event of default or distributions thereunder.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">”</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The CLO Preferred Shares represent leveraged investments in the underlying loan portfolio of the applicable CLO Issuer, which is a speculative investment technique that increases the risk to us as the owner of the CLO Preferred Shares. As the junior interest in a leveraged capital structure, the CLO Preferred Shares will bear the primary risk of deterioration in the performance of the applicable CLO Issuer and its portfolio of underlying loans.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">The holders of certain CLO Debt will control many rights under the CLO Indentures and therefore, we will have limited rights in connection with an event of default or distributions thereunder.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Under each CLO Indenture, as long as any CLO Debt of the applicable CLO Issuer is outstanding, the holders of the senior-most outstanding class of such CLO Debt will have the right to direct the trustee or the applicable CLO Issuer to take certain actions under the applicable CLO Indenture or any related credit agreement. For example, these holders will have the right, following an event of default, to direct certain actions and control certain decisions, including the right to accelerate the maturity of applicable CLO Debt and, under certain circumstances, the liquidation of the collateral. Remedies pursued by such holders upon an event of default could be adverse to our interests.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Although we, as the holder of the CLO Preferred Shares, will have the right, subject to the conditions set forth in the CLO Indentures, to purchase assets in any liquidation of assets by the collateral trustee, if an event of default has occurred and is continuing, we will not have any creditors’ rights against the applicable CLO Issuer and will not have the right to determine the remedies to be exercised under the applicable CLO Indenture. There is no guarantee that any funds will remain to make distributions to us as the holder of the CLO Preferred Shares following any liquidation of assets and the application of the proceeds from such assets to pay the applicable CLO Debt and the fees, expenses, and other liabilities payable by the applicable CLO Issuer.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">The CLO Indentures require mandatory redemption of the respective CLO Debt for failure to satisfy coverage tests, which would reduce the amounts available for distribution to us.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Under the CLO Indentures governing the CLO Transactions, there are two coverage tests applicable to CLO Debt. These tests apply to each CLO Transaction separately. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">If either coverage test with respect to a CLO Transaction is not satisfied on any determination date on which such test is applicable, the applicable CLO Issuer must apply available amounts to redeem its CLO Debt in an amount necessary to cause such test to be satisfied. This would reduce or eliminate the amounts otherwise available to make distributions to us as the holder of the CLO Preferred Shares of such CLO Issuer.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Climate change and climate-related effects may expose us to systemic, global, macroeconomic risks and could adversely affect our business and the businesses of our products’ portfolio companies.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Global climate change is widely considered to be a significant threat to the global economy. We and the companies in which we invest may face risks associated with climate change, including physical risks such as an increased frequency or severity of extreme weather events and rising sea levels and temperatures. In addition, climate change may also impact our profitability and costs, as well as pose systemic risks for our businesses and those of the companies in which we invest. For example, to the extent weather conditions are affected by climate change, energy use by us or the companies in which we invest could increase or decrease depending on the duration and magnitude of any changes. Increases in the cost of energy could adversely affect the cost of operations of us or the companies in which we invest. On the other hand, a decrease in energy use due to weather changes may affect the financial condition of some of the companies in which we invest through decreased revenues. Additionally, extreme weather conditions in general require more system backup, adding to costs, including costs of insurance (particularly for real estate in certain regions), and can contribute to increased system stresses, including service interruptions.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">While the United States has withdrawn from the Paris Agreement, various other regulatory and voluntary initiatives launched by international, federal, state, and regional policymakers and regulatory authorities as well as private actors seeking to reduce greenhouse gas emissions may expose our business operations, products and products’ portfolio companies to other types of transition risks, such as: (i) political and policy risks, (including changing regulatory incentives, and legal requirements, including with respect to greenhouse gas emissions, that could result in increased costs or changes in business operations), (ii) regulatory and litigation risks, (including changing legal requirements that could result in increased permitting, tax and compliance costs, enhanced disclosure obligations, changes in business operations, or the discontinuance of certain operations, and litigation seeking monetary or injunctive relief related to impacts related to climate change), (iii) technology and market risks, (including declining market for investments in industries seen as greenhouse gas intensive or less effective than alternatives in reducing greenhouse gas emissions), (iv) business trend risks, (including requirements for certain portfolio companies related to capital expenditures, product or service redesigns, and changes to operations and supply chains to meet changing customer expectations, and the increased attention to ESG considerations by our investors, including in connection with their determination of whether to invest), and (v) potential harm to our reputation if our shareholders believe that we are not adequately or appropriately responding to climate change and/or climate risk management, including through the way in which we operate our business, the composition of portfolio, our new investments or the decisions we make to continue to conduct or change our activities in response to climate change considerations.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">Risks Related to an Investment in Our Common Stock</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:100%">Investors will not know the purchase price per share at the time they submit their subscription agreements and could receive fewer shares of our common stock than anticipated if our Board determines to increase the offering price to a price that we believe reflects the net asset value per share of the Class S, Class D and Class I shares in accordance with our share pricing policy. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">The Class S, Class D and Class I shares may, to the extent permitted or required under the rules and regulations of the SEC, be sold at prices necessary to ensure that shares are not sold at prices per share, after deducting the applicable Upfront Sales Load, that are below our net asset value per share for such class, if our net asset value per share: (i) declines more than 10% from the net asset value per share as of the effective date of the applicable registration statement or (ii) increases to an amount that is greater than the net proceeds per share as stated herein.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">In accordance with the Company’s share pricing policy, we will modify our public offering price to the extent necessary to comply with the requirements of the 1940 Act, including the requirement that we not sell our shares at a net offering price below our net asset value per share unless we obtain the requisite approval from our shareholders.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">As a result, your purchase price may be higher than the prior subscription closing price per share, and therefore you may receive a smaller number of shares than if you had subscribed at the prior subscription closing price.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:100%">If we are unable to raise substantial funds in our ongoing, continuous “best efforts” offering, we may be limited in the number and type of investments we may make, and the value of your investment in us may be reduced in the event our assets under- perform. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Our continuous offering is being made on a best efforts basis, whereby our Dealer Manager and participating broker-dealers are only required to use their best efforts to sell our shares and have no firm commitment or obligation to purchase any of our shares. To the extent that less than the maximum number of shares is subscribed for, the opportunity for diversification of our investments may </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">be decreased and the returns achieved on those investments may be reduced as a result of allocating all of our expenses among a smaller capital base.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:100%">Our shares are not listed, and we do not intend to list our shares, on an exchange, nor are our shares quoted through a quotation system. Therefore, our shareholders will have limited liquidity and may not receive a full return of invested capital (including front-end commissions, fees and expenses), upon selling their shares or upon liquidation of our Company.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Our shares are illiquid investments for which there is not a secondary market nor is it expected that any such secondary market will develop in the future. We do not intend to complete a liquidity event within any specific time period, if at all. A liquidity event could include a merger or another transaction approved by our Board in which our shareholders will receive cash or shares of a listed company, or a sale of all or substantially all of our assets either on a complete portfolio basis or individually followed by a liquidation. We do not intend to list our shares on a national securities exchange. Upon the occurrence of a liquidity event, if any, all Class S and Class D shares will automatically convert into Class I shares and the ongoing servicing fee will terminate.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:100%">Our Dealer Manager in our continuous offering may be unable to sell a sufficient number of shares of common stock for us to achieve our investment objective. Our ability to conduct our continuous offering successfully is dependent, in part, on the ability of our Dealer Manager to successfully establish, operate and maintain relationships with a network of broker-dealers. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">The success of our continuous public offering, and correspondingly our ability to implement our business strategy, is dependent upon the ability of our Dealer Manager to establish and maintain relationships with a network of licensed securities broker-dealers and other agents to sell our shares. If our Dealer Manager fails to perform, we may not be able to raise adequate proceeds through our public offering to implement our investment strategy. If we are unsuccessful in implementing our investment strategy, you could lose all or a part of your investment.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:100%">We may be unable to invest a significant portion of the net proceeds of our offering on acceptable terms in an acceptable timeframe.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Delays in investing the net proceeds of our offering may impair our performance. We cannot assure you that we will be able to continue to identify investments that meet our investment objective or that any investment that we make will produce a positive return. We may be unable to invest the net proceeds of our offering on acceptable terms within the time period that we anticipate or at all, which could harm our financial condition and operating results.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Before making investments, we will invest the net proceeds of our continuous public offering primarily in cash, cash-equivalents, U.S. government securities, repurchase agreements, and/or other high-quality debt instruments maturing in one year or less from the time of investment. This will produce returns that are significantly lower than the returns which we expect to achieve when our portfolio is fully invested in securities and loans meeting our investment objective. As a result, any distributions that we pay while our portfolio is not fully invested may be lower than the distributions that we may be able to pay when our portfolio is fully invested in securities meeting our investment objective.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:100%">We intend, but are not required, to offer to repurchase shareholders’ shares on a quarterly basis. As a result, shareholders will have limited opportunities to sell their shares.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">In the third quarter of 2021, 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. Our 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. Economic events affecting the U.S. economy, such as volatility in the financial markets, inflation, higher interest rates or global or national events that are beyond our control, could cause an increased number of shares to be put to us for repurchase. To the extent that the number of shares put to us for repurchase exceeds the number of shares that we are able to purchase, we will repurchase shares on a pro rata basis, not on a first-come, first-serve basis. Further, we will have no obligation to repurchase shares if the repurchase would violate the restrictions on distributions under federal law or Maryland law. These limits may prevent us from accommodating all repurchase requests made in any quarter.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">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.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">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.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:100%">The timing of our repurchase offers pursuant to our share repurchase program may be at a time that is disadvantageous to our shareholders, and, to the extent shareholders are able to sell their shares under the program, they may not be able to recover the amount of their investment in our shares.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:100%"> </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">When we make repurchase offers pursuant to the share repurchase program, we may offer to repurchase shares at a price that is lower than the price that shareholders paid for our shares. As a result, to the extent shareholders paid a price that includes the related sales load and to the extent shareholders have the ability to sell their shares pursuant to our share repurchase program, the price at which they may sell shares, which will be the current net offering price per share in effect on each date of repurchase, may be lower than the amount they paid in connection with the purchase of shares in this offering.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">A shareholder’s interest in us will be diluted if we issue additional shares, which could reduce the overall value of an investment in us.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our shareholders do not have preemptive rights to purchase any shares we issue in the future. Our charter authorizes us to issue up to 4.5 billion shares of common stock. Pursuant to our charter, a majority of our entire Board may amend our charter to increase the number of shares of common stock we may issue without shareholder approval. Our Board may elect to sell additional shares in the </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">future or issue equity interests in private offerings. To the extent we issue additional equity interests at or below net asset value, your percentage ownership interest in us may be diluted. In addition, depending upon the terms and pricing of any additional offerings and the value of our investments, you may also experience dilution in the book value and fair value of your shares.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Under the 1940 Act, we generally are prohibited from issuing or selling our common stock at a price below net asset value per share, which may be a disadvantage as compared with certain public companies. We may, however, sell our common stock, or warrants, options, or rights to acquire our common stock, at a price below the current net asset value of our common stock if our Board and independent directors determine that such sale is in our best interests and the best interests of our shareholders, and our shareholders, including a majority of those shareholders that are not affiliated with us, approve such sale. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our Board, closely approximates the fair value of such securities (less any distributing commission or discount). If we raise additional funds by issuing common stock or senior securities convertible into, or exchangeable for, our common stock, then the percentage ownership of our shareholders at that time will decrease and you will experience dilution.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Certain provisions of our charter and actions of our Board could deter takeover attempts and have an adverse impact on the value of shares of our common stock.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our charter, as well as certain statutory and regulatory requirements, contain certain provisions that may have the effect of discouraging a third party from attempting to acquire us. Our Board is divided into three classes of directors serving staggered three-year terms, which could prevent shareholders from removing a majority of directors in any given election. Our Board may, without shareholder action, authorize the issuance of shares in one or more classes or series, including shares of preferred stock; and our Board may, without shareholder action, amend our charter to increase the number of shares of our common stock, of any class or series, that we will have authority to issue. These anti-takeover provisions may inhibit a change of control in circumstances that could give the holders of shares of our common stock the opportunity to realize a premium over the value of shares of our common stock.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Investing in our securities involves a high degree of risk.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The investments we make in accordance with our investment objective may result in a higher amount of risk than alternative investment options, including volatility or loss of principal. Our investments in portfolio companies may be highly speculative and aggressive and, therefore, an investment in our common stock may not be suitable for someone with lower risk tolerance.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">The value of our common stock may fluctuate significantly.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The value and liquidity, if any, of the market for shares of our common stock may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include:</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">changes in the value of our portfolio of investments and derivative instruments as a result of changes in market factors, such as interest rate shifts, and also portfolio specific performance, such as portfolio company defaults, among other reasons;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">changes in regulatory policies or tax guidelines, particularly with respect to RICs or BDCs;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">loss of RIC tax treatment or BDC status;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">distributions that exceed our net investment income and net income as reported according to U.S. GAAP;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">changes in earnings or variations in operating results;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">changes in accounting guidelines governing valuation of our investments;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">adverse publicity about the investment management industry generally or individual scandals specifically;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">a breach of our computer systems, software or networks, or misappropriation of our proprietary information;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">any shortfall in revenue or net income or any increase in losses from levels expected by investors;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">departure of our Adviser or certain of its key personnel;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">general economic trends and other external factors; and</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">loss of a major funding source.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We may experience fluctuations in our quarterly results.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We could experience fluctuations in our quarterly operating results due to a number of factors, including our ability or inability to make investments in companies that meet our investment criteria, the interest rate payable on the loans or other debt securities we originate or acquire, the level of our expenses (including our borrowing costs), variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods or the full fiscal year.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">The amount of any distributions we may make on our common stock is uncertain. We may not be able to pay distributions to shareholders, or be able to sustain distributions at any particular level, and our distributions per share, if any, may not grow over time, and our distributions per share may be reduced. We have not established any limits on the extent to which we may use borrowings, if any, and we may use sources other than cash flows from operations to fund distributions (which may reduce the amount of capital we ultimately invest in portfolio companies).</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Subject to our Board’s discretion and applicable legal restrictions, we intend to authorize and declare cash distributions on a monthly or quarterly basis and pay such distributions on a monthly basis. We expect to pay distributions out of assets legally available for distribution. However, we cannot assure you that we will achieve investment results that will allow us to make a consistent targeted level of cash distributions or year-to-year increases in cash distributions. Our ability to pay distributions might be adversely affected by the impact of the risks described herein. Further, the per share amount of distributions on Class S, Class D and Class I shares may differ because of different allocations of class-specific expenses. For example, distributions on Class S and Class D shares will be lower than on Class I shares because Class S and Class D shares are subject to different ongoing servicing fees. In addition, the inability to satisfy the asset coverage test applicable to us as a BDC under the 1940 Act can limit our ability to pay distributions. Distributions from sources other than cash flows also could reduce the amount of capital we ultimately invest in debt or equity securities of portfolio companies. We cannot assure you that we will pay distributions to our shareholders in the future.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Distributions on our common stock may exceed our taxable earnings and profits. Therefore, portions of the distributions that we pay may represent a return of capital to you. A return of capital is a return of a portion of your original investment in shares of our common stock. As a result, a return of capital will (i) lower your adjusted tax basis in your shares and thereby increase the amount of capital gain (or decrease the amount of capital loss) realized upon a subsequent sale or redemption of such shares, and (ii) reduce the amount of funds we have for investment in portfolio companies. We have not established any limit on the extent to which we may use offering proceeds to fund distributions.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We may pay our distributions from offering proceeds in anticipation of future cash flow, which may constitute a return of your capital and will lower your adjusted tax basis in your shares, thereby increasing the amount of capital gain (or decreasing the amount of capital loss) realized upon a subsequent sale or redemption of such shares, even if such shares have not increased in value or have, in fact, lost value. Distributions from offering proceeds also could reduce the amount of capital we ultimately have available to invest in portfolio companies.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our stockholders could receive shares of our common stock as dividends, which could result in adverse tax consequences to them.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Although we currently do not intend to do so, we are permitted to declare a large portion of a dividend in shares of common stock instead of cash at the election of each stockholder. Revenue procedures issued by the IRS allow a publicly offered RIC to distribute its own stock as a dividend for the purpose of fulfilling its distribution requirements, if certain conditions are satisfied. Among other things, the aggregate amount of cash available to be distributed to all stockholders is required to be at least 20% of the aggregate declared distribution. The Internal Revenue Service has also issued private letter rulings on cash/stock dividends paid by RICs and real estate investment trusts where the cash component is limited to 20% of the total distribution if certain requirements are satisfied. Stockholders receiving such dividends will be required to include the full amount of the dividend (including the portion payable in stock) as ordinary income (or, in certain circumstances, long-term capital gain) to the extent of our current and accumulated earnings and profits for U.S. federal income tax purposes. As a result, stockholders could be required to pay income taxes with respect to such dividends in excess of the cash dividends received. It is unclear to what extent we will be able to pay taxable dividends in cash and common stock (whether pursuant to IRS Revenue Procedures, a private letter ruling or otherwise).</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Shareholders will experience dilution in their ownership percentage if they do not participate in our distribution reinvestment plan.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We have a adopted a distribution reinvestment plan, pursuant to which we will reinvest all cash distributions declared by the Board on behalf of our shareholders who elect to participate, or “opt-in,” in shares of our common stock. As a result, shareholders that do not elect to participate in our distribution reinvestment plan will experience dilution over time. Shareholders who do not elect to participate in our distribution reinvestment plan may experience accretion to the net asset value of their shares if our shares are trading at a premium to net asset value and dilution if our shares are trading at a discount to net asset value. The level of accretion or discount would depend on various factors, including the proportion of our shareholders who participate in the plan, the level of premium or discount at which our shares are trading and the amount of the distribution payable to shareholders.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Preferred stock could be issued with rights and preferences that would adversely affect holders of our common stock.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Under the terms of our charter, our Board is authorized to issue shares of preferred stock in one or more series without shareholder approval, which could potentially adversely affect the interests of existing shareholders. In particular, holders of preferred stock are required to have certain voting rights when there are unpaid dividends and priority over other classes of securities as to distribution of assets or payment of dividends.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">If we issue preferred stock or convertible debt securities, the net asset value of our common stock may become more volatile.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We cannot assure you that the issuance of preferred stock and/or convertible debt securities would result in a higher yield or return to the holders of our common stock. The issuance of preferred stock or convertible debt would likely cause the net asset value of our common stock to become more volatile. If the dividend rate on the preferred stock, or the interest rate on the convertible debt securities, were to approach the net rate of return on our investment portfolio, the benefit of such leverage to the holders of our common stock would be reduced. If the dividend rate on the preferred stock, or the interest rate on the debt securities, were to exceed the net rate of return on our portfolio, the use of leverage would result in a lower rate of return to the holders of common stock than if we had not issued the preferred stock or convertible debt securities. Any decline in the net asset value of our investment would be </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">borne entirely by the holders of our common stock. Therefore, if the market value of our portfolio were to decline, the leverage would result in a greater decrease in net asset value to the holders of our common stock than if we were not leveraged through the issuance of preferred stock or debt securities. This decline in net asset value would also tend to cause a greater decline in the market price, if any, for our common stock.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">There is also a risk that, in the event of a sharp decline in the value of our net assets, we would be in danger of failing to maintain required asset coverage ratios, which may be required by the preferred stock or convertible debt, or our current investment income might not be sufficient to meet the dividend requirements on the preferred stock or the interest payments on the debt securities. In order to counteract such an event, we might need to liquidate investments in order to fund the redemption of some or all of the preferred stock or convertible debt. In addition, we would pay (and the holders of our common stock would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred stock, convertible debt, or any combination of these securities. Holders of preferred stock or convertible debt may have different interests than holders of common stock and may at times have disproportionate influence over our affairs.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Holders of any preferred stock that we may issue will have the right to elect certain members of the Board and have class voting rights on certain matters.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The 1940 Act requires that holders of shares of preferred stock must be entitled as a class to elect two directors at all times and to elect a majority of the directors if dividends on such preferred stock are in arrears by two years or more, until such arrearage is eliminated. In addition, certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred stock, including changes in fundamental investment restrictions and conversion to open end status and, accordingly, preferred shareholders could veto any such changes. Restrictions imposed on the declarations and payment of dividends or other distributions to the holders of our common stock and preferred stock, both by the 1940 Act and by requirements imposed by rating agencies, might impair our ability to maintain our tax treatment as a RIC for U.S. federal income tax purposes. Our board of directors has passed a resolution that no preferred stock will be issued that has voting rights that will limit or subordinate voting rights of the holders of our common stock afforded by the Omnibus Guidelines issued by NASAA. However, there can be no assurance that our Board will not issue preferred stock in the future.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Compliance with the SEC’s Regulation Best Interest by participating broker-dealers may negatively impact our ability to raise capital in our offering, which would harm our ability to achieve our investment objectives. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Commencing June 30, 2020, broker-dealers must comply with Regulation Best Interest, which, among other requirements, establishes a new standard of conduct for broker-dealers and their associated persons when making a recommendation of any securities transaction or investment strategy involving securities to a retail customer. Under Regulation Best Interest, high cost, high risk and complex products may be subject to greater scrutiny by broker-dealers and their salespersons. Regulation Best Interest imposes a duty of care for broker-dealers and their salespersons. Reasonable alternatives to us, such as listed entities, exist and may have lower expenses, less complexity and/or lower investment risk than us. Certain investments in listed entities may involved lower or no commissions at the time of initial purchase. Under Regulation Best Interest, broker-dealers participating in the offering must consider such alternatives in the best interest of their clients. The impact of Regulation Best Interest on participating dealers cannot be determined at this time, and it may negatively impact whether participating dealers and their associated persons recommend our offering to certain retail customers. If Regulation Best Interest reduces our ability to raise capital in our offering, it would harm our ability to create a diversified portfolio of investments and ability to achieve our investment objectives.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">Risks Related to an Investment in our Unsecured Notes</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our unsecured notes are effectively subordinated to any secured indebtedness we have currently incurred or may incur in the future.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We have issued notes that are unsecured by any of our assets or any of the assets of our subsidiaries. As a result, these notes are effectively subordinated, or junior, to any secured indebtedness or other obligations we or our subsidiaries have currently incurred and may incur in the future (or any indebtedness that is initially unsecured that we later secure) to the extent of the value of the assets securing such indebtedness. Substantially all of our subsidiaries’ assets are currently pledged as collateral under our credit facilities or in connection with our CLOs. In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of any of our existing or future secured indebtedness and the secured indebtedness of our subsidiaries may assert rights against the assets pledged to secure that indebtedness in order to receive full payment of their indebtedness before the assets may be used to pay other creditors, including the holders of the unsecured notes. Secured indebtedness is effectively senior to the notes to the extent of the value of the assets securing such indebtedness.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our unsecured notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The unsecured notes are exclusively our obligations and not of any of our subsidiaries. None of our subsidiaries are a guarantor of the unsecured notes and the unsecured notes are not required to be guaranteed by any subsidiaries we may acquire or create in the future. Except to the extent we are a creditor with recognized claims against our subsidiaries, all claims of creditors (including trade creditors) and holders of preferred stock, if any, of our subsidiaries will have priority over our equity interests in such subsidiaries (and therefore the claims of our creditors, including holders of the unsecured notes) with respect to the assets of such subsidiaries. Even if we are recognized as a creditor of one or more of our subsidiaries, our claims would still be effectively subordinated to any security interests in the assets of any such subsidiary and to any indebtedness or other liabilities of any such subsidiary senior to our claims. Consequently, our unsecured notes will be structurally subordinated, or junior, to our SPV Asset Facilities, CLOs and all existing and future indebtedness and other obligations (including trade payables) incurred by any of our subsidiaries, financing vehicles or similar </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">facilities and any subsidiaries, financing vehicles or similar facilities that we may in the future acquire or establish. Our subsidiaries may incur indebtedness in the future, all of which would be structurally senior to the unsecured notes.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">A downgrade, suspension or withdrawal of the credit rating assigned by a rating agency to us or our notes, if any, or change in the debt markets, could cause the liquidity or market value of our notes to decline significantly.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our credit ratings are an assessment by rating agencies of our ability to pay our debts when due. Consequently, real or anticipated changes in our credit ratings will generally affect the market value of our notes. These credit ratings may not reflect the potential impact of risks relating to the structure or marketing of our notes. Credit ratings are not a recommendation to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">An increase in market interest rates could result in a decrease in the market value of our unsecured notes.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The condition of the financial markets and prevailing interest rates have fluctuated in the past and are likely to fluctuate in the future, which could have an adverse effect on the market prices of our unsecured notes. In general, as market interest rates rise, debt securities bearing interest at fixed rates of interest decline in value. We cannot predict the future level of market interest rates.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">The indenture under which the unsecured notes were issued contains limited protection for holders of our unsecured notes.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The indenture offers limited protection to holders of our unsecured notes. The terms of the indenture and the unsecured notes do not restrict our or any of our subsidiaries’ ability to engage in, or otherwise be a party to, a variety of corporate transactions, circumstances or events that could have an adverse impact on an investment in the unsecured notes. In particular, the terms of the indenture and the unsecured notes will not place any restrictions on our or our subsidiaries’ ability to:</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">issue securities or otherwise incur additional indebtedness or other obligations other than an incurrence of indebtedness or other obligations that would cause a violation of Section 18(a)(1)(A) as modified by Section 61(a) of the 1940 Act or any successor provisions of the 1940 Act, but giving effect, in either case, to any exemptive relief granted to us by the SEC. Currently, these provisions generally prohibit us from incurring additional borrowings, including through the issuance of additional debt securities, unless our asset coverage, as defined in the 1940 Act, equals at least 150% after such borrowings;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">pay dividends on, or purchase or redeem or make any payments in respect of, capital stock or other securities ranking junior in right of payment to the unsecured notes;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">sell assets (other than certain limited restrictions on our ability to consolidate, merge or sell all or substantially all of our assets);</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">create liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback transactions;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">enter into transactions with affiliates;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">make investments; or</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">create restrictions on the payment of dividends or other amounts to us from our subsidiaries.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Furthermore, the terms of the indenture and the unsecured notes do not protect holders of the unsecured notes in the event that we experience changes (including significant adverse changes) in our financial condition, results of operations or credit ratings, as they do not require that we or our subsidiaries adhere to any financial tests or ratios or specified levels of net worth, revenues, income, cash flow or liquidity.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our ability to recapitalize, incur additional debt and take a number of other actions that are not limited by the terms of the unsecured notes may have important consequences for a holder of the unsecured notes, including making it more difficult for us to satisfy our obligations with respect to the unsecured notes or negatively affecting the trading value of the unsecured notes.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Certain of our current debt instruments include more protections for their holders than the indenture and the unsecured notes. In addition, other debt we issue or incur in the future could contain more protections for its holders than the indenture and the unsecured notes, including additional covenants and events of default. The issuance or incurrence of any such debt with incremental protections could affect the market for and trading levels and prices of the unsecured notes.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">The optional redemption provision may materially adversely affect a noteholder’s return on the unsecured notes.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The unsecured notes are redeemable in whole or in part at any time or from time to time at our option. We may choose to redeem the unsecured notes at times when prevailing interest rates are lower than the interest rate paid on the unsecured notes. In this circumstance, a noteholder may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as that of the unsecured notes being redeemed.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We may not be able to repurchase the unsecured notes upon a Change of Control Repurchase Event.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Upon the occurrence of a Change of Control Repurchase Event, as defined in the indenture that governs the unsecured notes, as supplemented, subject to certain conditions, we will be required to offer to repurchase all outstanding unsecured notes at 100% of their principal amount, plus accrued and unpaid interest. The source of funds for that purchase of the unsecured notes will be our available cash or cash generated from our operations or other potential sources, including borrowings, investment repayments, sales of assets or sales of equity. We cannot assure you that sufficient funds from such sources will be available at the time of any Change of Control Repurchase Event to make required repurchases of the unsecured notes tendered. Our debt instruments may contain restrictions and </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">provisions that we would have to comply with in connection with any repurchase of the unsecured notes. If the holders of the unsecured notes exercise their right to require us to repurchase all the unsecured notes upon a Change of Control Repurchase Event, the financial effect of this repurchase could cause a default under our existing or future debt instruments, even if the Change of Control Repurchase Event itself would not cause a default. It is possible that we will not have sufficient funds at the time of the Change of Control Repurchase Event to make the required repurchase of the unsecured notes or our other debt.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">If an active trading market does not develop for the unsecured notes, noteholders may not be able to resell them.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We do not intend to apply for listing of the unsecured notes on any securities exchange or for quotation of the unsecured notes on any automated dealer quotation system. If no active trading market develops, noteholders may not be able to resell the unsecured notes at their fair market value or at all. If the unsecured notes are traded after their initial issuance, they may trade at a discount from their initial offering price depending on prevailing interest rates, the market for similar securities, our credit ratings, general economic conditions, our financial condition, performance and prospects and other factors. We cannot assure noteholders that a liquid trading market will develop for the unsecured notes, that noteholders will be able to sell the unsecured notes at a particular time or that the price noteholders receive when they sell will be favorable. To the extent an active trading market does not develop for the unsecured notes, the liquidity and trading price for the unsecured notes may be harmed. Accordingly, noteholders may be required to bear the financial risk of an investment in the unsecured notes for an indefinite period of time.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Investments in our Australian Debt Issuance Program and GMTN Program may involve significant risks in addition to the risks inherent in U.S. investments.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Investing in our Australian Debt Issuance Program and GMTN Program may expose us and investors to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, political and social instability, expropriation, imposition of foreign taxes, less liquid markets and less available information than is generally the case in the United States, higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">A number of factors may have a negative impact on the value of non-U.S. currencies and the value of the Australian Notes and EUR 2031 Notes based on such currencies. </span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">A number of factors may affect the value of non-U.S. currencies or the U.S. dollar and, in turn, the Australian Notes and EUR 2031 Notes based on such non-U.S. currencies or the U.S. dollar. These factors include: </span></div><div style="margin-top:6pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Natural or environmental disasters and widespread disease, including public health disruptions, pandemics and epidemics; </span></div><div style="margin-top:6pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Debt level and trade deficit of the relevant foreign countries; </span></div><div style="margin-top:6pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Inflation rates of the United States and the relevant foreign countries and investors’ expectations concerning inflation rates;</span></div><div style="margin-top:6pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Interest rates of the United States and the relevant foreign countries and investors’ expectations concerning interest rates;</span></div><div style="margin-top:6pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Investment and trading activities of mutual funds, hedge funds and other market participants;</span></div><div style="margin-top:6pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Global or regional political, economic or financial events and situations;</span></div><div style="margin-top:6pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Sovereign action to set or restrict currency conversion;</span></div><div style="margin-top:6pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Monetary policies and other related activities of central banks within the U.S. and other relevant non-U.S. markets;</span></div><div style="margin-top:6pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Overall growth and performance of the economies of the relevant countries; and</span></div><div style="margin-top:6pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Non-U.S. financial markets may be closed on a day when U.S. domestic markets are open for trading. </span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As a result, liquidity and/or pricing may be affected. In periods of financial turmoil, capital can move quickly out of countries or geographic regions that are perceived to be more vulnerable to the effects of the crisis than other countries or geographic regions, with sudden and severely adverse consequences to the currencies of those countries or geographic regions. Each of these factors could have a negative impact on the value of the AUD 2027 Notes and the EUR 2031 Notes. These factors interrelate in complex ways, and the effect of one factor on the value of the AUD 2027 Notes and the EUR 2031 Notes may offset or enhance the effect of another factor. All of these factors are, in turn, sensitive to the monetary, fiscal and trade policies pursued by the relevant countries and those of other countries important to international trade and finance. In addition, information relating to non-U.S. countries or currencies may not be as well-known or as rapidly or thoroughly reported as information regarding the U.S. or the U.S. dollar.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">Risks Related to U.S. Federal Income Tax</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We cannot predict how new tax legislation will affect us, our investments, or our stockholders, and any such legislation could adversely affect our business.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Legislative or other actions relating to taxes could have a negative effect on us. The laws pertaining to U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department. The likelihood of any such legislation being enacted is uncertain. New legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could have adverse tax consequences, such as significantly and negatively affecting our ability to qualify for tax treatment as a RIC or negatively affecting the U.S. federal income tax consequences applicable to us and our investors as a result of such qualification. For example, on July 4, 2025, the United States enacted “An Act to Provide for reconciliation Pursuant to Title II of H. Con. Res. 14” (the “Act”), also known as the “One Big Beautiful Bill,” which includes significant amendments to the Code. The Act did not have a material impact on our consolidated financial statements. Shareholders are urged to consult with their tax advisor regarding tax legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in our common stock.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We will be subject to U.S. federal income tax imposed at corporate rates if we are unable to maintain our tax treatment as a RIC under subchapter M of the Code.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">To maintain RIC tax treatment under the Code, we must meet the following minimum annual distribution, income source and asset diversification requirements. See “</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%">ITEM 1. BUSINESS </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">—</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%"> Certain U.S. Federal Income Tax Considerations</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">.”</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The Annual Distribution Requirement for a RIC generally will be satisfied if we distribute to our shareholders on an annual basis at least 90% of our “investment company taxable income,” which is generally our net ordinary income plus the excess, if any, of realized net short term capital gains over realized net long term capital losses. In addition, a RIC may, in certain cases, satisfy the Annual 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. We would be subject to U.S. federal income tax imposed at regular corporate rates, on retained income and/or gains, including any short term capital gains or long term capital gains. We also must make distributions to satisfy the Excise Tax Avoidance Requirement and avoid a 4% excise tax on certain undistributed income. Because we may use debt financing, we are subject to (i) an asset coverage ratio requirement under the 1940 Act and may, in the future, be subject to (ii) certain financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to satisfy the distribution requirements. If we are unable to obtain cash from other sources, or choose or are required to retain a portion of our taxable income or gains, we could (1) be required to pay excise taxes and (2) fail to qualify for RIC tax treatment. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The income source requirement will be satisfied if we obtain at least 90% of our annual income from dividends, interest, payments with respect to loans of certain securities, gains from the sale of stock or other securities or foreign currencies, net income from certain “qualified publicly traded partnerships,” (as that term is defined in the Code) or other income derived from the business of investing in stock or securities.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%"> In addition, we are required to satisfy certain asset diversification requirements at the end of each quarter of our taxable year. Specifically, to satisfy these requirements (1) at least 50% of the value of our assets must consist of cash, cash items (including receivables), U.S. government securities, securities of other RICs, and other securities, if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer; and(2) no more than 25% of the value of our assets may be invested in (i) the securities, other than U.S. government securities or securities of other RICs, of one issuer, (ii) the securities, other than the securities of other RICs, of two or more issuers that are controlled by us and which are determined under applicable Treasury regulations, to be engaged in the same or similar or related trades or businesses, or (iii) the securities of certain “qualified publicly traded partnerships (as that term is defined in the Code).” Failure to meet these requirements may result in our having to dispose of certain investments quickly in order to prevent the loss of RIC status. Because most of our investments will be in private companies, and therefore will be relatively illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">If we fail to qualify for or maintain RIC tax treatment for any reason, and certain cure provisions are not applicable, we would be subject to U.S. federal income tax imposed at corporate rates on all of our taxable income (including our net capital gains). We would not be able to deduct distributions to our shareholders, nor would they be required to be made. The resulting taxes could substantially reduce our net assets, the amount of income available for distribution, and the amount of our distributions.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We may invest in certain debt and equity investments through subsidiaries that are classified as corporations for U.S. federal income tax purposes, and the net taxable income of these subsidiaries will be subject to U.S. federal income and state and local taxes imposed at corporate rates. We may invest in certain foreign debt and equity investments, which could be subject to foreign taxes (such as income tax, withholding, and value added taxes).</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">For U.S. federal income tax purposes, we may be required to recognize taxable income in circumstances in which we do not receive a corresponding payment in cash. For example, since we will likely hold debt obligations that are treated under applicable tax rules as having OID (such as debt instruments with PIK, secondary market purchases of debt securities at a discount to par, interest or, in certain cases, increasing interest rates or debt instruments that were issued with warrants), we must include in income each year a portion of the OID that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">the same taxable year. We may also have to include in income other amounts that we have not yet received in cash, such as unrealized appreciation for foreign currency forward contracts and deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. Furthermore, we may invest in non-U.S. corporations (or other non-U.S. entities treated as corporations for U.S. federal income tax purposes) that could be treated under the Code and U.S. Treasury regulations as “passive foreign investment companies” and/or “controlled foreign corporations.” The rules relating to investment in these types of non-U.S. entities are designed to limit deferral and generally require the current inclusion of income derived by the entity. In certain circumstances, this could require us to recognize income where we do not receive a corresponding payment in cash.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Unrealized appreciation on derivatives, such as foreign currency forward contracts, may be included in taxable income while the receipt of cash may occur in a subsequent period when the related contract expires. Any unrealized depreciation on investments that the foreign currency forward contracts are designed to hedge are not currently deductible for tax purposes. This can result in increased taxable income whereby we may not have sufficient cash to pay distributions or we may opt to retain such taxable income and pay U.S. federal income or excise tax. In such cases we could still rely upon the “spillover provisions” to maintain RIC tax treatment.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We anticipate that a portion of our income may constitute OID or other income required to be included in taxable income prior to receipt of cash. Further, we may elect to amortize market discounts with respect to debt securities acquired in the secondary market and include such amounts in our taxable income in the current year, instead of upon disposition, as an election not to do so would limit our ability to deduct interest expenses for tax purposes. Because any OID or other amounts accrued will be included in our investment company taxable income for the year of the accrual, we may be required to make a distribution to our shareholders in order to satisfy the Annual Distribution Requirement, even if we will not have received any corresponding cash amount. As a result, we may have difficulty meeting the Annual Distribution Requirement necessary to maintain RIC tax treatment under the Code. We may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital, make a partial share distribution, or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, and choose not to make a qualifying share distribution, we may fail to qualify for RIC tax treatment and thus become subject to U.S. federal income tax imposed at corporate rates.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">If we are not treated as a “publicly offered regulated investment company,” as defined in the Code, certain U.S. shareholders will be treated as having received a dividend from us in the amount of such U.S. shareholders’ allocable share of the base management fee and incentive fees paid to our Adviser and some of our expenses, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. shareholders. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">A “publicly offered regulated investment company” is a RIC whose shares are either (i) continuously offered pursuant to a public offering within the meaning of Section 4 of the Securities Act, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the taxable year. While we anticipate that we will constitute a publicly offered RIC, there can be no assurance that we will in fact so qualify for any of our taxable years. If we are not treated as a publicly offered regulated investment company for any calendar year, each U.S. shareholder that is an individual, trust or estate will be treated as having received a dividend from us in the amount of such U.S. shareholder’s allocable share of the base management fee and incentive fees paid to our Adviser and certain of our other expenses for the calendar year, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. shareholder.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">General Risk Factors</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We and our portfolio companies are subject to regulation by laws at the local, state, and federal levels. These laws and regulations, as well as their interpretation, could change from time to time, including as the result of interpretive guidance or other directives from the current U.S. Presidential administration, and new laws, regulations and interpretations could also come into effect. Any new or changed laws or regulations could have a material adverse effect on our business, and political uncertainty could increase regulatory uncertainty in the near term.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">A single political party currently controls both the executive and legislative branches of government, which increases the likelihood that legislation may be adopted that could significantly affect the regulation of U.S. financial markets. Regulatory changes could result in greater competition from banks and other lenders with which we compete for lending and other investment opportunities. The United States may also potentially withdraw from or renegotiate various trade agreements and take other actions that would change current trade policies of the United States. In addition, in June 2024, the U.S. Supreme Court reversed its longstanding approach under the Chevron doctrine, which provided for judicial deference to regulatory agencies. As a result of this decision, there may be increased challenges to existing agency regulations and it is unclear how lower courts will apply the decision in the context of other regulatory schemes without more specific guidance from the U.S. Supreme Court. For example, the decision could significantly impact consumer protection, advertising, privacy, AI technologies, anti-corruption and anti-money laundering practices and other regulatory regimes with which we are required to comply. Any such regulatory developments could result in uncertainty about and changes in the ways such regulations apply to us and our portfolio companies, and may require additional resources to ensure our continued compliance. We cannot predict which, if any, of these actions will be taken or, if taken, their effect on the financial stability of the United States. Such actions could have a significant adverse effect on our business, financial condition and results of operations.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Changes to the laws and regulations governing our permitted investments may require a change to our investment strategy. Such changes could differ materially from our strategies and plans as set forth in this report and may shift our investment focus from the </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">areas of expertise of our Adviser. Thus, any such changes, if they occur, could have a material adverse effect on our results of operations and the value of your investment in us.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Economic sanction laws in the U.S. and other jurisdictions may prohibit us and our affiliates from transacting with certain countries, individuals and companies.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Economic sanction laws in the U.S. and other jurisdictions may restrict or prohibit us or our affiliates from transacting with certain countries, territories, individuals and entities. In the U.S., the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) administers and enforces laws, executive orders and regulations establishing U.S. economic and trade sanctions, which restrict or prohibit, among other things, direct and indirect transactions with, and the provision of services to, certain countries, territories, industry sectors, individuals and entities. These types of sanctions may significantly restrict or completely prohibit lending activities in certain jurisdictions, and violation of any such laws or regulations, may result in significant legal and monetary penalties, as well as reputational damage. OFAC sanctions programs change frequently, which may make it more difficult for us or our affiliates to ensure compliance. Moreover, OFAC enforcement is increasing, which may increase the risk that we become the subject of such actual or threatened enforcement. Sanctions laws and regulations enforced by other countries may conflict with U.S. law such that compliance with both becomes difficult or even impossible.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Additionally, Section 2019 of the Iran Threat Reduction and Syria Human Rights Act of 2012 (the “ITRA”) amended the Exchange Act to require companies subject to SEC reporting obligations under Section 13 of the Exchange Act to disclose in their periodic reports specified dealings or transactions involving Iran or other individuals and entities targeted by OFAC during the period covered by the relevant periodic report. In some cases, the ITRA requires companies to disclose these types of transactions even if they were permissible under U.S. law. Companies that currently may be or may have been at the time considered our affiliates, may have from time to time publicly filed and/or provided to us such disclosures. We do not independently verify or participate in the preparation of these disclosures. We are required, either periodically or annually to separately file with the SEC a notice when such activities have been disclosed, and the SEC is required to post such notice of disclosure on its website and send the report to the President and certain U.S. Congressional committees. Disclosure of such activity, even if such activity is not subject to sanctions under applicable law, and any sanctions actually imposed on us or our affiliates as a result of these activities, could harm our reputation and have a negative impact on our business, financial condition and results of operations, and any failure to disclose any such activities as required could additionally result in fines or penalties.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Failure to comply with anti-corruption laws or with regulations regarding the prevention of money laundering or terrorism or national security could adversely affect our business.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We and the Adviser are committed to complying with all applicable anti-corruption and anti-bribery laws. As a result, the Adviser may forgo investment opportunities because of our unwillingness to participate in transactions that may expose us to risks under applicable anti-corruption and anti-bribery laws. Law enforcement agencies in the European Union, the United Kingdom, the United States and elsewhere devote significant resources to enforcement of anti-corruption and anti-bribery laws and regulations. Any failure to comply with anti-corruption and anti-bribery laws and regulations could have serious legal, financial and reputational consequences, including operational disruptions and significant financial penalties.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">As part of our responsibility for the prevention of money laundering under applicable laws, we may require detailed verification of a prospective investor’s identity and the source of such prospective investor’s funds. We may from time to time request additional information as may be required for us to satisfy our obligations under these and other laws that may be adopted in the future. Additionally, we may from time to time be obligated to file reports with regulatory authorities in various jurisdictions with regard to, among other things, the identity of our investors and suspicious activities involving investments in us. In the event it is determined that any investor, or any direct or indirect owner of any investor, is a person identified in any of these laws as a prohibited person, or is otherwise engaged in activities of the type prohibited under these laws, we may be obligated, among other actions to be taken, to withhold distributions of any funds otherwise owing to such investor or to cause such investor’s interests to be cancelled or otherwise redeemed (without the payment of any consideration in respect of those interests).</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The Bank Secrecy Act of 1970 and the USA PATRIOT Act require that financial institutions (a term that includes banks, broker-dealers and investment companies) establish and maintain compliance programs to guard against money laundering activities. These implementing regulations were amended to include registered investment advisers within scope of financial institutions that will be obliged to adopt stand-alone anti-money laundering programs, though the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) has postponed the effective date of the amendment to January 1, 2028 and announced its intention to revisit the scope and applicability of the amendment to certain asset managers at a future date. Laws or regulations may presently or in the future require us, any of our affiliates or other service providers to establish additional anti-money laundering procedures, to collect information with respect to our products’ investors, to share information with governmental authorities with respect to our products’ investors or to implement additional restrictions on the transfer of the interests. These requirements can lead to increased expenses and exposure to enforcement actions.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Heightened scrutiny of the financial services industry by regulators may materially and adversely affect our business.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The financial services industry has been the subject of heightened scrutiny by regulators around the globe. In particular, the SEC and its staff have focused more narrowly on issues relevant to alternative asset management firms, including by forming specialized units devoted to examining such firms and, in certain cases, bringing enforcement actions against the firms, their principals and employees. In recent periods there have been a number of enforcement actions within the industry, and it is expected that the SEC will continue to pursue enforcement actions against asset managers. The current administration and the current leadership of the SEC have indicated that they intend to not adopt certain proposals or modify or repeal certain regulations perceived as burdensome to private </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">fund advisers, particularly those related to sustainability investing and cybersecurity. This enforcement activity and the evolving regulatory landscape have caused, and could further cause us to reevaluate certain practices and adjust our compliance control function as necessary and appropriate.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The SEC’s recent lists of examination priorities include such items as assessments of investment advisers’ adherence to fiduciary standards of conduct and effectiveness of advisers’ compliance programs, as well as specific priority areas for advisers to private funds, including disclosure of conflicts of interests and risks, and adequacy of policies and procedures; and advisory of alternative investment strategies or complex investment products. The SEC also highlighted its focus on investment advisers that are dually registered as broker-dealers and compliance with newly adopted SEC rules, including Regulations S-ID and S-P. Many firms have received inquiries during examinations or directly from the SEC’s Division of Enforcement regarding various transparency-related topics, including the acceleration of monitoring fees, the allocation of broken-deal expenses, outside business activities of firm principals and employees, group purchasing arrangements, and general conflicts of interest disclosures. While we believe we have made appropriate and timely disclosures regarding the foregoing, the SEC staff may disagree.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Further, the SEC has previously highlighted BDC board oversight and valuation practices as one of its areas of focus in investment adviser examinations and has instituted enforcement actions against advisers for misleading investors about valuation.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">If the SEC were to investigate our Adviser and find errors in its methodologies or procedures, our Adviser could be subject to penalties and fines, which could in turn harm our reputation and our business, financial condition and results of operations could be materially and adversely affected. Similarly, from time to time we or our Adviser could become the subject of litigation or other similar claims. Any investigations, litigation or similar claims could continue without resolution for long periods of time and could consume substantial amounts of our management’s time and attention, and that time and attention and the devotion of associated resources could, at times, be disproportionate to the amounts at stake. Investigations, litigations and other claims are subject to inherent uncertainties, and a material adverse impact on our financial statements could occur for the period in which the effect of an unfavorable final outcome in an investigation, litigation or other similar claims becomes probable and reasonably estimable. In addition, we could incur expenses associated with defending ourselves against investigations, litigation and other similar claims, and these expenses could be material to our earnings in future periods.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Credit funds have been the subject of increasing regulatory focus at international and regional levels. To the extent that we are engaged in lending activity, we may be subject to restrictions on our activities and be obliged to comply with regulatory reporting and disclosure requirements. The International Organization of Securities Commissions (“IOSCO”) and the Financial Stability Board (“FSB”) have called on regulators to consider issues arising from the rapid growth in private finance, including in relation to systemic risk, transparency, leverage, liquidity, and conflicts of interest. It is likely that regulators will continue to focus on the credit funds sector and may introduce further regulatory requirements in the future.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Provisions of the Maryland General Corporation Law and of our charter and bylaws could deter takeover attempts and have an adverse effect on the price of our common stock.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The Maryland General Corporation Law (the “MGCL”), our charter and our bylaws contain provisions that may discourage, delay or make more difficult a change in control of the Company or the removal of our directors. We are subject to the Maryland Business Combination Act (the “Business Combination Act”), subject to any applicable requirements of the 1940 Act. Our board of directors has adopted a resolution exempting from the Business Combination Act any business combination between us and any other person, subject to prior approval of such business combination by our board, including approval by a majority of our disinterested directors. If the resolution exempting business combinations is repealed or our board or disinterested directors do not approve a business combination, the Business Combination Act may discourage third parties from trying to acquire control of us and may increase the difficulty of consummating such an offer. Our bylaws exempt from the Maryland Control Share Acquisition Act (the “Control Share Acquisition Act”) acquisitions of our stock by any person. If we amend our bylaws to repeal the exemption from the Control Share Acquisition Act, subject to any applicable requirements of the 1940 Act, the Control Share Acquisition Act also may make it more difficult for a third party to obtain control of us and may increase the difficulty of consummating such an offer.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our Bylaws include an exclusive forum selection provision, which could limit our shareholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or other agents.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our Bylaws require that, unless we consent in writing to the selection of an alternative forum, the Circuit Court for Baltimore City (or, if that court does not have jurisdiction, the United States District Court for the District of Maryland, Northern Division) shall be the sole and exclusive forum for (i) any derivative action or proceeding brought on our behalf (ii) any action asserting a claim of breach of any standard of conduct or legal duty owed by any of our directors, officers or other agents to us or to our shareholders, (iii) any action asserting a claim arising pursuant to any provision of the MGCL or the Charter or the Bylaws (as either may be amended from time to time), or (iv) any action asserting a claim governed by the internal affairs doctrine. This exclusive forum selection provision in our Bylaws will not apply to claims arising under the federal securities laws, including the Securities Act and the Exchange Act. There is uncertainty as to whether a court would enforce such a provision, and investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder. In addition, this provision may increase costs for shareholders in bringing a claim against us or our directors, officers or other agents. Any investor purchasing or otherwise acquiring our shares is deemed to have notice of and consented to the foregoing provision. The exclusive forum selection provision in our Bylaws may limit our shareholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or other agents, which may discourage lawsuits against us and such persons. It is also possible that, notwithstanding such exclusive forum selection provision, a court could rule that such provision is inapplicable or unenforceable. If this occurred, we may incur additional costs associated with resolving such action in another forum, which could materially adversely affect our business, financial condition and results of operations.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">We expend significant financial and other resources to comply with the requirements of being a public entity.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As a public entity, we are subject to the reporting requirements of the Exchange Act and requirements of the Sarbanes-Oxley Act. The Exchange Act requires that we file annual, quarterly and current reports with respect to our business and financial condition. The Sarbanes-Oxley Act requires that we maintain effective disclosure controls and procedures and internal controls over financial reporting, which are discussed below. In order to maintain and improve the effectiveness of our disclosure controls and procedures and internal controls, significant resources and management oversight are required. We have implemented procedures, processes, policies and practices for the purpose of addressing the standards and requirements applicable to public companies. These activities may divert management’s attention from other business concerns, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We are subject to risks related to macroeconomic factors.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Difficult market and geopolitical conditions could have a significant adverse effect on our business, financial condition and results of operations.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Capital markets disruption and economic uncertainty could have a material adverse effect on our business, financial condition or results of operations.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Future increases in inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Fluctuations in interest rates could have a material adverse effect on our business and that of our portfolio companies.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We are subject to risks related to our business and operations.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">The lack of liquidity in our investments may adversely affect our business.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">We borrow money, which magnifies the potential for gain or loss and may increase the risk of investing in us.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Defaults and provisions under our current borrowings or any future borrowing facility or notes may adversely affect our business, financial condition, results of operations and cash flows.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">If we are unable to obtain additional debt financing, or if our borrowing capacity is materially reduced, our business could be materially adversely affected.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Our ability to achieve our investment objective depends on our Adviser’s ability to manage and support our investment process. If our Adviser were to lose a significant number of its key professionals, or terminate the Investment Advisory Agreement, our ability to achieve our investment objective could be significantly harmed.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Our ability to achieve our investment objective also depends to a significant extent upon Blue Owl’s relationships with corporations, financial institutions and investment firms, the inability of Blue Owl to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">We may face increasing competition for investment opportunities, which could delay further deployment of our capital, reduce returns and result in losses.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Our investment portfolio is recorded at fair value as determined in good faith by our Adviser in accordance with procedures approved by our Board and, as a result, there is and will be uncertainty as to the value of our portfolio investments.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Our Board may change our operating policies and strategies without prior notice or shareholder approval, the effects of which may be adverse to our shareholders.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Cybersecurity risks and cyber data security incidents could adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential information and confidential information in our possession and damage to our business relationships.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Use of AI technologies by us could lead to the exposure of our data or other adverse effects and increase competitive, operational, legal, and regulatory risks in ways that we cannot predict.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">We are subject to risks in using custodians, counterparties, administrators and other agents.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We are subject to risks related to our Adviser and its affiliates.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Our Adviser and its affiliates, including our officers and some of our directors, may face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in increased risk-taking or speculative investments, or cause our Adviser to use substantial leverage.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">The time and resources that individuals associated with our Adviser devote to us may be diverted, and we may face additional competition due to, among other things, the fact that neither our Adviser nor its affiliates is prohibited from raising money for or managing another entity that makes the same types of investments that we target.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Our Adviser and its affiliates may face conflicts of interest with respect to services performed for their respective other accounts and clients or issuers in which we may invest.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">We may be obligated to pay our Adviser incentive fees even if we incur a net loss due to a decline in the value of our portfolio and even if our earned interest income is not payable in cash.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Our ability to enter into transactions with our affiliates is restricted.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We are subject to risks related to business development companies.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">The requirement that we invest a sufficient portion of our assets in qualifying assets could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in qualifying assets could result in our failure to maintain our status as a BDC.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Regulations governing our operation as a BDC and RIC affect our ability to raise capital and the way in which we raise additional capital or borrow for investment purposes, which may have a negative effect on our growth. As a BDC, the necessity of raising additional capital may expose us to risks, including risks associated with leverage.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We are subject to risks related to our investments.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Our investments in portfolio companies may be risky, and we could lose all or part of our investments.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">We have invested and may continue to invest through joint ventures, partnerships and other special purpose vehicles and our investments through these vehicles may entail greater risks, or risks that we otherwise would not incur, if we otherwise made such investments directly.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Defaults by our portfolio companies could jeopardize a portfolio company’s ability to meet its obligations under the debt or equity investments that we hold which could harm our operating results.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Subordinated liens on collateral securing debt investments that we may make to portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">We generally will not control the business operations of our portfolio companies and, due to the illiquid nature of our holdings in our portfolio companies, we may not be able to dispose of our interests in our portfolio companies.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">We and our portfolio companies are, and will continue to be, exposed to risks associated with changes in interest rates.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">International investments create additional risks.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Our portfolio may be focused on a limited number of portfolio companies or industries, which will subject us to a risk of significant loss if any of these companies defaults on its obligations under any of its debt instruments or if there is a downturn in a particular industry.</span></div> <div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Our shares are not listed, and we do not intend to list our shares, on an exchange, nor quoted through a quotation system. Therefore, our shareholders will have limited liquidity and may not receive a full return of invested capital (including front-end commissions, fees and expenses), upon selling their shares or upon liquidation of our Company.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We are subject to risks related to an investment in our unsecured notes</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Our unsecured notes are effectively subordinated to any secured indebtedness we have currently incurred or may incur in the future.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Our unsecured notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">A downgrade, suspension or withdrawal of the credit rating assigned by a rating agency to us or our unsecured notes, if any, or change in the debt markets, could cause the liquidity or market value of our unsecured notes to decline significantly.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We are subject to risks related to U.S. federal income tax.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">We cannot predict how new tax legislation will affect us, our investments, or our stockholders, and any such legislation could adversely affect our business.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">We will be subject to U.S. federal income tax imposed at corporate rates if we are unable to maintain our tax treatment as a RIC under Subchapter M of the Code.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We are subject to general risks.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Heightened scrutiny of the financial services industry by regulators may materially and adversely affect our business.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Difficult market and geopolitical conditions could have a significant adverse effect on our business, financial condition and results of operations.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our business, financial conditions and results of operations may be affected by conditions and trends in the global financial markets and the global economic and political climate relating to, among other things, fluctuations in interest rates, the availability and cost of credit, future increases in inflation, economic uncertainty, changes in laws (including laws and regulations relating to our taxation, taxation of our clients and applicable to alternative asset managers), trade policies, commodity prices, tariffs (including retaliatory tariffs), currency exchange rates and controls, political elections and administration transitions, and national and international political events (including contract terminations or funding pauses, government agency closures, prolonged government shutdowns, wars and other forms of conflict, terrorist acts, and security operations), work stoppages, labor shortages and labor disputes, supply chain disruptions and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health pandemics. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Changes in trade policies, including the imposition of new tariffs or increases in existing tariffs between the United States, Mexico, Canada, China or other countries, or reactionary measures in response thereto including retaliatory tariffs, legal challenges, or currency manipulation, could adversely affect the market conditions in which we operate. Although the Supreme Court recently invalidated the tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”), certain tariff rates and obligations established through trade agreements that were negotiated during active IEEPA tariffs remain in effect, and the current administration has announced widely applicable tariffs pursuant to the Trade Act of 1974, effective February 24, 2026. The </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">administration has indicated that it will continue seeking to implement tariffs through other statutory authorities as well. The scope of the Supreme Court’s decision may create market uncertainty as it relates to the availability of refunds for prior tariffs and the imposition of new tariffs to replace those imposed under IEEPA. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">These factors are outside of our control and may negatively impact the businesses in which we invest directly or indirectly and, in turn, could have a material adverse impact on our business, operating results and financial condition. We monitor developments and seek to manage our investments in a manner consistent with achieving our investment objective, but there can be no assurance that we will be successful in doing so.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Global financial markets have experienced heightened volatility in recent periods, including as a result of economic and political events in or affecting the world’s major economies, such as the ongoing wars and conflicts between Russia and Ukraine, as well as continued political and social unrest in Venezuela, the Middle East and regions of North Africa. Concerns over economic recession, future increases in inflation, interest rate volatility, fluctuations in oil and gas prices resulting from global production and demand levels and geopolitical tension, have exacerbated market volatility. Market volatility has been further exacerbated by social unrest, changes regarding immigration and work permit policies and other political and security concerns both in the United States and across various international regions. Due to interrelationships within the global financial markets, our business may be adversely affected by such issues both within and outside of the directly affected regions.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">During periods of difficult market conditions or slowdowns, which may be across one or more industries, sectors or geographies, the companies in which we invest may experience decreased revenues, financial losses, credit rating downgrades, difficulty in obtaining access to financing and increased funding costs. During such periods, those companies may also have difficulty in pursuing growth strategies, expanding their businesses and operations and be unable to meet their debt service obligations or other expenses as they become due, including obligations and expenses payable us. Negative financial results in our portfolio companies could have a material adverse effect on our business, financial condition, cash flows and results of operations and could cause the market value of our common shares and/or debt securities to decline.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Capital markets disruption and economic uncertainty could have a material adverse effect on our business, financial condition or results of operations.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In recent years, the U.S. corporate debt markets have been impacted by inflation. Uncertain market conditions caused by increased inflation or other conditions may make it difficult to extend the maturity of or refinance our existing indebtedness or obtain new indebtedness with similar terms and any failure to do so could have a material adverse effect on our business. The debt capital that will be available to us in the future, if at all, may be at a higher cost and on less favorable terms and conditions than what we currently experience, including being in an elevated interest rate environment. If we are unable to raise or refinance debt, then our equity investors may not benefit from the potential for increased returns on equity resulting from leverage and we may be limited in our ability to make new commitments or to fund existing commitments to our portfolio companies. An inability to extend the maturity of, or refinance, our existing indebtedness or obtain new indebtedness could have a material adverse effect on our business, financial condition or results of operations.</span></div>Significant disruption or volatility in the capital markets may also have a negative effect on the valuations of our investments. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity). Significant disruption or volatility in the capital markets may also affect the pace of our investment activity and the potential for liquidity events involving our investments. Thus, the illiquidity of our investments may make it difficult for us to sell such investments to access capital if required, and as a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them for liquidity purposes. An inability to raise or access capital could have a material adverse effect on our business, financial condition or results of operations and cause our net asset value to decline. In addition, adverse or volatile market conditions may make equity capital difficult to raise because, subject to some limited exceptions, as a BDC, we are generally not able to issue additional shares of our common stock at a price less than net asset value without first obtaining approval for such issuance from our shareholders and independent directors. In addition, unfavorable economic conditions may require us to modify the payment terms of our investments, including changes in “payment in kind” or “PIK” interest provisions and/or cash interest rates, and also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us on terms we deem acceptable. <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Future increases in inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Certain of our portfolio companies operate in industries that have been, or may be, impacted by inflation. Ongoing inflationary pressures have increased the costs of labor, energy and raw materials and have adversely affected consumer spending, economic growth and our portfolio companies’ operations. If such portfolio companies are unable to pass any increases in the costs of their operations along to their customers, it could adversely affect their operating results. Such conditions would increase the risk of default on their obligations as a borrower. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future unrealized losses and therefore reduce our net assets resulting from operations. Any decreases in the fair value of our investments could result in future realized or unrealized losses.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Fluctuations in interest rates could have a material adverse effect on our business and that of our portfolio companies.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Fluctuations in interest rates could have a dampening effect on overall economic activity, the financial condition of our portfolio companies and the financial condition of the end customers who ultimately create demand for the capital we supply, all of which could </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">negatively affect our business, financial condition or results of operations. In addition, lower interest rates may increase prepayment risk for our portfolio company investments with higher interest rates. The Federal Reserve decreased the federal funds rate three times in 2025. Although the Federal Reserve has signaled the potential for additional federal funds rate cuts, there remains uncertainty around the rate and timing of decreases. Uncertainty surrounding future Federal Reserve actions may have a material effect on our business making it particularly difficult for us to obtain financing at attractive rates, impacting our ability to execute on our growth strategies or future acquisitions.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">The lack of liquidity in our investments may adversely affect our business.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We may acquire a significant percentage of our investments from privately held companies in directly negotiated transactions. Substantially all of these investments are subject to legal and other restrictions on resale or are otherwise less liquid than exchange-listed securities or other securities for which there is an active trading market. We typically would be unable to exit these investments unless and until the portfolio company has a liquidity event such as a sale, refinancing, or initial public offering.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The illiquidity of our investments may make it difficult or impossible for us to sell such investments if the need arises. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments, which could have a material adverse effect on our business, financial condition and results of operations.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Moreover, investments purchased by us that are liquid at the time of purchase may subsequently become illiquid due to events relating to the issuer, market events, economic conditions or investor perceptions.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We borrow money, which magnifies the potential for gain or loss and may increase the risk of investing in us.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The use of borrowings, also known as leverage, increases the volatility of investments by magnifying the potential for gain or loss on invested equity capital. We currently borrow under our credit facilities and have issued or assumed other senior securities, and in the future may borrow from, or issue additional senior securities to, banks, insurance companies, funds, institutional investors and other lenders and investors. Holders of these senior securities have fixed-dollar claims on our assets that are superior to the claims of our shareholders. If the value of our assets decreases, leverage would cause our net asset value to decline more sharply than it otherwise would have if we did not employ leverage. Similarly, any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to service our debt or make distributions to our shareholders. In addition, our shareholders will bear the burden of any increase in our expenses as a result of our use of leverage, including interest expenses and any increase in the base management or incentive fees payable to our Adviser attributable to the increase in assets purchased using leverage. There can be no assurance that a leveraging strategy will be successful.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our ability to service any borrowings that we incur will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. The amount of leverage that we employ will depend on our Adviser’s and our Board’s assessment of market and other factors at the time of any proposed borrowing. We cannot assure you that we will be able to obtain credit at all or on terms acceptable to us, which could affect our return on capital. However, to the extent that we use leverage to finance our assets, our financing costs will reduce cash available for distributions to shareholders. Moreover, we may not be able to meet our financing obligations and, to the extent that we cannot, we risk the loss of some or all of our assets to liquidation or sale to satisfy the obligations. In such an event, we may be forced to sell assets at significantly depressed prices due to market conditions or otherwise, which may result in losses.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition to having fixed-dollar claims on our assets that are superior to the claims of our common shareholders, obligations to lenders may be secured by a first priority security interest in our portfolio of investments and cash. As a BDC, generally, the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus any preferred stock, if any, must be at least 200%. The Adviser, as our sole initial shareholder, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Small Business Credit Availability Act. As a result, our asset coverage ratio applicable to senior securities was reduced from 200% to 150%, and the risks associated with an investment in us may increase. If this ratio declines below 150%, we cannot incur additional debt and could be required to sell a portion of our investments to repay some indebtedness when it may be disadvantageous to do so. This could have a material adverse effect on our operations, and we may not be able to service our debt or make distributions.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns on our portfolio, net of expenses. Leverage generally magnifies the return of shareholders when the portfolio return is positive and magnifies their losses when the portfolio return is negative. The calculations in the table below are hypothetical, and actual returns may be higher or lower than those appearing in the table below.</span></div> -0.238 -0.145 -0.051 0.043 0.136 <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Defaults and provisions under our current borrowings or any future borrowing facility or notes may adversely affect our business, financial condition, results of operations and cash flows.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our borrowings may include customary covenants, including certain limitations on our incurrence 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 certain financial covenants related to asset coverage and liquidity and other maintenance covenants, as well as customary events of default. In the event we default under the terms of our current or future borrowings, our business could be adversely affected as we may be forced to sell a portion of our investments quickly and prematurely at what may be disadvantageous prices to us in order to meet our outstanding payment obligations and/or support working capital requirements under the terms of our current or future borrowings, any of which would have a material adverse effect on our business, financial condition, results of operations and cash flows. An event of default under the terms of our current or any future borrowings could result in an accelerated maturity date for all amounts outstanding thereunder, and in some instances, lead to a cross-default under other borrowings. This could reduce our liquidity and cash flow and impair our ability to grow our business. Collectively, substantially all of our assets are currently pledged as collateral under our credit facilities. If we were to default on our obligations under the terms of our credit facilities or any future secured debt instrument the agent for the applicable creditors would be able to assume control of the disposition of any or all of our assets securing such debt, including the selection of such assets to be disposed and the timing of such disposition, which would have a material adverse effect on our business, financial condition, results of operations and cash flows.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Any security interests and/or negative covenants required by a credit facility we enter into or notes we issue may limit our ability to create liens on assets to secure additional debt and may make it difficult for us to restructure or refinance indebtedness at or prior to maturity or obtain additional debt or equity financing.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">A credit facility may be backed by all or a portion of our loans and securities on which the lenders will have a security interest. We may pledge up to 100% of our assets and may grant a security interest in all of our assets under the terms of any debt instrument we enter into with lenders. If we were to default under the terms of any debt instrument, the agent for the applicable lenders would be able to assume control of the timing of disposition of any or all of our assets securing such debt, which would have a material adverse effect on our business, financial condition, results of operations and cash flows.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, if our borrowing base under a credit facility were to decrease, we may be required to secure additional assets in an amount sufficient to cure any borrowing base deficiency. In the event that all of our assets are secured at the time of such a borrowing base deficiency, we could be required to repay advances under a credit facility or make deposits to a collection account, either of which could have a material adverse impact on our ability to fund future investments and to make distributions.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, we may be subject to limitations as to how borrowed funds may be used, which may include restrictions on geographic and industry concentrations, loan size, payment frequency and status, average life, collateral interests and investment ratings, as well as regulatory restrictions on leverage which may affect the amount of funding that may be obtained. There may also be certain requirements relating to portfolio performance, including required minimum portfolio yield and limitations on delinquencies and charge-offs, a violation of which could limit further advances and, in some cases, result in an event of default. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Under the terms of the Revolving Credit Facility, we have agreed not to incur any additional secured indebtedness other than in certain limited circumstances in which the incurrence is permitted under the Revolving Credit Facility. In addition, if our borrowing base under the Revolving Credit Facility were to decrease, we would be required to secure additional assets or repay advances under the Revolving Credit Facility which could have a material adverse impact on our ability to fund future investments and to make distributions.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, under the terms of our credit facilities, we are subject to limitations as to how borrowed funds may be used, as well as regulatory restrictions on leverage which may affect the amount of funding that we may obtain. There may also be certain requirements relating to portfolio performance, a violation of which could limit further advances and, in some cases, result in an event of default. This could reduce our liquidity and cash flow and impair our ability to grow our business.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">If we are unable to obtain additional debt financing, or if our borrowing capacity is materially reduced, our business could be materially adversely affected.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We may want to obtain additional debt financing, or need to do so upon maturity of our credit facilities, in order to obtain funds which may be made available for investments. Our credit facilities, notes and CLOs currently expire between September 2026 and October 2037. If we are unable to increase, renew or replace any such facilities and enter into new debt financing facilities or other debt financing on commercially reasonable terms, our liquidity may be reduced significantly. In addition, if we are unable to repay amounts outstanding under any such facilities and are declared in default or are unable to renew or refinance these facilities, we may not be able to make new investments or operate our business in the normal course. These situations may arise due to circumstances that we may be unable to control, such as lack of access to the credit markets, a severe decline in the value of the U.S. dollar, an economic downturn or an operational problem that affects us or third parties, and could materially damage our business operations, results of operations and financial condition. See</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:110%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">“—</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%">Capital markets disruption and economic uncertainty could have a material adverse effect on our business, financial condition or results of operations</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">.”</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our ability to achieve our investment objective depends on our Adviser’s ability to manage and support our investment process. If our Adviser were to lose a significant number of its key professionals, or terminate the Investment Advisory Agreement, our ability to achieve our investment objective could be significantly harmed.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We do not have any employees. Additionally, we have no internal management capacity other than our appointed executive officers and will be dependent upon the investment expertise, skill and network of business contacts of our Adviser to achieve our investment objective. Our Adviser evaluates, negotiates, executes, monitors, and services our investments. Our success depends to a significant extent on the continued service and coordination of our Adviser, including its key professionals. The departure of a significant number of key professionals from our Adviser could have a material adverse effect on our ability to achieve our investment objective.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our ability to achieve our investment objective also depends on the ability of our Adviser to identify, analyze, invest in, finance, and monitor companies that meet our investment criteria. Our Adviser’s capabilities in structuring the investment process, and providing competent, attentive and efficient services to us depend on the involvement of investment professionals of adequate number and sophistication to match the corresponding flow of transactions. Any failure to find, hire, train, supervise and manage new investment professionals could have a material adverse effect on our business, financial condition and results of operations.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, the Investment Advisory Agreement has a termination provision that allows the agreement to be terminated by us on 60 days' notice without penalty by the vote of a Majority of the Outstanding Shares of our common stock or by the vote of our independent directors and generally may be terminated at any time, without penalty, by our Adviser upon 120 days' notice to us. Furthermore, the Investment Advisory Agreement automatically terminates in the event of its assignment, as defined in the 1940 Act, by the Adviser. If the Adviser resigns or is terminated, or if we do not obtain the requisite approvals of shareholders and our Board to approve an agreement with the Adviser after an assignment, we may not be able to find a new investment adviser or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms prior to the termination of the Investment Advisory Agreement, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption and costs under any new agreements that we enter into could increase. Our financial condition, business and results of operations, as well as our ability to meet our payment obligations under our indebtedness and pay distributions, are likely to be adversely affected, and the value of our common stock may decline.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our ability to achieve our investment objective also depends to a significant extent upon Blue Owl’s relationships with corporations, financial institutions and investment firms, the inability of Blue Owl to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Blue Owl depends on its relationships with corporations, financial institutions and investment firms, and we rely to a significant extent upon these relationships to provide us with potential investment opportunities. The investment management business is intensely competitive, with competition based on a variety of factors, including investment performance, business relationships, quality of service provided to clients, fund investor liquidity, fund terms (including fees and economic sharing arrangements), brand recognition and business reputation. If Blue Owl fails to maintain its reputation it may not be able to maintain its existing relationships or develop new relationships or sources of investment opportunities, and we may not be able to grow our investment portfolio. In addition, there is no assurance that such relationships will generate investment opportunities for us.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our cash and cash equivalents could be adversely affected if the financial institutions in which we hold our cash and cash equivalents fail.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We regularly maintain cash balances at third-party financial institutions in excess of the Federal Deposit Insurance Corporation insurance limits. If a depository institution fails to return these deposits or is otherwise subject to adverse conditions in the financial or credit markets, our access to invested cash or cash equivalents could be limited which adversely impact our results of operations or financial condition.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We may face increasing competition for investment opportunities, which could delay further deployment of our capital, reduce returns and result in losses.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We may compete for investments with other BDCs and investment funds (including registered investment companies, private equity funds and mezzanine funds), including the other Blue Owl Clients or other funds managed by our Adviser or its affiliates comprising Blue Owl’s Credit platform (including Blue Owl's alternative credit products), the private funds managed by Blue Owl’s GP Strategic Capital platform, the funds and accounts managed by Blue Owl’s Real Assets platform, as well as traditional financial services companies such as commercial banks and other sources of funding. Moreover, alternative investment vehicles, such as hedge funds, continue to increase their investment focus in our target market of privately owned U.S. companies. We may experience increased competition from banks and investment vehicles who may continue to lend to the middle market. Additionally, the U.S. Federal Reserve and other bank regulators may periodically provide incentives to U.S. commercial banks to originate more loans to U.S. middle-market private companies. As a result of these market participants and regulatory incentives, competition for investment opportunities in privately owned U.S. companies is strong and may intensify. Many of our competitors are substantially larger and have considerably greater financial, technical, and marketing resources than we do. For example, some competitors may have a lower cost of capital and access to funding sources that are not available to us. In addition, some competitors may have higher risk tolerances or different risk assessments than us. These characteristics could allow our competitors to consider a wider variety of investments, establish more relationships and offer better pricing and more flexible structuring than we are able to do.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Numerous factors increase our competitive risks, including, but not limited to:</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Some of our competitors may have or are perceived to have more expertise or financial, technical, marketing and other resources and more personnel than we do;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">We may not perform as well as competitors’ funds or other available investment products;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Some of our competitors have raised significant amounts of capital, and many of them have similar investment objectives to ours, which may create additional competition for investment opportunities;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Some of our competitors may have lower fees or alternative fee arrangements;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Some of our competitors may have a lower cost of capital and access to funding sources that are not available to us, which may create competitive disadvantages for us;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Some of our competitors may have higher risk tolerances, different risk assessments or lower return thresholds than us, which could allow them to consider a wider variety of investments and to bid more aggressively than us or to agree to less restrictive legal terms and protections for investments that we want to make; and</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Some of our competitors may be subject to less regulation or fewer conflicts of interest and, accordingly, may have more flexibility to undertake and execute certain businesses or investments than we do, bear less compliance expense than we do or be viewed differently in the marketplace.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We may lose investment opportunities if we do not match our competitors’ pricing, terms, and investment structure criteria. If we are forced to match these competitors’ investment terms criteria, we may not be able to achieve acceptable returns on our investments or may bear substantial risk of capital loss. A significant increase in the number and/or the size of our competitors in our target market could force us to accept less attractive investment terms. Furthermore, many competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC or the source of income, asset diversification and distribution requirements we must satisfy to maintain our RIC tax treatment. The competitive pressures we face, and the manner in which we react or adjust to competitive pressures, may have a material adverse effect on our business, financial condition, results of operations, effective yield on investments, investment returns, leverage ratio, and cash flows. As a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time. Also, we may not be able to identify and make investments that are consistent with our investment objective.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our investment portfolio is recorded at fair value as determined in good faith by our Adviser in accordance with procedures approved by our Board and, as a result, there is and will be uncertainty as to the value of our portfolio investments.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Under the 1940 Act, we are required to carry our portfolio investments at market value or, if there is no readily available market value, at fair value as determined in accordance with procedures established by our Adviser and approved by our Board. There is not a public market or active secondary market for many of the types of investments in privately held companies that we hold and intend to make. Our investments may not be publicly traded or actively traded on a secondary market but, instead, may be traded on a privately negotiated over-the-counter secondary market for institutional investors, if at all. As a result, we will value these investments quarterly at fair value as determined in good faith in accordance with valuation policy and procedures approved by our Board.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The determination of fair value, and thus the amount of unrealized appreciation or depreciation we may recognize in any reporting period, is to a degree subjective, and our Adviser has a conflict of interest in determining fair value. We will value our investments quarterly at fair value as determined in good faith by our Adviser, based on, among other things, input of our Audit Committee and independent third-party valuation firm(s) engaged at the direction of our Adviser. The types of factors that may be considered in determining the fair values of our investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flow, current market interest rates and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, the valuations may fluctuate significantly over short periods of time due to changes in current market conditions. The determinations of fair value in accordance with procedures approved by our Board may differ materially from the values that would have been used if an active market and market quotations existed for such investments. Our net asset value could be adversely affected if the determinations regarding the fair value of the investments were materially higher than the values that we ultimately realize upon the disposal of such investments.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our Board may change our operating policies and strategies without prior notice or shareholder approval, the effects of which may be adverse to our shareholders.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our Board has the authority to modify or waive current operating policies, investment criteria and strategies without prior notice and without shareholder approval. We cannot predict the effect any changes to current operating policies, investment criteria and strategies would have on our business, net asset value, operating results and the value of our securities. However, the effects might be adverse, which could negatively impact our ability to pay you distributions and cause you to lose all or part of your investment. Moreover, we will have significant flexibility in investing the net proceeds of our offering and may use the net proceeds from our offering in ways with which our investors may not agree.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Any unrealized depreciation we experience on our portfolio may be an indication of future realized losses, which could reduce our income available for distribution.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at the fair value as determined in good faith in accordance with procedures approved by our Board. Decreases in the market values or fair values of our </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">investments relative to amortized cost will be recorded as unrealized depreciation. Any unrealized losses in our portfolio could be an indication of a portfolio company’s inability to meet its repayment obligations to us with respect to the affected loans. This could result in realized losses in the future and ultimately in reductions of our income available for distribution in future periods. In addition, decreases in the market value or fair value of our investments will reduce our net asset value. See “</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%">ITEM 7 </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">—</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%"> MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">—</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%"> Critical Accounting Policies </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">—</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%"> Investments at Fair Value</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">.”</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Cybersecurity risks and cyber data security incidents could adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential information and confidential information in our possession and damage to our business relationships.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">There has been an increase in the frequency and sophistication of the cyber and security threats we face, with attacks ranging from those common to businesses generally to those that are more advanced and persistent, which may target us because, as an alternative asset management firm, we hold confidential and other price sensitive information about existing and potential investments. Malicious cyber activity involving ransomware, extortion, business email compromise, social engineering and other security threats could originate from a wide variety of sources, including cyber criminals, nation state hackers, hacktivists and other outside parties. Additionally, cyber-attacks and other security threats have become increasingly complex as a result of the emergence of new AI technologies, which are able to identify and target new vulnerabilities in information technology systems. As a result, we may face a heightened risk of a security breach or disruption with respect to confidential information resulting from an attack by computer hackers, foreign governments or cyber terrorists.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The efficient operation of our business is dependent on computer hardware and software systems, as well as data processing systems and the secure processing, storage and transmission of information, which, despite implementation of a variety of security measures, are vulnerable to security breaches and cyber-attacks. A cyber-attack is considered to be an intentional attack or an unintentional event or series of events and involves gaining unauthorized access to our information systems for purposes of misappropriating assets, stealing confidential information, corrupting data or causing operational disruption or otherwise compromising the confidentiality, integrity or availability of our systems or infrastructure. Some factors that could create a heightened risk of a cyber incident include the use of remote work tools and/or third-party service providers, including cloud-based service providers. In addition, we may be the target of social engineering, fraudulent emails or other targeted attempts to gain unauthorized access to proprietary or sensitive information. In addition to cyber-related threats, our and our affiliates’ information systems and those of our third-party service providers may be subject to failures or interruptions arising from other causes beyond our control, including sudden electrical or telecommunications outages, natural disasters such as earthquakes, tornadoes or hurricanes, disease pandemics, social unrest and geopolitical events including wars and acts of terrorism. Any such events could materially disrupt our operations and adversely affect our business and financial results. The result of any cyber-attack may include disrupted operations, including in our, our affiliates’, our investors’, our counterparties’, or third parties’ operations, misstated or unreliable financial data, fraudulent transfers or requests for transfers of money, liability for stolen or improperly accessed assets or information (including personal information), increased cybersecurity protection and insurance costs, litigation or damage to our business relationships and reputation, in each case causing our business and results of operations to suffer. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The rapid evolution and increased availability of artificial intelligence and machine learning technologies (collectively, “AI technologies”) may also intensify cybersecurity risks by making such attacks and other cybersecurity incidents more difficult to detect, contain, and mitigate. For example, threat actors could impersonate Blue Owl or its employees, including through the use of AI technologies. Such technologies make such impersonation more likely to occur or appear more credible.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">As our reliance on technology has increased, so have the risks posed to our information systems, both internal and those provided by third-party service providers, including increased risks resulting from remote work. We cannot guarantee that third parties and infrastructure in our networks or our partners’ networks have not been compromised or that they do not contain exploitable defects or bugs that could result in a breach of or disruption to our information technology systems or the third-party information technology systems that support our services. Our ability to monitor these third parties’ information security practices is limited, and they may not have adequate information security measures in place. Outages of and interruptions to third-party software vendors’ services, including as a result of the termination of an agreement with a third-party service provider, have previously resulted in and could in the future result in temporary disruptions to our and our affiliates’ normal operations. We have implemented processes, procedures and internal controls designed to mitigate cybersecurity risks and cyber intrusions and rely on industry accepted security measures and technology to securely maintain confidential and proprietary information maintained on our information systems. However, these measures, as well as our increased awareness of the nature and extent of a risk of a cyber-attack, do not guarantee that a cyber-attack will not occur or that our financial results, operations or confidential information will not be negatively impacted by such an incident, especially because the cyber-attack techniques change frequently or are not recognized until launched and because cyber-attacks can originate from a wide variety of sources.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Cybersecurity risks are exacerbated by the rapidly increasing volume of highly sensitive data, including our proprietary business information and intellectual property, personally identifiable information of our clients and others and other sensitive information that we collect and store in our data centers, on our cloud environments and on our networks. Our products may also invest in strategic assets having a national or regional profile or in infrastructure assets, the nature of which could expose them to a greater risk of being subject to a terrorist attack or security breach than other assets or businesses. The secure processing, maintenance and transmission of this information are critical to our operations. A significant actual or potential theft, loss, corruption, exposure, fraudulent use or misuse of personally identifiable, proprietary business data or other sensitive information, by third parties, as a result of the negligence or malfeasance of third party service providers that have access to such confidential information or otherwise, non-compliance with our contractual or other legal obligations regarding such data or intellectual property or a violation of our privacy and security policies </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">with respect to such data could result in significant remediation and other costs, fines, litigation or regulatory actions against us and significant reputational harm, any of which could harm our business and results of operations.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Cybersecurity risks and cyber data security incidents could adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential information and confidential information in our possession and damage to our business relationships.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">There has been an increase in the frequency and sophistication of the cyber and security threats we face, with attacks ranging from those common to businesses generally to those that are more advanced and persistent, which may target us because, as an alternative asset management firm, we hold confidential and other price sensitive information about existing and potential investments. Malicious cyber activity involving ransomware, extortion, business email compromise, social engineering and other security threats could originate from a wide variety of sources, including cyber criminals, nation state hackers, hacktivists and other outside parties. Additionally, cyber-attacks and other security threats have become increasingly complex as a result of the emergence of new AI technologies, which are able to identify and target new vulnerabilities in information technology systems. As a result, we may face a heightened risk of a security breach or disruption with respect to confidential information resulting from an attack by computer hackers, foreign governments or cyber terrorists.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The efficient operation of our business is dependent on computer hardware and software systems, as well as data processing systems and the secure processing, storage and transmission of information, which, despite implementation of a variety of security measures, are vulnerable to security breaches and cyber-attacks. A cyber-attack is considered to be an intentional attack or an unintentional event or series of events and involves gaining unauthorized access to our information systems for purposes of misappropriating assets, stealing confidential information, corrupting data or causing operational disruption or otherwise compromising the confidentiality, integrity or availability of our systems or infrastructure. Some factors that could create a heightened risk of a cyber incident include the use of remote work tools and/or third-party service providers, including cloud-based service providers. In addition, we may be the target of social engineering, fraudulent emails or other targeted attempts to gain unauthorized access to proprietary or sensitive information. In addition to cyber-related threats, our and our affiliates’ information systems and those of our third-party service providers may be subject to failures or interruptions arising from other causes beyond our control, including sudden electrical or telecommunications outages, natural disasters such as earthquakes, tornadoes or hurricanes, disease pandemics, social unrest and geopolitical events including wars and acts of terrorism. Any such events could materially disrupt our operations and adversely affect our business and financial results. The result of any cyber-attack may include disrupted operations, including in our, our affiliates’, our investors’, our counterparties’, or third parties’ operations, misstated or unreliable financial data, fraudulent transfers or requests for transfers of money, liability for stolen or improperly accessed assets or information (including personal information), increased cybersecurity protection and insurance costs, litigation or damage to our business relationships and reputation, in each case causing our business and results of operations to suffer. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The rapid evolution and increased availability of artificial intelligence and machine learning technologies (collectively, “AI technologies”) may also intensify cybersecurity risks by making such attacks and other cybersecurity incidents more difficult to detect, contain, and mitigate. For example, threat actors could impersonate Blue Owl or its employees, including through the use of AI technologies. Such technologies make such impersonation more likely to occur or appear more credible.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">As our reliance on technology has increased, so have the risks posed to our information systems, both internal and those provided by third-party service providers, including increased risks resulting from remote work. We cannot guarantee that third parties and infrastructure in our networks or our partners’ networks have not been compromised or that they do not contain exploitable defects or bugs that could result in a breach of or disruption to our information technology systems or the third-party information technology systems that support our services. Our ability to monitor these third parties’ information security practices is limited, and they may not have adequate information security measures in place. Outages of and interruptions to third-party software vendors’ services, including as a result of the termination of an agreement with a third-party service provider, have previously resulted in and could in the future result in temporary disruptions to our and our affiliates’ normal operations. We have implemented processes, procedures and internal controls designed to mitigate cybersecurity risks and cyber intrusions and rely on industry accepted security measures and technology to securely maintain confidential and proprietary information maintained on our information systems. However, these measures, as well as our increased awareness of the nature and extent of a risk of a cyber-attack, do not guarantee that a cyber-attack will not occur or that our financial results, operations or confidential information will not be negatively impacted by such an incident, especially because the cyber-attack techniques change frequently or are not recognized until launched and because cyber-attacks can originate from a wide variety of sources.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Cybersecurity risks are exacerbated by the rapidly increasing volume of highly sensitive data, including our proprietary business information and intellectual property, personally identifiable information of our clients and others and other sensitive information that we collect and store in our data centers, on our cloud environments and on our networks. Our products may also invest in strategic assets having a national or regional profile or in infrastructure assets, the nature of which could expose them to a greater risk of being subject to a terrorist attack or security breach than other assets or businesses. The secure processing, maintenance and transmission of this information are critical to our operations. A significant actual or potential theft, loss, corruption, exposure, fraudulent use or misuse of personally identifiable, proprietary business data or other sensitive information, by third parties, as a result of the negligence or malfeasance of third party service providers that have access to such confidential information or otherwise, non-compliance with our contractual or other legal obligations regarding such data or intellectual property or a violation of our privacy and security policies </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">with respect to such data could result in significant remediation and other costs, fines, litigation or regulatory actions against us and significant reputational harm, any of which could harm our business and results of operations.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Use of AI technologies by us could lead to the exposure of our data or other adverse effects and increase competitive, operational, legal, and regulatory risks in ways that we cannot predict.</span></div>Recent technological advances in AI technologies, as well as the rapid growth and widespread use thereof, present risks to our business, products, portfolio companies and investments. AI technologies may result in significant and disruptive changes in companies, sectors or industries, including those in which we invest, and any such changes could render our Adviser’s underwriting models obsolete or create new and unpredictable operational, legal and/or regulatory risks. To the extent our competitors make more efficient or extensive use of AI technologies, there is a possibility that such competitors will gain a competitive advantage. Many jurisdictions have passed or are considering laws and regulations concerning AI technologies, which could adversely affect our business, products, portfolio companies and investments. Additionally, we and the companies in which we invest could be further exposed to the risks of AI technologies if third-party service providers or any counterparties, whether or not known to us, use AI technologies in their business activities. We will not be able to control the use of AI technologies in third-party products or services, including those provided by our and our affiliates’ service providers. Additionally, the Adviser expects to use AI technologies in connection with its business activities, including to support our due diligence and investment activities. AI technologies are generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to review all data upon which AI technologies are trained or which are otherwise utilized. AI technologies are also highly reliant on the accuracy, adequacy, completeness and objectivity of their underlying data, and any inaccuracies, deficiencies, errors or biases in this data could lead to errors affecting our decision-making and investment processes, which could have adverse impacts on us and our portfolio companies. <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We are subject to risks in using custodians, counterparties, administrators and other agents.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our business is dependent on our and third parties’ communications and information systems. Any failure or interruption of those systems, including as a result of the termination of an agreement with any third-party service providers, could cause delays or other problems in our activities. Our financial, accounting, data processing, portfolio monitoring, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control. There could be:</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">sudden electrical or telecommunications outages;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">natural disasters such as earthquakes, tornadoes and hurricanes;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">disease pandemics;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">events arising from local or larger scale political or social matters, including terrorist acts;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">outages due to idiosyncratic issues at specific service providers; and</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">cyber-attacks.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">These events, in turn, could have a material adverse effect on our operating results and negatively affect the net asset value of our common stock and our ability to pay distributions to our shareholders.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Increased data protection regulation may result in increased complexities and risk in connection with the operation of our business.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our business is highly dependent on information systems and technology. The costs related to cyber or other security threats or disruptions may not be fully insured or indemnified by other means. Cybersecurity has become a priority for regulators in the U.S. and around the world. The SEC has also particularly focused on cybersecurity, and we expect increased scrutiny of our policies and systems designed to manage our cybersecurity risks and our related disclosures as a result. In May 2024, the SEC adopted amendments to Regulation S-P that require covered institutions, such as investment companies, to develop, implement, and maintain written policies and procedures for an incident response program that is reasonably designed to detect, respond to, and recover from unauthorized access to or use of customer information. The amendments also require that the response program include procedures for, with certain limited exceptions, covered institutions to provide notice to individuals whose sensitive customer information was or is reasonably likely to have been accessed or used without authorization. The amendments took effect on August 2, 2024, and had a compliance deadline of December 3, 2025 for large entities. We also face and expect to continue to face increased costs to comply with the new SEC rules, including increased costs for cybersecurity training and management. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Many jurisdictions in which we operate have laws and regulations relating to data privacy, cybersecurity and/or information security to which we may be subject (collectively, “Privacy Laws”). Compliance with applicable Privacy Laws may require adhering to stringent legal and operational requirements, which could increase compliance costs for us and require the dedication of additional time and resources to compliance. A failure to comply with applicable Data Protection Legislation could result in fines, sanctions, enforcement actions or other penalties or reputational damage. In addition, the SEC has indicated in recent periods that one of its examination priorities for the Division of Examinations is to continue to examine cybersecurity procedures and controls, including testing the implementation of these procedures and controls.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">There may be substantial financial penalties or fines for a failure to comply with applicable Privacy Laws (which may include insufficient security for our personal or other sensitive information). For example, failure to comply with Regulation (EU) 2016/679 (the “GDPR”).</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:110%"> </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our operations will be impacted by a growing movement to adopt comprehensive privacy and data protection laws where such laws focus on privacy as an individual right in general. Further, the Company’s portfolio companies and/or each of their affiliates are subject to regulations related to privacy, data protection and information security in the jurisdictions in which they do business. Such laws and regulations vary from jurisdiction to jurisdiction, thus increasing costs, operational and legal burdens and the potential for significant liability on regulated entities.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Non-compliance with any applicable Privacy Laws represents a serious risk to our business. Some jurisdictions have also enacted laws requiring companies to notify individuals of data security breaches involving certain types of personal information. For example, the SEC’s most recent amendments to Regulation S-P require notification of affected customers no later than 30 days after becoming aware of a security incident that compromises their sensitive customer information</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:110%">.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%"> Breaches in security could potentially jeopardize our, our employees’ or our product investors’ or counterparties’ confidential or other information processed and stored in, or transmitted through, our computer systems and networks (or those of our third party vendors), or otherwise cause interruptions or malfunctions in our, our employees’, our product investors’, our counterparties’ or third parties’ operations, which could result in significant losses, increased costs, disruption of our business, liability to our product investors and other counterparties, fines or penalties, litigation, regulatory intervention or reputational damage, which could also lead to loss of product investors or clients.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We and our portfolio companies are subject to increasing scrutiny from certain investors, third party assessors, regulators and our shareholders with respect to ESG-related topics.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We and our portfolio companies face increasing scrutiny from certain investors, third party assessors that measure companies’ ESG performance, regulators and our shareholders related to ESG-related topics, including in relation to diversity and inclusion, human rights, environmental stewardship, support for local communities, corporate governance and transparency. For example, we and the companies in which we invest risk damage to our brands and reputations if we or they do not act (or are perceived to not act) responsibly either with respect to responsible investing processes or ESG-related practices. Adverse incidents related to ESG practices could impact the value of our brand or the companies in which we invest, or the cost of our or their operations and relationships with investors, all of which could adversely affect our business and results of operations. Further, there can be no assurance that any of our Adviser’s ESG initiatives or commitments will meet the standards or expectations of our shareholders or other stakeholders. There can be no assurance that our Adviser will be able to accomplish any goals related to responsible investing or ESG practices, as statements regarding its ESG and responsible investing commitments and priorities reflect its current estimates, plans and/or aspirations and are not guarantees that it will be able to achieve them within the timelines announced or at all. Additionally, the Adviser may determine in its discretion that it is not feasible or practical to implement or complete certain aspects of its responsible investing program or ESG initiatives based on cost, timing or other considerations.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In recent years, certain investors have placed increasing importance on policies and practices related to responsible investing and ESG for the products to which they commit capital, and investors may decide not to commit capital to future fundraises based on their assessment of the Adviser’s approach to and consideration of ESG-related issues or risks. Similarly, a variety of organizations measure the performance of companies on ESG topics, and the results of these assessments are widely publicized. If the Adviser’s responsible investing or ESG-related practices or ratings do not meet the standards set by such investors or organizations, or if the Adviser receives a negative rating or assessment from any such organization, or if the Adviser fails, or is perceived to fail, to demonstrate progress toward its ESG priorities and initiatives, they may choose not to invest in us, and we may face reputational damage. Similarly, it is expected that investor and/or shareholder demands will require the Adviser to spend additional resources on and place continued importance on business relevant ESG factors in its review of prospective investments and management of existing ones. Devoting additional resources to our responsible investing or ESG-related practices could increase the amount of expenses we or our investments are required to bear. For example, collecting, measuring, and reporting ESG information and metrics can be costly, difficult and time consuming, is subject to evolving reporting standards, and can present numerous operational, reputational, financial, legal and other risks. To the extent our access to capital from investors focused on ESG ratings or ESG-related matters is impaired, we may not be able to maintain or increase the size of our existing products or raise sufficient capital for new products, which may adversely affect our revenues. Further, interest on the part of investors and regulators in ESG-related topics and themes and increased demand for, and scrutiny of, ESG-related disclosure by asset managers, has also increased the risk that asset managers could be perceived as, or accused of, making inaccurate or misleading statements regarding the ESG-related investment strategies of their and their funds’ responsible investing or ESG-related efforts or initiatives, or “greenwashing.” This risk may also materialize where ESG-related statements and/or disclosures made by our portfolio companies are materially inconsistent with our ESG-related statements or disclosures, including those made on a voluntary basis or pursuant to any applicable regulation, such as Regulation EU 2019/2088 on sustainability-related disclosures in the financial services sector (the “SFDR”). Such perception or accusation could damage our reputation, result in litigation or regulatory actions and adversely impact our ability to raise capital.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">At the same time, various stakeholders may have differing approaches to responsible investing activities or divergent views on the consideration of ESG topics, including in the countries in which our Adviser operates and invests, as well as in the states and localities where our Adviser serves public sector clients. These differing views increase the risk that any action or lack thereof with respect to our Adviser’s consideration of responsible investing or ESG-related practices will be perceived negatively. Several states, the executive branch, federal agencies and Congress have enacted, proposed or indicated an intent to pursue “anti-ESG” policies, legislation or initiatives, issued related legal opinions and engaged in related investigations and litigation. For example: (i) boycott bills target financial institutions that “boycott” or “discriminate against” companies in certain industries (e.g., energy and mining) and prohibit state entities from doing business with such institutions and/or investing the state’s assets (including pension plan assets) through such institutions and (ii) ESG investment prohibitions require that state entities or managers/administrators of state investments make investments based solely on pecuniary factors without consideration of ESG factors. If investors subject to such legislation view our responsible investing or ESG practices as being in contradiction of such “anti-ESG” policies, legislation or legal </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">opinions, such investors may not invest in us and it could negatively affect the results of operations Further, asset managers have been subject to scrutiny related to ESG-focused industry working groups, initiatives and associations, including organizations advancing action to address climate change or climate-related risk. In addition, state attorneys general, among others, have asserted that the Supreme Court’s decision striking down race-based affirmative action in higher education in June 2023 should be analogized to private employment matters and private contract matters. Cases alleging discrimination based on similar arguments have been filed since that decision, with scrutiny of certain corporate DEI practices increasing throughout 2025. Additionally, in January 2025, the current U.S. Presidential administration signed a number of executive orders focused on DEI (the “Executive Orders”), which include a broad mandate to eliminate federal DEI programs and a caution to the private sector to end what may be viewed as illegal DEI discrimination and preferences. The Executive Orders have resulted in compliance investigations of private entities, including publicly traded companies, and changes to federal contracting regulations. If the Adviser does not successfully manage expectations across these varied stakeholder interests, it could erode stakeholder trust, impact our reputation and/or constrain our investment and fundraising opportunities. Such scrutiny of both ESG and DEI related practices could expose the Adviser to additional compliance obligations, the risk of litigation, investigations or challenges by federal or state authorities, result in reputational harm and/or discourage certain investors from investing in us.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We are subject to increasing scrutiny from regulators with respect to ESG-related issues and the regulatory disclosure landscape surrounding related topics continues to evolve.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Responsible investing, ESG practices and ESG-related disclosures have been the subject of increased focus by certain regulators, and regulatory initiatives related to ESG-specific topics that are applicable to us, our products and our products’ portfolio companies could adversely affect our business. There has been a growing regulatory interest across jurisdictions in improving transparency regarding the definition, measurement and disclosure of ESG factors in order to allow investors to validate and better understand sustainability claims, including in the United States, the European Union and the United Kingdom.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">For example, the SEC sometimes reviews compliance with ESG commitments in examinations, and it has taken enforcement actions against registered investment advisers for not establishing adequate or consistently implementing ESG policies and procedures to meet ESG commitments to investors.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, in October 2023, California enacted legislation that will ultimately require certain companies that (i) do business in California to publicly disclose their Scopes 1, 2 and 3 greenhouse gas emissions, with third party assurance of such data, (Climate Corporate Data Accountability Act, or “SB 253”), and issue public reports on their climate-related financial risk and related mitigation measures (Climate-Related Financial Risk Act, or “SB 261”) and (ii) operate in California and make certain climate-related claims to provide enhanced disclosures around the achievement of climate-related claims, including the use of voluntary carbon credits to achieve such claims. Pending litigation against SB 253 and SB 261 creates ongoing uncertainty around the enforceability of related disclosure obligations and may result in additional compliance burdens, increased legal and compliance costs, and enhanced disclosure obligations. From a European perspective, the European Union has in place regulation aimed at increasing transparency for investors of sustainability-related policies, processes, performance and commitments which apply to certain of our products, including, without limitation: (a) the SFDR, for which most rules took effect beginning on March 10, 2021 and (b) Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investment and amending the SFDR. In November 2025, the European Commission published a draft legislative proposal to revise SFDR to introduce, among others, new categories for sustainability-related financial products with related criteria that are required to be met for each category. Relatedly, the European Securities and Markets Authority (“ESMA”) has identified promoting transparency through effective sustainability disclosures and addressing greenwashing as one of its key priorities per ESMA’s sustainable finance roadmap and strategy. ESMA has also introduced guidelines on funds with ESG, impact, transition or sustainability-related terms in their names.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">There are still some uncertainties regarding the operation of some of these requirements and how they might evolve, and an established market practice is still being developed in certain cases, which can lead to diverging implementation and/or operationalization, data gaps or methodological challenges which may affect our ability to collect relevant data. These regimes continue to evolve and there is still a lack of clarity and established practice around the approach to their supervision and enforcement, which may vary across national competent authorities. There is a risk that a development or reorientation in the regulatory requirements or market practice in this respect could be adverse to our investments if they are perceived to be less valuable as a consequence of, among other things, their carbon footprint or perceived “greenwashing.” Compliance with requirements of this nature may also increase risks relating to financial supervision and enforcement action. There is also a risk that market expectations in relation to the SFDR categorization of financial products, could adversely affect our ability to raise capital, especially from EEA investors.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In November 2023, the Sustainability Labelling and Disclosure of Sustainability-Related Financial Information Instrument 2023 (“SDR”) introduced sustainability disclosure requirements, voluntary investment product labels and an ‘anti-greenwashing’ rule. The anti-greenwashing rule applies to all UK-authorized firms in relation to sustainability-related claims made in their communications, and/or communications of financial promotions with, clients in the UK. The balance of the new regime is currently directed at UK investment funds and UK-regulated asset management firms as well as distributors of such funds. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In Asia, examples of ESG-related regulations including those by regulators in Singapore and Hong Kong, have released guidelines for asset managers to integrate climate risk considerations in investment and risk management processes, together with enhanced disclosure and reporting and have also issued enhanced rules for certain ESG funds on general ESG risk management and disclosure.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">As a result of these and other legislative and regulatory initiatives, we or the Adviser may be required to provide additional disclosure to our investors with respect to ESG matters. This exposes us to increased disclosure risks, for example due to a lack of </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">available or credible data, and the potential for conflicting disclosures may also expose us to an increased risk of misstatement litigation or miss-selling allegations. Failure to manage these risks could result in a material adverse effect on our business in a number of ways. Compliance with frameworks of this nature may create an additional compliance burden and increased legal, compliance, governance, reporting and other costs to funds and/or fund managers because of the need to collect certain information to meet the disclosure requirements. In addition, where there are uncertainties regarding the operation of the framework, a lack of official, conflicting or inconsistent regulatory guidance, a lack of established market practice and/or data gaps or methodological challenges affecting the ability to collect relevant data, funds and/or fund managers may be required to engage third party advisers and/or service providers to fulfil the requirements, thereby exacerbating any increase in compliance burden and costs. To the extent that any applicable jurisdictions enact similar laws and/or frameworks, there is a risk that we may not be able to maintain alignment of a particular investment with such frameworks, and/or may be subject to additional compliance burdens and costs, which might adversely affect us.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We may be the target of litigation or similar proceedings in the future and we are subject to public perception risks.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We could generally be subject to litigation or similar proceedings in the future, including securities litigation and derivative actions by our stockholders. Any litigation or similar proceedings could result in substantial costs, divert management’s attention and resources from our business or otherwise have a material adverse effect on our business, financial condition and results of operations. In addition, in recent periods, there has been increased negative publicity with respect to the private credit industry, which could in the future harm our reputation.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our Adviser and its affiliates, including our officers and some of our directors, may face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in increased risk-taking or speculative investments, or cause our Adviser to use substantial leverage.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our Adviser and its affiliates receive fees from us in return for their services. These fees may include certain incentive fees based on the amount of appreciation of our investments and arrangement, structuring or similar fees from portfolio companies in which we invest. These fees could influence the advice provided to us or create an incentive for our Adviser to make investments on our behalf that are risky or more speculative than would be the case in the absence of such incentive fees. Generally, the more equity we sell in public offerings and the greater the risk assumed by us with respect to our investments, including through the use of leverage, the greater the potential for growth in our assets and profits, and, correlatively, the fees payable by us to our Adviser. The way in which the incentive fee is determined may encourage our Adviser to use leverage to increase the leveraged return on our investment portfolio.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, the fact that our base management fee is payable based upon our net assets (which includes any borrowings used for investment purposes) may encourage our Adviser to use leverage to make additional investments. Such a practice could make such investments more risky than would otherwise be the case, which could result in higher investment losses, particularly during cyclical economic downturns. Under certain circumstances, the use of substantial leverage (up to the limits prescribed by the 1940 Act) may increase the likelihood of our defaulting on our borrowings, which would be detrimental to holders of our securities.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">These compensation arrangements could affect our Adviser’s or its affiliates’ judgment with respect to public offerings of equity, incurrence of debt, and investments made by us, which allow our Adviser to earn increased asset management fees.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">The time and resources that individuals associated with our Adviser devote to us may be diverted, and we may face additional competition due to, among other things, the fact that neither our Adviser nor its affiliates is prohibited from raising money for or managing another entity that makes the same types of investments that we target.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Blue Owl is not prohibited from raising money for and managing future investment entities, in addition to the Blue Owl Clients, that make the same or similar types of investments as those we target. As a result, the time and resources that our Adviser devotes to us may be diverted, and during times of intense activity in other investment programs they may devote less time and resources to our business than is necessary or appropriate. In addition, we may compete with any such investment entity also managed by our Adviser or its affiliates for the same investors and investment opportunities. Furthermore, certain members of the Diversified Lending Investment Committee or our affiliates are officers of Blue Owl and will devote a portion of their time to the operations of Blue Owl, including with respect to public company compliance.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our Adviser and its affiliates may face conflicts of interest with respect to services performed for their respective other accounts and clients or issuers in which we may invest.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our Adviser and its affiliates may provide a broad range of financial services to companies in which we may invest, including providing arrangement, syndication, origination structuring and other services to portfolio companies, and will generally be paid fees for such services, in compliance with applicable law, by the portfolio company. Any compensation received by our Adviser or its affiliates for providing these services will not be shared with us and may be received before we realize a return on our investment. In addition, we may invest in companies managed by entities in which funds managed by GP Strategic Capital have acquired a minority interest. Our Adviser and its affiliates may face conflicts of interest with respect to services performed for these companies, on the one hand, and investments recommended to us, on the other hand and could, in certain instances, have an incentive not to pursue actions against a portfolio company that would be in our best interest</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Additionally, because our Adviser and its affiliates manage assets for, or may in the future manage assets for, other investment companies, pooled investment vehicles and/or other accounts (including institutional clients, pension plans, insurance companies, co-invest vehicles and certain high net worth individuals), including the Blue Owl Clients, and we may compete for capital and </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">investment opportunities with these entities, certain of which may have investment objectives that overlap with ours. As a result, conflicts may arise with respect to the allocation of investment opportunities among those products. For example, the Adviser is permitted to allocate an investment to a number of products across its platforms that it views as appropriate for the particular investment objectives, strategies and characteristics of such products. These conflicts include conflicts of interest relating to the allocation of investment opportunities by our Adviser and its affiliates; compensation to our Adviser; services that may be provided by our Adviser and its affiliates to issuers in which we may invest; investments by us and other clients of our Adviser, subject to the limitations of the 1940 Act; the formation of additional investment funds managed by our Adviser; differing recommendations given by our Adviser to us versus other clients; our Adviser’s use of information gained from issuers in our portfolio for investments by other clients, subject to applicable law; restrictions on our Adviser’s use of “inside information” with respect to potential investments by us; the allocation of certain expenses; and cross transactions.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">For instance, our Adviser and its affiliates may receive asset management performance-based, or other fees from certain accounts that are higher than the fees received by our Adviser from us. In addition, certain members of Blue Owl’s Credit platform’s investment committees and other executives and employees of our Adviser or its affiliates will hold and receive interest in Blue Owl and its affiliates, in addition to cash and carried interest compensation. In these instances, a portfolio manager for our Adviser may have an incentive to favor the higher fee and/or performance-based fee accounts over us and/or to favor Blue Owl. In addition, a conflict of interest exists to the extent our Adviser, its affiliates, or any of their respective executives, portfolio managers or employees have proprietary or personal investments in other investment companies or accounts or when certain other investment companies or accounts are investment options in our Adviser’s or its affiliates’ employee benefit plans or employee offerings. In these circumstances, personnel of our Adviser may have incentive to favor these other investment companies or accounts over us. In addition, investments by more than one Blue Owl product in a portfolio company also have the potential to raise the risk of using assets of one Blue Owl product to support positions taken by another.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">To mitigate these conflicts, the Blue Owl Credit Advisers will seek to execute such transactions for all of the participating investment accounts, including us, on a fair and equitable basis and in accordance with the Blue Owl Credit Advisers’ investment allocation policies, taking into account such factors as differences with respect to available capital; the current or anticipated size of a product; minimum investment amounts; the remaining life of a product; differences in investment objectives, guidelines or strategies; diversification; portfolio construction considerations; liquidity needs; legal, tax and regulatory requirements and other considerations deemed relevant to the Adviser and in accordance with its policies and procedures. We may be prohibited under the 1940 Act from participating in certain transactions with our affiliates without the prior approval of our directors who are not interested persons and, in some cases, the prior approval of the SEC. We, our Adviser and certain affiliates have been granted exemptive relief by the SEC to permit us to co-invest with other funds managed by our Adviser or certain of its affiliates in a manner consistent with our positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. See “</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%">—Our ability to enter into transactions with our affiliates is restricted.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">”</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Actions taken by our Adviser and its affiliates on behalf of the Blue Owl Clients as a result of any conflict of interest may be adverse to us, which could harm our performance. For example, we may invest in the same credit obligations as other Blue Owl Clients, although, to the extent permitted under the 1940 Act, our investments may include different obligations or levels of the capital structure of the same issuer. The interests of Blue Owl Clients invested in different levels of the capital structure of a portfolio company may not always be aligned and actions taken for one Blue Owl Client may be adverse to one or more other products, which may give rise to conflicts of interest. The interests of these different Blue Owl Clients may diverge significantly particularly in the case of financial distress of the portfolio company. For example, in a bankruptcy proceeding or out-of-court restructuring, the interests of a Blue Owl Client owning equity or subordinated debt securities may be subordinated or otherwise adversely affected by virtue of a different Blue Owl Client's actions in respect of its own interests as a senior debt holder. While the Blue Owl Credit Advisers and their affiliates have developed general guidelines regarding when two or more funds can invest in different parts of the same company’s capital structure and created a process that they employ to handle those conflicts when they arise, their decision to permit the investments to occur in the first instance or their judgment on how to mitigate the conflict could be challenged or deemed insufficient. If the Blue Owl Credit Advisers and their affiliates fail to appropriately address those conflicts, it could negatively impact their reputation and ability to raise additional funds and the willingness of counterparties to do business with them or result in potential litigation against them.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">From time to time, fees and expenses generated in connection with potential portfolio investments that are not consummated and other investment related expenses may be allocable to us and one or more Blue Owl Clients. These expenses will be allocated in a manner that is fair and equitable over time and in accordance with policies adopted by the Blue Owl Credit Advisers and the Investment Advisory Agreement; however, the method for allocation expenses may vary depending on the nature of the expense and such determinations involve inherent discretion.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our Adviser and its affiliates may give advice and recommend securities to other clients which may differ from advice given to, or securities recommended or bought for, us even though such other clients’ investment objectives may be similar to ours, which could have an adverse effect on our business, financial condition and results of operations.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, from time to time, our Adviser could cause us to purchase a security or other investment from, or sell a security or other investment to, another Blue Owl Client. Such cross transaction would be in accordance with applicable regulations and our and our Adviser’s valuation and cross-trades policies; however, such cross transactions could give rise to additional conflicts of interest.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our Board will seek to monitor these conflicts but there can be no assurances that such monitoring will fully mitigate any such conflicts.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">The Adviser may have an incentive to delay a liquidity event, which may result in actions that are not in the best interest of our shareholders. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The ongoing servicing fee is payable by us to compensate our affiliated Dealer Manager and its affiliates for services rendered to shareholders, including, among other things, responding to customer inquiries of a general nature regarding the Company; crediting distributions from us to customer accounts; arranging for bank wire transfer of funds to or from a customer’s account; responding to customer inquiries and requests regarding shareholder reports, notices, proxies and proxy statements, and other Company documents; forwarding prospectuses, tax notices and annual and quarterly reports to beneficial owners of our shares; assisting us in establishing and maintaining shareholder accounts and records; assisting customers in changing account options, account designations and account addresses, and providing such other similar services as we may reasonably request to the extent the an authorized service provider is permitted to do so under applicable statutes, rules, or regulations. The ongoing servicing fee will terminate for all Class S and Class D shareholders upon a liquidity event. Although we do not intend to complete a liquidity event within any specific time period, if at all, the Advisor, an affiliate of our Dealer Manager, may have an incentive to delay a liquidity event if such amounts receivable by our Dealer Manager have not been fully paid. A delay in a liquidity event may not be in the best interests of our shareholders.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Reductions, waivers or absorptions of fees and costs can temporarily result in higher returns to shareholders than they would otherwise receive if full fees and costs were charged.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The Adviser and its affiliates are permitted to reduce, waive or absorb some of the fees or costs otherwise due by us. While this activity can be seen as friendly to shareholders, reductions, waivers and absorptions of fees and costs result in higher returns to shareholders than such shareholders would receive if full fees and costs were charged. There is no guarantee that any reductions, waivers or absorptions will occur in the future, and any reductions, waivers and absorptions are entirely at the discretion of the Adviser.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Products within Blue Owl’s Real Assets platform may enter into sale lease-back transactions with our portfolio companies or with borrowers under our credit facilities.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">From time to time, companies in which we have invested or may invest, may enter into sale-leaseback transactions with products within Blue Owl’s Real Assets platform. As a result of these arrangements we could be a creditor to, or equity owners of, a company at the same time that company is a tenant of a product within Blue Owl’s Real Assets platform. If such a company were to encounter financial difficulty or default on its obligations as a borrower, our Adviser could be required to take actions that may be adverse to those of Blue Owl’s Real Assets platform in enforcing our rights under the relevant facilities or agreements, or vice versa. This could lead to actual or perceived conflicts of interest.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our access to confidential information may restrict our ability to take action with respect to some investments, which, in turn, may negatively affect our results of operations.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We, directly or through our Adviser, may obtain confidential information about the companies in which we have invested or may invest or be deemed to have such confidential information. Our Adviser may come into possession of material, non-public information through its members, officers, directors, employees, principals or affiliates. In addition, funds managed by GP Strategic Capital may invest in entities that manage our portfolio companies and, as a result, may obtain additional confidential information about our portfolio companies. The possession of such information may, to our detriment, limit the ability of us and our Adviser to buy or sell a security or otherwise to participate in an investment opportunity. In certain circumstances, employees of our Adviser may serve as board members or in other capacities for portfolio or potential portfolio companies, which could restrict our ability to trade in the securities of such companies. For example, if personnel of our Adviser come into possession of material non-public information with respect to our investments, such personnel will be restricted by our Adviser’s information-sharing policies and procedures or by law or contract from sharing such information with our management team, even where the disclosure of such information would be in our best interests or would otherwise influence decisions taken by the members of the management team with respect to that investment. This conflict and these procedures and practices may limit the freedom of our Adviser to enter into or exit from potentially profitable investments for us, which could have an adverse effect on our results of operations. Accordingly, there can be no assurance that we will be able to fully leverage the resources and industry expertise of our Adviser in the course of its duties. Additionally, there may be circumstances in which one or more individuals associated with our Adviser will be precluded from providing services to us because of certain confidential information available to those individuals or to other parts of our Adviser.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We may be obligated to pay our Adviser incentive fees even if we incur a net loss due to a decline in the value of our portfolio and even if our earned interest income is not payable in cash.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The Investment Advisory Agreement entitles our Adviser to receive an incentive fee based on our pre-incentive fee net investment income regardless of any capital losses. In such case, we may be required to pay our Adviser an incentive fee for a fiscal quarter even if there is a decline in the value of our portfolio or if we incur a net loss for that quarter.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Any incentive fee payable by us that relates to the pre-incentive fee net investment income may be computed and paid on income that may include interest that has been accrued but not yet received or interest in the form of securities received rather than cash (“payment-in-kind” or “PIK” income”). PIK income will be included in the pre-incentive fee net investment income used to calculate the incentive fee to our Adviser even though we do not receive the income in the form of cash. If a portfolio company defaults on a loan that is structured to provide accrued interest income, it is possible that accrued interest income previously included in the calculation of the incentive fee will become uncollectible. Our Adviser is not obligated to reimburse us for any part of the incentive fee it received that was based on accrued interest income that we never receive as a result of a subsequent default.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The quarterly incentive fee on income is recognized and paid without regard to: (i) the trend of pre-incentive fee net investment income as a percent of adjusted capital over multiple quarters in arrears which may in fact be consistently less than the quarterly preferred return, or (ii) the net income or net loss in the current calendar quarter, the current year or any combination of prior periods.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">For U.S. federal income tax purposes, we may be required to recognize taxable income in some circumstances in which we do not receive a corresponding payment in cash and to make distributions with respect to such income to maintain our tax treatment as a RIC and/or minimize U.S. federal income or excise tax. Under such circumstances, we may have difficulty meeting the Annual Distribution Requirement necessary to maintain RIC tax treatment under the Code. This difficulty in making the required distribution may be amplified to the extent that we are required to pay the incentive fee on income with respect to such accrued income. As a result, we may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital, or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, we may fail to qualify for RIC tax treatment and thus become subject to U.S. federal income tax imposed at corporate rates.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our ability to enter into transactions with our affiliates is restricted.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We are prohibited under the 1940 Act from participating in certain transactions with certain of our affiliates without the prior approval of a majority of our independent directors and, in some cases, the SEC. Any person that owns, directly or indirectly, 5% or more of our outstanding voting securities will be our affiliate for purposes of the 1940 Act, and we will generally be prohibited from buying or selling any securities from or to such affiliate on a principal basis, absent the prior approval of our Board and, in some cases, the SEC. The 1940 Act also prohibits certain “joint” transactions with certain of our affiliates, including other funds or clients advised by our Adviser or its affiliates, which in certain circumstances could include investments in the same portfolio company (whether at the same or different times to the extent the transaction involves a joint investment), without prior approval of our Board and, in some cases, the SEC. If a person acquires more than 25% of our voting securities, we will be prohibited from buying or selling any security from or to such person or certain of that person’s affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC. Similar restrictions limit our ability to transact business with our officers or directors or their affiliates or anyone who is under common control with us. The SEC has interpreted the BDC regulations governing transactions with affiliates to prohibit certain joint transactions involving entities that share a common investment adviser. As a result of these restrictions, we may be prohibited from buying or selling any security from or to any portfolio company that is controlled by a fund managed by either of our Adviser or its affiliates without the prior approval of the SEC, which may limit the scope of investment or disposition opportunities that would otherwise be available to us.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We rely on an order for exemptive relief (the “Order”) from the SEC, to co-invest with other funds managed by our Adviser or its affiliates in a manner consistent with our positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. 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.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We may make investments that could give rise to a conflict of interest.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We do not expect to invest in, or hold securities of, companies that are controlled by an affiliate’s other clients. However, our Adviser or an affiliate’s other clients may invest in, and gain control over, one of our portfolio companies. If our Adviser or an affiliate’s other client, or clients, gains control over one of our portfolio companies, it may create conflicts of interest and may subject us to certain restrictions under the 1940 Act. As a result of these conflicts and restrictions our Adviser may be unable to implement our investment strategies as effectively as they could have in the absence of such conflicts or restrictions. For example, as a result of a conflict or restriction, our Adviser may be unable to engage in certain transactions that it would otherwise pursue. In order to avoid these conflicts and restrictions, our Adviser may choose to exit such investments prematurely and, as a result, we may forego any positive returns associated with such investments. In addition, to the extent that an affiliate’s other client holds a different class of securities than us as a result of such transactions, our interests may not be aligned.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our Adviser’s liability is limited under the Investment Advisory Agreement, and we are required to indemnify our Adviser against certain liabilities, which may lead our Adviser to act in a riskier manner on our behalf than it would when acting for its own account.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our Adviser has not assumed any responsibility to us other than to render the services described in the Investment Advisory Agreement (and, separately, under the Administration Agreement), and it will not be responsible for any action of our Board in declining to follow our Adviser’s advice or recommendations. Pursuant to the Investment Advisory Agreement, our Adviser and its directors, officers, shareholders, members, agents, employees, controlling persons, and any other person or entity affiliated with, or acting on behalf of our Adviser will not be liable to us for their acts under the Investment Advisory Agreement, absent criminal conduct, willful misfeasance, bad faith or gross negligence in the performance of their duties. We have also agreed to indemnify, defend and protect our Adviser and its directors, officers, shareholders, members, agents, employees, controlling persons and any other person or entity affiliated with, or acting on behalf of our Adviser with respect to all damages, liabilities, costs and expenses resulting from acts of our Adviser not arising out of criminal conduct, willful misfeasance, bad faith or gross negligence in the performance of their duties. However, in accordance with Section 17(i) of the 1940 Act, neither our Adviser nor any of its affiliates, directors, officers, members, employees, agents, or representatives may be protected against any liability to us or our investors to which it would otherwise be subject by reason of criminal conduct, willful misfeasance, bad faith or gross negligence or reckless </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">disregard of the duties involved in the conduct of its office. These protections may lead our Adviser to act in a riskier manner when acting on our behalf than it would when acting for its own account.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">There are risks associated with any potential merger with or purchase of assets of another fund.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our Adviser may in the future recommend to our Board that we merge with or acquire all or substantially all of the assets of one or more funds including a fund that could be managed by our Adviser or its affiliates (including another BDC). We do not expect that our Adviser would recommend any such merger or asset purchase unless it determines that it would be in our best interests, with such determination dependent on factors it deems relevant, which may include our historical and projected financial performance and that of any proposed merger partner, portfolio composition, potential synergies from the merger or asset sale, available alternative options and market conditions. In addition, no such merger or asset purchase would be consummated absent the meeting of various conditions required by applicable law or contract, at such time, which may include approval of the board of directors and common equity holders of both funds. If our Adviser is the investment adviser of both funds, various conflicts of interest would exist with respect to any such transaction. Such conflicts of interest may potentially arise from, among other things, differences between the compensation payable to our Adviser by us and by the entity resulting from such a merger or asset purchase or efficiencies or other benefits to our Adviser as a result of managing a single, larger fund instead of two separate funds.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our Adviser’s failure to comply with pay-to-play laws, regulations and policies could have an adverse effect on our Adviser, and thus, us.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">A number of U.S. states and municipal pension plans have adopted so-called “pay-to-play” laws, regulations or policies which prohibit, restrict or require disclosure of payments to (and/or certain contacts with) state officials by individuals and entities seeking to do business with state entities, including those seeking investments by public retirement funds. The SEC has adopted a rule that, among other things, prohibits an investment adviser from providing advisory services for compensation to a government client for two years after the adviser or certain of its executives or employees makes a contribution to certain elected officials or candidates. If our Adviser, any of its employees or affiliates or any service provider acting on its behalf, fails to comply with such laws, regulations or policies, such non-compliance could have an adverse effect on our Adviser, and thus, us.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our Adviser’s net worth is not available to satisfy our liabilities and other obligations.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The North American Securities Administrators Association (“NASAA”), in its Omnibus Guidelines Statement of Policy adopted on March 29, 1992 and as amended on May 7, 2007 and from time to time, requires that our affiliates and Adviser, or our Sponsor under the Omnibus Guidelines, have an aggregate financial net worth, exclusive of home, automobiles and home furnishings, of 5.0% of the first $20 million of both the gross amount of securities currently being offered in our offering and the gross amount of any originally issued direct participation program securities sold by our affiliates and sponsors within the past 12 months, plus 1.0% of all amounts in excess of the first $20 million. Based on these requirements, our Adviser and its affiliates have an aggregate financial net worth in excess of those amounts required by the Omnibus Guidelines. However, no portion of such net worth will be available to us to satisfy any of our liabilities or other obligations. The use of our own funds to satisfy such liabilities or other obligations could have a material adverse effect on our business, financial condition and results of operations.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our Class S and Class D shares are each subject to an ongoing servicing fee. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The ongoing servicing fees will be payable by investors in our Class S and Class D shares to compensate our Dealer Manager and its affiliates, participating broker-dealers and financial representatives for services rendered to shareholders, including, among other things, responding to customer inquiries of a general nature regarding the Company; crediting distributions from us to customer accounts; arranging for bank wire transfer of funds to or from a customer's account; responding to customer inquiries and requests regarding shareholder reports, notices, proxies and proxy statements, and other Company documents; forwarding prospectuses, tax notices and annual and quarterly reports to beneficial owners of our shares; assisting us in establishing and maintaining shareholder accounts and records; assisting customers in changing account options, account designations and account addresses, and providing such other similar services as we may reasonably request to the extent an authorized service provider is permitted to do so under applicable statutes, rules, or regulations.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">The requirement that we invest a sufficient portion of our assets in qualifying assets could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in qualifying assets could result in our failure to maintain our status as a BDC.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">As a BDC, the 1940 Act prohibits us from acquiring any assets other than certain qualifying assets unless, at the time of and after giving effect to such acquisition, at least 70% of our total assets are qualifying assets. Therefore, we may be precluded from investing in what we believe are attractive investments if such investments are not qualifying assets. Conversely, if we fail to invest a sufficient portion of our assets in qualifying assets, we could lose our status as a BDC, which would have a material adverse effect on our business, financial condition and results of operations. Similarly, these rules could prevent us from making additional investments in existing portfolio companies, which could result in the dilution of our position, or could require us to dispose of investments at an inopportune time to comply with the 1940 Act. If we were forced to sell non-qualifying investments in the portfolio for compliance purposes, the proceeds from such sale could be significantly less than the current value of such investments.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Failure to maintain our status as a BDC would reduce our operating flexibility.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">If we do not remain a BDC, we might be regulated as a closed-end investment company under the 1940 Act, which would subject us to substantially more regulatory restrictions, including a greater required asset coverage ratio and additional restrictions on transactions with affiliates, and correspondingly decrease our operating flexibility.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Regulations governing our operation as a BDC and RIC affect our ability to raise capital and the way in which we raise additional capital or borrow for investment purposes, which may have a negative effect on our growth. As a BDC, the necessity of raising additional capital may expose us to risks, including risks associated with leverage.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">As a result of the Annual Distribution Requirement to qualify for tax treatment as a RIC, we may need to access the capital markets periodically to raise cash to fund new investments in portfolio companies. Currently, we may issue “senior securities,” including borrowing money from banks or other financial institutions only in amounts such that the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus preferred stock, if any, equals at least 150% after such incurrence or issuance. If we issue senior securities, we will be exposed to risks associated with leverage, including an increased risk of loss. Our ability to issue different types of securities is also limited. Compliance with RIC distribution requirements may unfavorably limit our investment opportunities and reduce our ability in comparison to other companies to profit from favorable spreads between the rates at which we can borrow and the rates at which we can lend. Therefore, we intend to seek to continuously issue equity securities, which may lead to shareholder dilution.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">If the value of our assets declines, we may be unable to satisfy the asset coverage test under the 1940 Act, which would prohibit us from paying distributions and could prevent us from qualifying for tax treatment as a RIC, which would generally result in U.S. federal income tax imposed at corporate rates on any income and net gains. If we cannot satisfy the asset coverage test, we may be required to sell a portion of our investments and, depending on the nature of our debt financing, repay a portion of our indebtedness at a time when such sales may be disadvantageous. Also, any amounts that we use to service our indebtedness would not be available for distribution to our shareholders.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, as market conditions permit, we have and may continue to securitize our loans to generate cash for funding new investments. To securitize loans, we have and may continue to create a wholly owned subsidiary, contribute a pool of loans to the subsidiary and have the subsidiary issue primarily investment grade debt securities to purchasers who would be expected to be willing to accept a substantially lower interest rate than the loans earn. We have and may continue to retain all or a portion of the equity in the securitized pool of loans. Our retained equity would be exposed to any losses on the portfolio of loans before any of the debt securities would be exposed to such losses. See “</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%">—W</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">e</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%"> are subject to certain risks as a result of our interests in the CLO Preferred Shares</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">”;</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">“</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%">The subordination of the CLO Preferred Shares will affect our right to payment</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">”; and “</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%">The CLO Indentures require mandatory redemption of the respective CLO Debt for failure to satisfy coverage tests, which would reduce the amounts available for distribution to us.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">”</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our investments in portfolio companies may be risky, and we could lose all or part of our investments.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our strategy focuses primarily on originating and making loans to, and making debt and equity investments in, U.S. middle market companies, with a focus on originated transactions sourced through the networks of our Adviser. Short transaction closing timeframes associated with originated transactions coupled with added tax or accounting structuring complexity and international transactions may result in higher risk in comparison to non-originated transactions.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Most debt securities in which we intend to invest will not be rated by any rating agency and, if they were rated, they would be rated as below investment grade quality and are commonly referred to as “high yield” or “junk.” Debt securities rated below investment grade quality are generally regarded as having predominantly speculative characteristics and may carry a greater risk with respect to a borrower’s capacity to pay interest and repay principal. In addition, some of the loans in which we may invest may be “covenant-lite” loans. We use the term “covenant-lite” loans to refer generally to loans that do not have a complete set of financial maintenance covenants. Generally, “covenant-lite” loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Accordingly, to the extent we invest in “covenant-lite” loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%">First-Lien Debt.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%"> When we make a first-lien loan, we generally take a security interest in the available assets of the portfolio company, including the equity interests of its subsidiaries, which we expect to help mitigate the risk that we will not be repaid. However, there is a risk that the collateral securing our loans may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise, and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the portfolio company to raise additional capital. In some circumstances, our lien is, or could become, subordinated to claims of other creditors. Consequently, the fact that a loan is secured does not guarantee that we will receive principal and interest payments according to the loan’s terms, or at all, or that we will be able to collect on the loan should we need to enforce our remedies.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%">Unitranche Loans. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, in connection with any unitranche loans (including “last out” portions of such loans) in which we may invest, we would enter into agreements among lenders. Under these agreements, our interest in the collateral of the first-lien loans may rank junior to those of other lenders in the loan under certain circumstances. This may result in greater risk and loss of principal on these loans.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%">Second-Lien and Mezzanine Debt.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%"> Our investments in second-lien and mezzanine debt generally are subordinated to senior loans and will either have junior security interests or be unsecured. As such, other creditors may rank senior to us in the event of insolvency. This may result in greater risk and loss of principal.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%">Equity Investments.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%"> When we invest in first-lien debt, second-lien debt or mezzanine debt, we may acquire equity securities, such as warrants, options and convertible instruments, as well. In addition, we may invest directly in the equity securities of portfolio companies. We may structure such equity investments to include provisions protecting our rights as a minority-interest holder, as well as a “put,” or right to sell such securities back to the issuer, upon the occurrence of specified events. In many cases, we may also seek to obtain registration rights in connection with these equity interests, which may include demand and “piggyback” registration rights, which grants us the right to register our equity interest when either the portfolio company or another investor in the portfolio company files a registration statement with the SEC to issue securities. We seek to dispose of these equity interests and realize gains upon our disposition of these interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We have invested and may continue to invest through joint ventures, partnerships and other special purpose vehicles and our investments through these vehicles may entail greater risks, or risks that we otherwise would not incur, if we otherwise made such investments directly.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We may make indirect investments in portfolio companies through joint ventures, partnerships or other special purpose vehicles (“Investment Vehicles”). In general, the risks associated with indirect investments in portfolio companies through a joint venture, partnership or other special purpose vehicle are similar to those associated with a direct investment in a portfolio company; however, if we are not the sole investor in such Investment Vehicle, the investment may involve risks not present in investments where a third party is not involved. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">For any such investments, the optimization of the joint venture may be a complex, costly and time-consuming process and if we experience difficulties in this process, the anticipated benefits may not be realized fully or at all, or may take longer to realize than expected, which could have an adverse effect on us for an undetermined period after any such acquisition. There can be no assurances that we will realize any potential operating efficiencies, synergies and other benefits anticipated in connection with such joint ventures.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">While we intend to analyze the credit and business of a potential portfolio company in determining whether to make an investment in an Investment Vehicle, we will nonetheless be exposed to the creditworthiness of the Investment Vehicle and any third party. In the event of a bankruptcy proceeding against the portfolio company, the assets of the portfolio company may be used to satisfy its obligations prior to the satisfaction of our investment in the Investment Vehicle (i.e., our investment in the Investment Vehicle could be structurally subordinated to the other obligations of the portfolio company). If a third party is involved, we are subject to the risk that such third-party could have financial difficulties resulting in a negative impact on the Investment Vehicle, could have economic or business interests or goals which are inconsistent with ours, or could be in a position to take (or block) action in a manner contrary to our investment objective or the increased possibility of default by, diminished liquidity or insolvency of, the third party, due to a sustained or general economic downturn. In addition, if we are not the sole investor in an Investment Vehicle, we may be required to rely on our partners in the Investment Vehicle when making decisions regarding such Investment Vehicle’s investments, accordingly, the value of the investment could be adversely affected if our interests diverge from those of our partners in the Investment Vehicle.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Any strategic investments that we pursue are subject to risks and uncertainties.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We have pursued and may continue to pursue growth through strategic investments in new businesses, including through investments in our specialty finance vehicles. Completion and timing of any such strategic investments may be subject to a number of contingencies, including the uncertainty in reaching a commercial agreement with our counterparty, our ability to obtain required board, shareholder and regulatory approvals, as well as any required financing (or the risk that these are obtained subject to terms and conditions that are not anticipated). We may not be required to announce an acquisition or strategic transaction until a definitive agreement is reached and the announcement or consummation of any such transaction may adversely impact our business relationships or engender competitive responses.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, the proposal and negotiation of strategic investments, whether or not completed, as well as the integration of those businesses into our existing portfolio, could result in substantial expenses and the diversion of our Adviser’s time, attention and resources from our day-to-day operations.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our ability to manage our growth through strategic investments will depend, in part, on our success in addressing these risks. Any failure to effectively implement our acquisition or strategic investment strategies could have a material adverse effect on our business, financial condition or results of operations.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Broadly syndicated loans, including “covenant-lite” loans, may expose us to different risks, including with respect to liquidity, price volatility, ability to restructure loans, credit risks and less protective loan documentation, than is the case with loans that contain financial maintenance covenants.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our investments may consist of broadly syndicated loans that were not originated by us. Under the documentation for such loans, a financial institution or other entity typically is designated as the administrative agent and/or collateral agent. This agent is granted a lien on any collateral on behalf of the other lenders and distributes payments on the indebtedness as they are received. The agent is the party responsible for administering and enforcing the loan and generally may take actions only in accordance with the instructions of a majority or two-thirds in commitments and/or principal amount of the associated indebtedness. Accordingly, we may be precluded </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">from directing such actions unless we or our investment adviser is the designated administrative agent or collateral agent or we act together with other holders of the indebtedness. If we are unable to direct such actions, we cannot assure shareholders that the actions taken will be in our best interests.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">There is also a risk that a loan agent may become bankrupt or insolvent. Such an event would delay, and possibly impair, any enforcement actions undertaken by holders of the associated indebtedness, including attempts to realize upon the collateral securing the associated indebtedness and/or direct the agent to take actions against the related obligor or the collateral securing the associated indebtedness and actions to realize on proceeds of payments made by obligors that are in the possession or control of any other financial institution. In addition, we may be unable to remove the agent in circumstances in which removal would be in our best interests. Moreover, agented loans typically allow for the agent to resign with certain advance notice.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, a significant number of high yield loans in the market, in particular the broadly syndicated loan market, may consist of “covenant-lite” loans. Generally, “covenant-lite” loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Ownership of “covenant-lite” loans may expose us to different risks, including with respect to liquidity, price volatility, ability to restructure loans, credit risks and less protective loan documentation, than is the case with loans that contain financial maintenance covenants.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We may be subject to risks associated with our investments in bank loans.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We may invest in bank loans and participations. These obligations are subject to unique risks, including:</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">the possible invalidation of an investment transaction as a fraudulent conveyance under relevant creditors’ rights laws,</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">so-called lender-liability claims by the issuer of the obligations,</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">environmental liabilities that may arise with respect to collateral securing the obligations, and</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">limitations on our ability to directly enforce its rights with respect to participations.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, the illiquidity of bank loans may make it difficult for us to sell such investments to access capital if required. As a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them for liquidity purposes. Compared to securities and to certain other types of financial assets, purchases and sales of loans take relatively longer to settle. This extended settlement process can (i) increase the counterparty credit risk borne by us; (ii) leave us unable to timely vote, or otherwise act with respect to, loans it has agreed to purchase; (iii) delay us from realizing the proceeds of a sale of a loan; (iv) inhibit our ability to re-sell a loan that it has agreed to purchase if conditions change (leaving us more exposed to price fluctuations); (v) prevent us from timely collecting principal and interest payments; and (vi) expose us to adverse tax or regulatory consequences. To the extent the extended loan settlement process gives rise to short-term liquidity needs, we may hold cash, sell investments or temporarily borrow from banks or other lenders.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In purchasing participations, we generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of set-off against the borrower, and we may not directly benefit from the collateral supporting the debt obligation in which we have purchased the participation. As a result, we will assume the credit risk of both the borrower and the institution selling the participation.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In analyzing each bank loan or participation, our Adviser compares the relative significance of the risks against the expected benefits of the investment. Successful claims by third parties arising from these and other risks will be borne by us.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">If the assets securing the loans that we make decrease in value, then we may lack sufficient collateral to cover losses.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">To attempt to mitigate credit risks, we intend to take a security interest in the available assets of our portfolio companies. There is no assurance that we will obtain sufficient collateral to cover losses or properly perfect our liens.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">There is a risk that the collateral securing our loans may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of a portfolio company to raise additional capital. In some circumstances, our lien could be subordinated to claims of other creditors. Consequently, the fact that a loan is secured does not guarantee that we will receive principal and interest payments according to the loan’s terms, or that we will be able to collect on the loan should we be forced to enforce our remedies.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We may suffer a loss if a portfolio company defaults on a loan and the underlying collateral is not sufficient.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In the event of a default by a portfolio company on a secured loan, we will only have recourse to the assets collateralizing the loan. If the underlying collateral value is less than the loan amount, we will suffer a loss. In addition, we may make loans that are unsecured, which are subject to the risk that other lenders may be directly secured by the assets of the portfolio company. In the event of a default, those collateralized lenders would have priority over us with respect to the proceeds of a sale of the underlying assets. In cases described above, we may lack control over the underlying asset collateralizing our loan or the underlying assets of the portfolio company prior to a default, and as a result the value of the collateral may be reduced by acts or omissions by owners or managers of the assets.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In the event of bankruptcy of a portfolio company, we may not have full recourse to its assets in order to satisfy our loan, or our loan may be subject to “equitable subordination.” This means that depending on the facts and circumstances, including the extent to which we actually provided significant “managerial assistance,” if any, to that portfolio company, a bankruptcy court might re-</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">characterize our debt holding and subordinate all or a portion of our claim to that of other creditors. In addition, certain of our loans are subordinate to other debt of the portfolio company. If a portfolio company defaults on our loan or on debt senior to our loan, or in the event of a portfolio company bankruptcy, our loan will be satisfied only after the senior debt receives payment. Where debt senior to our loan exists, the presence of intercreditor arrangements may limit our ability to amend our loan documents, assign our loans, accept prepayments, exercise our remedies (through “standstill” periods) and control decisions made in bankruptcy proceedings relating to the portfolio company. Bankruptcy and portfolio company litigation can significantly increase collection losses and the time needed for us to acquire the underlying collateral in the event of a default, during which time the collateral may decline in value, causing us to suffer losses.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Borrowers of broadly syndicated loans may be permitted to designate unrestricted subsidiaries under the terms of their financing agreements, which would exclude such unrestricted subsidiaries from restrictive covenants under the financing agreement with the borrower. Without restriction under the financing agreement, the borrower could take various actions with respect to the unrestricted subsidiary including, among other things, incur debt, grant security on its assets, sell assets, pay dividends or distribute shares of the unrestricted subsidiary to the borrower’s shareholders. Any of these actions could increase the amount of leverage that the borrower is able to incur and increase the risk involved in our investments in broadly syndicated loans accordingly.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">If the value of collateral underlying our loan declines or interest rates increase during the term of our loan, a portfolio company may not be able to obtain the necessary funds to repay our loan at maturity through refinancing. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Decreasing collateral value and/or increasing interest rates may hinder a portfolio company’s ability to refinance our loan because the underlying collateral cannot satisfy the debt service coverage requirements necessary to obtain new financing. In some instances a borrower may engage in liability management exercises with certain of its investors who agree to provide additional capital or capital on modified terms in exchange for a superior position in the portfolio company’s capital structure. In such instances, the collateral securing our investment may be reduced or our lien may be further subordinated. If a borrower is unable to repay our loan at maturity, we could suffer a loss which may adversely impact our financial performance.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We may not realize any income or gains from our equity investments.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We have invested in and may continue to invest in equity-related securities, including common equity, warrants, preferred stock and convertible preferred securities. These equity interests we acquire may not appreciate in value and, in fact, may decline in value if the company fails to perform financially or achieve its growth objectives. We will generally have little, if any, control over the timing of any gains we may realize from our equity investments since these securities may have restrictions on their transfer or may not have an active trading market.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Equity investments also have experienced significantly more volatility in their returns and may under-perform relative to fixed income securities during certain periods. An adverse event, such as an unfavorable earnings report, may depress the value. Also, prices of equity investments are sensitive to general movements in the stock market and a drop in the stock market may depress the price of common stock investments to which we have exposure. Equity prices fluctuate for several reasons including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or when political or economic events affecting the issuers occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Although we expect to receive current income in the form of dividend payments on any convertible preferred equity investments, a substantial portion of the gains we expect to receive from our investments in such securities will likely be from the capital gains generated from the sale of our equity investments upon conversion of our convertible securities, the timing of which we cannot predict and we cannot guarantee that such sale will happen at all. We do not expect to generate capital gains from the sale of our portfolio investments on a level or uniform basis from quarter to quarter. In addition, any convertible preferred stock instruments will generally provide for conversion upon the portfolio companies’ achievement of certain milestone events, including a qualified public offering and/or a senior exchange listing for their common stock. However, there can be no assurance that our portfolio companies will obtain either a junior or senior exchange listing or, even if a listing is obtained, that an active trading market will ever develop in the common stock of our publicly traded portfolio companies. In addition, even if our portfolio companies obtain an exchange listing, we may be subject to lock-up provisions that prohibit us from selling our investments into the public market for specified periods of time after such listing. As a result, the market price of securities that we hold may decline substantially before we are able to sell these securities following an exchange listing.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience. Furthermore, due to the expected growth of our portfolio companies, we do not generally expect to receive dividend income from our common stock investments. In the case of cumulative preferred stock, there is no assurance that any dividends will ever be paid by a portfolio company. Dividends to any equity holders may be suspended or cancelled at any time.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Investments in equity securities can carry additional risks and may have other characteristics that require investments to be made indirectly through blocker entities or otherwise. In addition, if an issuer of equity securities in which we have invested sells additional shares of its equity securities, our interest in the issuer may be diluted and the value of our investment could decrease.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We may invest, to the extent permitted by law, in the equity securities of investment funds that are operating pursuant to certain exceptions to the 1940 Act and in advisers to similar investment funds and, to the extent we so invest, will bear our ratable share of any such company’s expenses, including management and performance fees. We will also remain obligated to pay the base management fee, income based fee and capital gains incentive fee to our investment adviser with respect to the assets invested in the securities and instruments of such companies. With respect to each of these investments, each of our common stockholders will bear </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">his or her share of the base management fee, income based fee and capital gains incentive fee due to our investment adviser as well as indirectly bearing the management and performance fees and other expenses of any such investment funds or advisers. For the foregoing reasons, investments in equity securities can be highly speculative and carry a substantial risk of loss of investment.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">An investment strategy focused primarily on privately held companies presents certain challenges, including the lack of available information about these companies.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We invest primarily in privately held companies. Investments in private companies pose certain incremental risks as compared to investments in public companies including that they generally:</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">have reduced access to the capital markets, resulting in diminished capital resources and ability to withstand financial distress;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">may have limited financial resources and may be unable to meet their obligations under their debt obligations that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of our realizing any guarantees we may have obtained in connection with our investment;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">may have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and changing market conditions, as well as general economic downturns;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">are more likely to depend on the management talents and efforts of a small group of persons and, therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on the company and, in turn, on us; and</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, investments in private companies tend to be less liquid. The securities of private companies are not publicly traded or actively traded on the secondary market and are, instead, traded on a privately negotiated over-the-counter secondary market for institutional investors. These over-the-counter secondary markets may be inactive during an economic downturn or a credit crisis and in any event often have lower volumes than publicly traded securities even in normal market conditions. In addition, the securities in these companies will be subject to legal and other restrictions on resale or will otherwise be less liquid than publicly traded securities.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">If there is no readily available market for these investments, we are required to carry these investments at fair value as determined by our Board. As a result, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we had previously recorded these investments. We may also face other restrictions on our ability to liquidate an investment in a portfolio company to the extent that we, our Adviser or any of its affiliates have material nonpublic information regarding such portfolio company or where the sale would be an impermissible joint transaction under the 1940 Act. The reduced liquidity of our investments may make it difficult for us to dispose of them at a favorable price, and, as a result, we may suffer losses.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Finally, little public information generally exists about private companies and these companies may not have third-party credit ratings or audited financial statements. We must therefore rely on the ability of our Adviser to obtain adequate information through due diligence to evaluate the creditworthiness and potential returns from investing in these companies, and to monitor the activities and performance of these investments. To the extent that we (or other clients of our Adviser) may hold a larger number of investments, greater demands will be placed on our Adviser’s time, resources and personnel in monitoring such investments, which may result in less attention being paid to any individual investment and greater risk that our investment decisions may not be fully informed.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Additionally, these companies and their financial information will not generally be subject to the Sarbanes-Oxley Act of 2002 and other rules that govern public companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">To the extent we invest in publicly traded companies, we may be unable to obtain financial covenants and other contractual rights, which subjects us to additional risks.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We have invested and may continue to invest in instruments issued by publicly-held companies, we may be subject to risks that differ in type or degree from those involved with investments in privately-held companies. Such risks include, without limitation, greater volatility in the valuation of such companies, increased obligations to disclose information regarding such companies, limitations on our ability to dispose of such instruments at certain times, increased likelihood of shareholder litigation against such companies’ board members and increased costs associated with each of the aforementioned risks. In addition, to the extent we invest in publicly traded debt instruments, we may not be able to obtain financial covenants or other contractual rights that we might otherwise be able to obtain when making privately-negotiated investments. We may not have the same access to information in connection with investments in public debt instruments that we would expect to have in connection with privately-negotiated investments. If we or our Adviser were deemed to have material, nonpublic information regarding the issuer of a publicly traded instrument in which we have invested, we may be limited in our ability to make new investments or sell existing investments in such issue.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">The credit ratings of certain of our investments may not be indicative of the actual credit risk of such rated instruments.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Rating agencies rate debt securities based upon their assessment of the likelihood of the receipt of principal and interest payments. Rating agencies do not consider the risks of fluctuations in market value or other factors that may influence the value of debt </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">securities. Therefore, the credit rating assigned to a particular instrument may not fully reflect the true risks of an investment in such instrument. Credit rating agencies may change their methods of evaluating credit risk and determining ratings. These changes may occur quickly and often. While we may give some consideration to ratings, ratings may not be indicative of the actual credit risk of our investments in rated instruments.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We are subject to the risk that the investments we make in our portfolio companies may be repaid prior to maturity. When this occurs, we will generally reinvest these proceeds in temporary investments, pending their future investment in new portfolio companies. These temporary investments will typically have substantially lower yields than the debt being prepaid and we could experience significant delays in reinvesting these amounts.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Any future investment in a new portfolio company may also be at lower yields than the debt that was repaid. As a result, our results of operations could be materially adversely affected if one or more of our portfolio companies elect to prepay amounts owed to us. Additionally, prepayments, net of prepayment fees, could negatively impact our return on equity. This risk will be more acute when interest rates decrease, as we may be unable to reinvest at rates as favorable as when we made our initial investment.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">A redemption of convertible securities held by us could have an adverse effect on our ability to achieve our investment objective.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security’s governing instrument. If a convertible security held by us is called for redemption, we will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on our ability to achieve our investment objective.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">To the extent original issue discount (“OID”) and payment-in-kind (“PIK”) interest income constitute a portion of our income, we will be exposed to risks associated with the deferred receipt of cash representing such income.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our investments may include OID and PIK instruments. To the extent OID and PIK constitute a portion of our income, we will be exposed to risks associated with such income being required to be included in income for financial reporting purposes in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and taxable income prior to receipt of cash, including the following:</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Original issue discount instruments may have unreliable valuations because the accruals require judgments about collectability or deferred payments and the value of any associated collateral;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Original issue discount instruments may create heightened credit risks because the inducement to the borrower to accept higher interest rates in exchange for the deferral of cash payments typically represents, to some extent, speculation on the part of the borrower;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">For U.S. GAAP purposes, cash distributions to shareholders that include a component of OID income do not come from paid-in capital, although they may be paid from the offering proceeds. Thus, although a distribution of OID income may come from the cash invested by the shareholders, the 1940 Act does not require that shareholders be given notice of this fact;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">The presence of OID and PIK creates the risk of non-refundable cash payments to our Adviser in the form of incentive fees on income based on non-cash OID and PIK accruals that may never be realized; and</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">In the case of PIK, “toggle” debt, which gives the issuer the option to defer an interest payment in exchange for an increased interest rate in the future, the PIK election has the simultaneous effect of increasing the investment income, thus increasing the potential for realizing incentive fees.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our strategy focuses on investing primarily in the debt of privately owned U.S. companies with a focus on originated transactions sourced through the networks of our Adviser. Our portfolio companies may have, or may be permitted to incur, other debt that ranks equally with, or senior to, the debt in which we invest. By their terms, such debt instruments may entitle the holders to receive payment of interest or principal on or before the dates on which we are entitled to receive payments with respect to the debt instruments in which we invest. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, any holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution. After repaying such senior creditors, such portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of debt ranking equally with debt instruments in which we invest, we would have to share on an equal basis any distributions with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company and our portfolio company may not have sufficient assets to pay all equally ranking credit even if we hold senior, first-lien debt.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our portfolio companies may be highly leveraged.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Some of our portfolio companies may be highly leveraged, which may have adverse consequences to these companies and to us as an investor. These companies may be subject to restrictive financial and operating covenants and the leverage may impair these companies’ ability to finance their future operations and capital needs. As a result, these companies’ flexibility to respond to changing </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">business and economic conditions and to take advantage of business opportunities may be limited. Further, a leveraged company’s income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">If we cannot obtain debt financing or equity capital on acceptable terms, our ability to acquire investments and to expand our operations will be adversely affected.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Any working capital reserves we maintain may not be sufficient for investment purposes, and we may require additional debt financing or equity capital to operate. We generally are required to distribute at least 90% of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to our shareholders to maintain our tax treatment as a RIC. Accordingly, in the event that we need additional capital in the future for investments or for any other reason we may need to access the capital markets periodically to issue debt or equity securities or borrow from financial institutions in order to obtain such additional capital. These sources of funding may not be available to us due to unfavorable economic conditions, which could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. Consequently, if we cannot obtain further debt or equity financing on acceptable terms, our ability to acquire additional investments and to expand our operations will be adversely affected. As a result, we would be less able to diversify our portfolio and achieve our investment objective, which may negatively impact our results of operations and reduce our ability to make distributions to our shareholders. See “—</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%">If we are unable to obtain additional debt financing, or if our borrowing capacity is materially reduced, our business could be materially adversely affected.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">”</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Defaults by our portfolio companies could jeopardize a portfolio company’s ability to meet its obligations under the debt or equity investments that we hold which could harm our operating results.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its debt financing and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize a portfolio company’s ability to meet its obligations under the debt or equity investments that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with a defaulting portfolio company. In addition, some of the loans in which we may invest may be “covenant-lite” loans. We use the term “covenant-lite” loans to refer generally to loans that do not have a complete set of financial maintenance covenants. Generally, “covenant-lite” loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Accordingly, to the extent we invest in “covenant-lite” loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">As part of our lending activities, we may in certain opportunistic circumstances originate loans to companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Any such investment would involve a substantial degree of risk. In any reorganization or liquidation proceeding relating to a company that we fund, we may lose all or part of the amounts advanced to the borrower or may be required to accept collateral with a value less than the amount of the loan advanced by us to the borrower.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Subordinated liens on collateral securing debt investments that we may make to portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Certain debt investments that we will make in portfolio companies will be secured on a second priority lien basis by the same collateral securing senior debt of such companies. We also make debt investments in portfolio companies secured on a first priority basis. The first priority liens on the collateral will secure the portfolio company’s obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the portfolio company under the agreements governing the debt. In the event of a default, the holders of obligations secured by the first priority liens on the collateral will generally control the liquidation of and be entitled to receive proceeds from any realization of the collateral to repay their obligations in full before us.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from the sale or sales of all of the collateral would be sufficient to satisfy the debt obligations secured by the first priority or second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds are not sufficient to repay amounts outstanding under the debt obligations secured by the first priority or second priority liens, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the portfolio company’s remaining assets, if any.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We may also make unsecured debt investments in portfolio companies, meaning that such investments will not benefit from any interest in collateral of such companies. Liens on any such portfolio company’s collateral, if any, will secure the portfolio company’s obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the portfolio company under its secured debt agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before us. In addition, the value of such collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of such collateral would be sufficient to satisfy our unsecured debt obligations after payment in full of all secured debt obligations. If such proceeds were not sufficient to repay the outstanding secured debt obligations, then our unsecured claims would rank equally with the unpaid portion of such secured creditors’ claims against the portfolio company’s remaining assets, if any.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The rights we may have with respect to the collateral securing the debt investments we make in our portfolio companies with senior debt outstanding may also be limited pursuant to the terms of one or more inter-creditor agreements that we enter into with the holders of senior debt. Under such an inter-creditor agreement, at any time obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first priority liens: the ability to cause the commencement of enforcement proceedings against the collateral; the ability to control the conduct of such proceedings; the approval of amendments to collateral documents; releases of liens on the collateral; and waivers of past defaults under collateral documents. We may not have the ability to control or direct such actions, even if our rights are adversely affected.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Certain of our investments may be adversely affected by laws relating to fraudulent conveyance or voidable preferences.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Certain of our investments could be subject to federal bankruptcy law and state fraudulent transfer laws, which vary from state to state, if the debt obligations relating to certain investments were issued with the intent of hindering, delaying or defrauding creditors or, in certain circumstances, if the issuer receives less than reasonably equivalent value or fair consideration in return for issuing such debt obligations. If the debt proceeds are used for a buyout of shareholders, this risk is greater than if the debt proceeds are used for day-to-day operations or organic growth. If a court were to find that the issuance of the debt obligations was a fraudulent transfer or conveyance, the court could void or otherwise refuse to recognize the payment obligations under the debt obligations or the collateral supporting such obligations, further subordinate the debt obligations or the liens supporting such obligations to other existing and future indebtedness of the issuer or require us to repay any amounts received by us with respect to the debt obligations or collateral. In the event of a finding that a fraudulent transfer or conveyance occurred, we may not receive any repayment on such debt obligations.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Under certain circumstances, payments to us and distributions by us to our shareholders may be reclaimed if any such payment or distribution is later determined to have been a fraudulent conveyance, preferential payment or similar transaction under applicable bankruptcy and insolvency laws. Furthermore, investments in restructurings may be adversely affected by statutes relating to, among other things, fraudulent conveyances, voidable preferences, lender liability and the court’s discretionary power to disallow, subordinate or disenfranchise particular claims or re-characterize investments made in the form of debt as equity contributions.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Although we intend to structure certain of our investments as senior debt, if one of our portfolio companies were to go bankrupt, depending on the facts and circumstances, including the extent to which we provided managerial assistance to that portfolio company or a representative of us or our Adviser sat on the board of directors of such portfolio company, a bankruptcy court might re-characterize our debt investment and subordinate all or a portion of our claim to that of other creditors. In situations where a bankruptcy carries a high degree of political significance, our legal rights may be subordinated to other creditors.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, a number of U.S. judicial decisions have upheld judgments obtained by borrowers against lending institutions on the basis of various evolving legal theories, collectively termed “lender liability.” Generally, lender liability is founded on the premise that a lender has violated a duty (whether implied or contractual) of good faith, commercial reasonableness and fair dealing, or a similar duty owed to the borrower or has assumed an excessive degree of control over the borrower resulting in the creation of a fiduciary duty owed to the borrower or its other creditors or shareholders. Because of the nature of our investments in portfolio companies (including that, as a BDC, we may be required to provide managerial assistance to those portfolio companies if they so request upon our offer), we may be subject to allegations of lender liability.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We generally will not control the business operations of our portfolio companies and, due to the illiquid nature of our holdings in our portfolio companies, we may not be able to dispose of our interests in our portfolio companies.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We do not currently, and do not expect in the future to control most of our portfolio companies, although we may have board representation or board observation rights, and our debt agreements may impose certain restrictive covenants on our borrowers. As a result, we are subject to the risk that a portfolio company in which we invest may make business decisions with which we disagree and the management of such company, as representatives of the holders of their common equity, may take risks or otherwise act in ways that do not serve our interests as a debt investor. Due to the lack of liquidity for our investments in private companies, we may not be able to dispose of our interests in our portfolio companies as readily as we would like or at a favorable value. As a result, a portfolio company may make decisions that could decrease the value of our portfolio holdings.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We and our portfolio companies are, and will continue to be, exposed to risks associated with changes in interest rates.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">General interest rate fluctuations and changes in credit spreads on floating rate loans may have a substantial negative impact on our portfolio company investments and our investment opportunities and, accordingly, may have a material adverse effect on our rate of return on invested capital, our net investment income and our net asset value. The majority of our debt investments have, and are expected to have, variable interest rates that reset periodically based on benchmarks such as the SOFR, the SONIA, the Euro Interbank Offered Rate, the Federal Funds rate or Prime rate. The Federal Reserve decreased the federal funds rate three times in 2025. A reduction in the interest rates on new investments relative to interest rates on current investments could have an adverse impact on our net investment income. On the other hand, increases in interest rates have made and may continue to make it more difficult for our portfolio companies to service their obligations under the debt investments that we will hold and may increase defaults even where our investment income increases. Elevated interest rates could also cause borrowers to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. Additionally, higher interest rate loans may be less liquid as fewer investors may be willing to purchase such loans in the secondary market in light of the increased risk of a default by the borrower and the heightened risk of a loss of an investment in such loans. All of these risks may be exacerbated when interest rates rise rapidly and/or significantly. Decreases in credit spreads on debt </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">that pays a floating rate of return would have an impact on the income generation of our floating rate assets. Trading prices for debt that pays a fixed rate of return tend to fall as interest rates rise. Trading prices tend to fluctuate more for fixed rate securities that have longer maturities.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Conversely, when interest rates decline, borrowers may refinance their loans at lower interest rates, which could shorten the average life of the loans and reduce the associated returns on the investment, as well as require our Adviser and the Adviser’s personnel to incur management time and expense to re-deploy such proceeds, including on terms that may not be as favorable as our existing loans.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, because we borrow money to make investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. In periods of declining interest rates, we may earn less interest income from investments and our cost of funds will also decrease, to a lesser extent, given certain of our currently outstanding indebtedness bears interest at fixed rates, resulting in lower net investment income. Conversely, in periods of rising interest rates, our interest income will increase as the majority of our portfolio bears interest at variable rates while our cost of funds will also increase, to a lesser extent, resulting in an increase to our net investment income. In addition, in periods of elevated interest rates, our cost of funds increases, which tends to reduce our net investment income. We can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We may hedge against interest rate fluctuations by using standard hedging instruments such as interest rate swap agreements, futures, options and forward contracts, subject to applicable legal requirements, including all necessary registrations (or exemptions from registration) with the Commodity Futures Trading Commission. In addition, our interest expense may not decrease at the same rate as overall interest rates because of our fixed rate borrowings, which could lead to greater declines in our net investment income. These activities may limit our ability to participate in the benefits of lower interest rates with respect to the hedged borrowings. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We do not have a policy governing the maturities of our investments. This means that we are subject to greater risk (other things being equal) than a fund invested solely in shorter-term securities. A decline in the prices of the debt we own could adversely affect our net asset value. Also, an increase in interest rates available to investors could make an investment in our common stock less attractive if we are not able to increase our dividend rate.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">International investments create additional risks.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We may make investments in portfolio companies that are domiciled outside of the United States. Our investments in foreign portfolio companies are deemed “non-qualifying assets,” which means that, as required by the 1940 Act, such investments, along with other investments in non-qualifying assets, may not constitute more than 30% of our total assets at the time of our acquisition of any such asset, after giving effect to the acquisition. Notwithstanding the limitation on our ownership of foreign portfolio companies, such investments subject us to many of the same risks as our domestic investments, as well as certain additional risks, including the following:</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">foreign governmental laws, rules and policies, including those relating to taxation and bankruptcy and restricting the ownership of assets in the foreign country or the repatriation of profits from the foreign country to the United States and any adverse changes in these laws;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">foreign currency devaluations that reduce the value of and returns on our foreign investments;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">adverse changes in the availability, cost and terms of investments due to the varying economic policies of a foreign country in which we invest;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">adverse changes in tax rates, the tax treatment of transaction structures and other changes in operating expenses of a particular foreign country in which we invest;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">the assessment of foreign-country taxes (including withholding taxes, transfer taxes and value added taxes, any or all of which could be significant) on income or gains from our investments in the foreign country;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">changes that adversely affect the social, political and/or economic stability of a foreign country in which we invest; high inflation in the foreign countries in which we invest, which could increase the costs to us of investing in those countries;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">deflationary periods in the foreign countries in which we invest, which could reduce demand for our assets in those countries and diminish the value of such investments and the related investment returns to us; and</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">legal and logistical barriers in the foreign countries in which we invest that materially and adversely limit our ability to enforce our contractual rights with respect to those investments.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, we may make investments in countries whose governments or economies may prove unstable. Certain of the countries in which we may invest may have political, economic and legal systems that are unpredictable, unreliable or otherwise inadequate with respect to the implementation, interpretation and enforcement of laws protecting asset ownership and economic interests. In some of the countries in which we may invest, there may be a risk of nationalization, expropriation or confiscatory taxation, which may have an adverse effect on our portfolio companies in those countries and the rates of return that we are able to achieve on such investments. We may also lose the total value of any investment which is nationalized, expropriated or confiscated. The financial results and </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">investment opportunities available to us, particularly in developing countries and emerging markets, may be materially and adversely affected by any or all of these political, economic and legal risks.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We expose ourselves to risks when we engage in risk management activities.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We have entered, and may in the future enter, into hedging transactions, which may expose us to risks associated with such transactions. We may seek to utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates and market interest rates and the relative value of certain debt securities from changes in market interest rates. Use of these hedging instruments may include counter-party credit risk. The scope of risk management activities we undertake varies based on the level of interest rates, prevailing foreign currency exchange rates, the types of investments that are made and other changing market conditions. To the extent we have non-U.S. investments, particularly investments denominated in non-U.S. currencies, our hedging costs will increase.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Hedging against a decline in the values of our portfolio positions would not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions were to decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions were to increase. It also may not be possible to hedge against an exchange rate or interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The success of our hedging strategy will depend on our ability to correctly identify appropriate exposures for hedging. In connection with the September 2027 Notes, AUD 2027 Notes, May 2028 Notes, June 2028 Notes, January 2029 Notes, September 2029 Notes, March 2030 Notes, EUR 2031 Notes, and March 2031 Notes which bear interest at fixed rates, we entered into interest rate swaps to continue to align the interest rates of our liabilities with our investment portfolio, which consists of predominately floating rate loans. However, unanticipated changes in currency exchange rates or other exposures that we might hedge may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary, as may the time period in which the hedge is effective relative to the time period of the related exposure.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">For a variety of reasons, we may not seek to (or be able to) establish a perfect correlation between such hedging instruments and the positions being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those securities is likely to fluctuate as a result of factors not related to currency fluctuations. Income derived from hedging transactions also is not eligible to be distributed to non-U.S. stockholders free from withholding taxes. Changes to the regulations applicable to the financial instruments we use to accomplish our hedging strategy could affect the effectiveness of that strategy. See “—</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%">The market structure applicable to derivatives imposed by the Dodd-Frank Act, the U.S. Commodity Futures Trading Commission (“CFTC”) and the SEC may affect our ability to use over-the-counter (“OTC”) derivatives for hedging purposes</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">” and “</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%">We are, and will continue to be, exposed to risks associated with changes in interest rates.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">”</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">The market structure applicable to derivatives imposed by the Dodd-Frank Act, the U.S. Commodity Futures Trading Commission (“CFTC”) and the SEC may affect our ability to use over-the-counter (“OTC”) derivatives for hedging purposes.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The CFTC and the SEC have issued final rules establishing that certain swap transactions are subject to CFTC regulation. Engaging in such swap or other commodity interest transactions such as futures contracts or options on futures contracts may cause us to fall within the definition of “commodity pool” under the Commodity Exchange Act and related CFTC regulations. Our Adviser has claimed relief from CFTC registration and regulation as a commodity pool operator with respect to our operations, with the result that we are limited in our ability to use futures contracts or options on futures contracts or engage in swap transactions. Specifically, we are subject to strict limitations on using such derivatives other than for hedging purposes, whereby the use of derivatives not used solely for hedging purposes is generally limited to situations where (i) the aggregate initial margin and premiums required to establish such positions does not exceed five percent of the liquidation value of our portfolio, after taking into account unrealized profits and unrealized losses on any such contracts we have entered into; or (ii) the aggregate net notional value of such derivatives does not exceed 100% of the liquidation value of our portfolio.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The Dodd-Frank Act also imposed requirements relating to real-time public and regulatory reporting of OTC derivative transactions, enhanced documentation requirements, position limits on an expanded array of derivatives, and recordkeeping requirements. Taken as a whole, these changes could significantly increase the cost of using uncleared OTC derivatives to hedge risks, including interest rate and foreign exchange risk; reduce the level of exposure we are able to obtain for risk management purposes through OTC derivatives (including as the result of the CFTC imposing position limits on additional products); reduce the amounts available to us to make non-derivatives investments; impair liquidity in certain OTC derivatives; and adversely affect the quality of execution pricing obtained by us, all of which could adversely impact our investment returns.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, as a result of rules adopted by U.S. and foreign regulators concerning certain financial contracts, including OTC derivatives, entered into with counterparties that have been designated as global systemically important banking organizations, we may be restricted in our ability to terminate such contracts following the occurrence of certain insolvency-related default events. Transactions with these counterparties, therefore, carry heightened risk in the event that the counterparty defaults on its obligations to us.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Rule 18f-4 requires a BDC (or a registered investment company) that uses 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 requirements. 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. Under Rule 18f-4, 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. Collectively, these requirements may limit our ability to use derivatives and/or enter into certain other financial contracts.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We may enter into total return swaps that would expose us to certain risks, including market risk, liquidity risk and other risks similar to those associated with the use of leverage.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">A total return swap is a contract in which one party agrees to make periodic payments to another party based on the change in the market value of the assets underlying the total return swap, which may include a specified security or loan, basket of securities or loans or securities or loan indices during the specified period, in return for periodic payments based on a fixed or variable interest rate. A total return swap is typically used to obtain exposure to a security, loan or market without owning or taking physical custody of such security or loan or investing directly in such market. A total return swap may effectively add leverage to our portfolio because, in addition to our total net assets, we would be subject to investment exposure on the amount of securities or loans subject to the total return swap. A total return swap is also subject to the risk that a counterparty will default on its payment obligations thereunder or that we will not be able to meet our obligations to the counterparty. In addition, because a total return swap is a form of synthetic leverage, such arrangements are subject to risks similar to those associated with the use of leverage.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our portfolio may be focused on a limited number of industries, which will subject us to a risk of significant loss if there is a downturn in a particular industry.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Beyond the asset diversification requirements associated with our qualification as a RIC for U.S. federal income tax purposes, we do not have fixed guidelines for diversification. While we are not targeting any specific industries, our investments may be focused on relatively few industries. To the extent that we hold large positions in a small number of issuers, or within a particular industry, our net asset value may be subject to greater fluctuation. We may also be more susceptible to any single economic or regulatory occurrence or a downturn in particular industry. As a result, the aggregate returns we realize may be significantly adversely affected if a small number of investments perform poorly or if we need to write down the value of any one investment. Additionally, a downturn in any particular industry in which we are invested could significantly affect our aggregate returns. Further, any industry in which we are meaningfully concentrated at any given time could be subject to significant risks that could adversely impact our aggregate returns. For example, as of December 31, 2025, our investments in internet software and services represented 11.6% of our portfolio at fair value. Our investments in internet software and services are subject to substantial risks, including, but not limited to, intense competition, changing technology, shifting user needs, frequent introductions of new products and services, competitors in different industries and ranging from large established companies to emerging startups, decreasing average selling prices of products and services resulting from rapid technological changes, cybersecurity risks and cyber incidents and various legal and regulatory risks. In addition, as of December 31, 2025, our investments in healthcare providers and services represented 13.9% of our portfolio at fair value. The U.S. healthcare industry is heavily regulated and our investments in healthcare providers and services are subject to a variety of risks, including, but not limited to, additional or changing government regulations that could increase compliance and other costs of doing business, which may impact the business of such portfolio companies.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We cannot guarantee that we will be able to obtain various required licenses in U.S. states or in any other jurisdiction where they may be required in the future.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We are required to have and may be required in the future to obtain various state licenses to, among other things, originate commercial loans, and may be required to obtain similar licenses from other authorities, including outside of the United States, in the future in connection with one or more investments. Applying for and obtaining required licenses can be costly and take several months. We cannot assure you that we will maintain or obtain all of the licenses that we need on a timely basis. We also are and will be subject to various information and other requirements to maintain and obtain these licenses, and we cannot assure you that we will satisfy those requirements. Our failure to maintain or obtain licenses that we require, now or in the future, might restrict investment options and have other adverse consequences.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Certain investment analyses and decisions by our Adviser may be required to be undertaken on an expedited basis.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Investment analyses and decisions by our Adviser may be required to be undertaken on an expedited basis to take advantage of certain investment opportunities. While we generally will not seek to make an investment until our Adviser has conducted sufficient due diligence to make a determination as to the acceptability of the credit quality of the investment and the underlying issuer, in such cases, the information available to our Adviser at the time of making an investment decision may be limited. Therefore, no assurance can be given that our Adviser will have knowledge of all circumstances that may adversely affect an investment. In addition, our Adviser may rely upon independent consultants and others in connection with its evaluation of proposed investments. No assurance can be given as to the accuracy or completeness of the information provided by such independent consultants and we may incur liability as a result of such consultants’ actions, many of whom we will have limited recourse against in the event of any such inaccuracies.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We may not have the funds or ability to make additional investments in our portfolio companies.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">After our initial investment in a portfolio company, we may be called upon from time to time to provide additional funds to such company or have the opportunity to increase our investment through the exercise of a warrant or other right to purchase common stock. There is no assurance that we will make, or will have sufficient funds to make, follow-on investments. Even if we do have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our level of risk, we prefer other opportunities, we are limited in our ability to do so by compliance with BDC requirements, or in order to maintain our RIC status. Our ability to make follow-on investments may also be limited by our Adviser’s allocation policies. Any decision not to make a follow-on investment or any inability on our part to make such an investment may have a negative impact on a portfolio company in need of such an investment, may result in a missed opportunity for us to increase our participation in a successful investment or may reduce the expected return to us on the investment.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We are subject to certain risks as a result of our interests in the CLO Preferred Shares.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Under the terms of the loan sale agreements entered into in connection with our debt securitization transactions with respect to the CLOs (collectively, the “CLO Transactions”), we and certain financing subsidiaries sold and/or contributed to the respective issuers in connection with the particular CLO Transaction (the "CLO Issuers"), all of the ownership interest in the portfolio loans and participations held by the CLO Issuers on the closing date for the CLO Transaction for the purchase price and other consideration set forth in such loan sale agreements. As a result of the CLO Transactions, we hold all of the preferred shares issued by the CLO Issuers (collectively, the “CLO Preferred Shares”), which comprise 100% of the equity interests (other than, in the case of CLO Issuers domiciled in the Cayman Islands, certain nominal interests held by a charitable trust for purposes of limiting the ability of the CLO Issuers to file for bankruptcy) in the CLO Issuers and in the case of CLO Transactions which have a Delaware limited liability company as co-issuer (the “CLO Co-Issuers”), such CLO Issuer in turn owns 100% of the equity of such CLO Co-Issuer. In the case of CLO Issuers organized in Delaware, we own the equity interests of such CLO Issuer (i.e., the CLO Preferred Shares). As a result, we expect to consolidate the financial statements of the CLO Issuers in our consolidated financial statements. However, once sold or contributed to a CLO, the underlying loans and participation interests have been securitized and are no longer our direct investment, and the risk return profile has been altered. In general, rather than holding interests in the underlying loans and participation interests, the CLO Transactions resulted in us holding equity interests in the CLO Issuers, with the CLO Issuers holding the underlying loans. As a result, we are subject both to the risks and benefits associated with the Preferred Shares and, indirectly, the risks and benefits associated with the underlying loans and participation interests held by the CLO Issuers. In addition, our ability to sell, amend or otherwise modify an underlying loan held by a CLO Issuer is subject to certain conditions and restrictions under the applicable CLO Transactions, which may prevent us from taking actions that we would take if we held such underlying loan directly.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">The subordination of the CLO Preferred Shares will affect our right to payment</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:110%">.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The respective CLO Preferred Shares are subordinated to the notes issued and amounts borrowed by the CLO Issuers and CLO Co-Issuers, as applicable (collectively, the “CLO Debt”), respectively, and certain fees and expenses. If an overcollateralization test or an interest coverage test is not satisfied as of a determination date, the proceeds from the underlying loans otherwise payable to a CLO Issuer (which such CLO Issuer could have distributed with respect to the CLO Preferred Shares of such CLO Issuer) will be diverted to the payment of principal on the CLO Debt of such CLO Issuer. See “—The CLO Indentures require mandatory redemption of the respective CLO Debt for failure to satisfy coverage tests, which would reduce the amounts available for distribution to us.”</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">On the scheduled maturity of the CLO Debt of a CLO Issuer or if such CLO Debt is accelerated after an event of default, proceeds available after the payment of certain administrative expenses will be applied to pay both principal of and interest on the such CLO Debt until such CLO Debt is paid in full before any further payment will be made on the CLO Preferred Shares of such CLO Issuer. As a result, such CLO Preferred Shares would not receive any payments until such CLO Debt is paid in full and under certain circumstances may not receive payments at any time.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">In addition, if an event of default occurs and is continuing with respect to the CLO Debt of a CLO Issuer, the holders of such CLO Debt will be entitled to determine the remedies to be exercised under the indenture pursuant to which such CLO Debt was issued (each a “CLO Indenture” and collectively, the “CLO Indentures”). Remedies pursued by the holders of CLO Debt could be adverse to our interests as the holder of CLO Preferred Shares, and the holders of CLO Debt will have no obligation to consider any possible adverse effect on such our interest or the interest of any other person. See “ —</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%">The holders of certain CLO Debt will control many rights under the CLO Indentures and therefore, we will have limited rights in connection with an event of default or distributions thereunder.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">”</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The CLO Preferred Shares represent leveraged investments in the underlying loan portfolio of the applicable CLO Issuer, which is a speculative investment technique that increases the risk to us as the owner of the CLO Preferred Shares. As the junior interest in a leveraged capital structure, the CLO Preferred Shares will bear the primary risk of deterioration in the performance of the applicable CLO Issuer and its portfolio of underlying loans.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">The holders of certain CLO Debt will control many rights under the CLO Indentures and therefore, we will have limited rights in connection with an event of default or distributions thereunder.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Under each CLO Indenture, as long as any CLO Debt of the applicable CLO Issuer is outstanding, the holders of the senior-most outstanding class of such CLO Debt will have the right to direct the trustee or the applicable CLO Issuer to take certain actions under the applicable CLO Indenture or any related credit agreement. For example, these holders will have the right, following an event of default, to direct certain actions and control certain decisions, including the right to accelerate the maturity of applicable CLO Debt and, under certain circumstances, the liquidation of the collateral. Remedies pursued by such holders upon an event of default could be adverse to our interests.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Although we, as the holder of the CLO Preferred Shares, will have the right, subject to the conditions set forth in the CLO Indentures, to purchase assets in any liquidation of assets by the collateral trustee, if an event of default has occurred and is continuing, we will not have any creditors’ rights against the applicable CLO Issuer and will not have the right to determine the remedies to be exercised under the applicable CLO Indenture. There is no guarantee that any funds will remain to make distributions to us as the holder of the CLO Preferred Shares following any liquidation of assets and the application of the proceeds from such assets to pay the applicable CLO Debt and the fees, expenses, and other liabilities payable by the applicable CLO Issuer.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">The CLO Indentures require mandatory redemption of the respective CLO Debt for failure to satisfy coverage tests, which would reduce the amounts available for distribution to us.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Under the CLO Indentures governing the CLO Transactions, there are two coverage tests applicable to CLO Debt. These tests apply to each CLO Transaction separately. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">If either coverage test with respect to a CLO Transaction is not satisfied on any determination date on which such test is applicable, the applicable CLO Issuer must apply available amounts to redeem its CLO Debt in an amount necessary to cause such test to be satisfied. This would reduce or eliminate the amounts otherwise available to make distributions to us as the holder of the CLO Preferred Shares of such CLO Issuer.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Climate change and climate-related effects may expose us to systemic, global, macroeconomic risks and could adversely affect our business and the businesses of our products’ portfolio companies.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Global climate change is widely considered to be a significant threat to the global economy. We and the companies in which we invest may face risks associated with climate change, including physical risks such as an increased frequency or severity of extreme weather events and rising sea levels and temperatures. In addition, climate change may also impact our profitability and costs, as well as pose systemic risks for our businesses and those of the companies in which we invest. For example, to the extent weather conditions are affected by climate change, energy use by us or the companies in which we invest could increase or decrease depending on the duration and magnitude of any changes. Increases in the cost of energy could adversely affect the cost of operations of us or the companies in which we invest. On the other hand, a decrease in energy use due to weather changes may affect the financial condition of some of the companies in which we invest through decreased revenues. Additionally, extreme weather conditions in general require more system backup, adding to costs, including costs of insurance (particularly for real estate in certain regions), and can contribute to increased system stresses, including service interruptions.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">While the United States has withdrawn from the Paris Agreement, various other regulatory and voluntary initiatives launched by international, federal, state, and regional policymakers and regulatory authorities as well as private actors seeking to reduce greenhouse gas emissions may expose our business operations, products and products’ portfolio companies to other types of transition risks, such as: (i) political and policy risks, (including changing regulatory incentives, and legal requirements, including with respect to greenhouse gas emissions, that could result in increased costs or changes in business operations), (ii) regulatory and litigation risks, (including changing legal requirements that could result in increased permitting, tax and compliance costs, enhanced disclosure obligations, changes in business operations, or the discontinuance of certain operations, and litigation seeking monetary or injunctive relief related to impacts related to climate change), (iii) technology and market risks, (including declining market for investments in industries seen as greenhouse gas intensive or less effective than alternatives in reducing greenhouse gas emissions), (iv) business trend risks, (including requirements for certain portfolio companies related to capital expenditures, product or service redesigns, and changes to operations and supply chains to meet changing customer expectations, and the increased attention to ESG considerations by our investors, including in connection with their determination of whether to invest), and (v) potential harm to our reputation if our shareholders believe that we are not adequately or appropriately responding to climate change and/or climate risk management, including through the way in which we operate our business, the composition of portfolio, our new investments or the decisions we make to continue to conduct or change our activities in response to climate change considerations.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:100%">Investors will not know the purchase price per share at the time they submit their subscription agreements and could receive fewer shares of our common stock than anticipated if our Board determines to increase the offering price to a price that we believe reflects the net asset value per share of the Class S, Class D and Class I shares in accordance with our share pricing policy. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">The Class S, Class D and Class I shares may, to the extent permitted or required under the rules and regulations of the SEC, be sold at prices necessary to ensure that shares are not sold at prices per share, after deducting the applicable Upfront Sales Load, that are below our net asset value per share for such class, if our net asset value per share: (i) declines more than 10% from the net asset value per share as of the effective date of the applicable registration statement or (ii) increases to an amount that is greater than the net proceeds per share as stated herein.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">In accordance with the Company’s share pricing policy, we will modify our public offering price to the extent necessary to comply with the requirements of the 1940 Act, including the requirement that we not sell our shares at a net offering price below our net asset value per share unless we obtain the requisite approval from our shareholders.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">As a result, your purchase price may be higher than the prior subscription closing price per share, and therefore you may receive a smaller number of shares than if you had subscribed at the prior subscription closing price.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:100%">If we are unable to raise substantial funds in our ongoing, continuous “best efforts” offering, we may be limited in the number and type of investments we may make, and the value of your investment in us may be reduced in the event our assets under- perform. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Our continuous offering is being made on a best efforts basis, whereby our Dealer Manager and participating broker-dealers are only required to use their best efforts to sell our shares and have no firm commitment or obligation to purchase any of our shares. To the extent that less than the maximum number of shares is subscribed for, the opportunity for diversification of our investments may </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">be decreased and the returns achieved on those investments may be reduced as a result of allocating all of our expenses among a smaller capital base.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:100%">Our shares are not listed, and we do not intend to list our shares, on an exchange, nor are our shares quoted through a quotation system. Therefore, our shareholders will have limited liquidity and may not receive a full return of invested capital (including front-end commissions, fees and expenses), upon selling their shares or upon liquidation of our Company.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Our shares are illiquid investments for which there is not a secondary market nor is it expected that any such secondary market will develop in the future. We do not intend to complete a liquidity event within any specific time period, if at all. A liquidity event could include a merger or another transaction approved by our Board in which our shareholders will receive cash or shares of a listed company, or a sale of all or substantially all of our assets either on a complete portfolio basis or individually followed by a liquidation. We do not intend to list our shares on a national securities exchange. Upon the occurrence of a liquidity event, if any, all Class S and Class D shares will automatically convert into Class I shares and the ongoing servicing fee will terminate.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:100%">Our Dealer Manager in our continuous offering may be unable to sell a sufficient number of shares of common stock for us to achieve our investment objective. Our ability to conduct our continuous offering successfully is dependent, in part, on the ability of our Dealer Manager to successfully establish, operate and maintain relationships with a network of broker-dealers. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">The success of our continuous public offering, and correspondingly our ability to implement our business strategy, is dependent upon the ability of our Dealer Manager to establish and maintain relationships with a network of licensed securities broker-dealers and other agents to sell our shares. If our Dealer Manager fails to perform, we may not be able to raise adequate proceeds through our public offering to implement our investment strategy. If we are unsuccessful in implementing our investment strategy, you could lose all or a part of your investment.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:100%">We may be unable to invest a significant portion of the net proceeds of our offering on acceptable terms in an acceptable timeframe.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Delays in investing the net proceeds of our offering may impair our performance. We cannot assure you that we will be able to continue to identify investments that meet our investment objective or that any investment that we make will produce a positive return. We may be unable to invest the net proceeds of our offering on acceptable terms within the time period that we anticipate or at all, which could harm our financial condition and operating results.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Before making investments, we will invest the net proceeds of our continuous public offering primarily in cash, cash-equivalents, U.S. government securities, repurchase agreements, and/or other high-quality debt instruments maturing in one year or less from the time of investment. This will produce returns that are significantly lower than the returns which we expect to achieve when our portfolio is fully invested in securities and loans meeting our investment objective. As a result, any distributions that we pay while our portfolio is not fully invested may be lower than the distributions that we may be able to pay when our portfolio is fully invested in securities meeting our investment objective.</span></div> <div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:100%">We intend, but are not required, to offer to repurchase shareholders’ shares on a quarterly basis. As a result, shareholders will have limited opportunities to sell their shares.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">In the third quarter of 2021, 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. Our 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. Economic events affecting the U.S. economy, such as volatility in the financial markets, inflation, higher interest rates or global or national events that are beyond our control, could cause an increased number of shares to be put to us for repurchase. To the extent that the number of shares put to us for repurchase exceeds the number of shares that we are able to purchase, we will repurchase shares on a pro rata basis, not on a first-come, first-serve basis. Further, we will have no obligation to repurchase shares if the repurchase would violate the restrictions on distributions under federal law or Maryland law. These limits may prevent us from accommodating all repurchase requests made in any quarter.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">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.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">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.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:100%">The timing of our repurchase offers pursuant to our share repurchase program may be at a time that is disadvantageous to our shareholders, and, to the extent shareholders are able to sell their shares under the program, they may not be able to recover the amount of their investment in our shares.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:100%"> </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">When we make repurchase offers pursuant to the share repurchase program, we may offer to repurchase shares at a price that is lower than the price that shareholders paid for our shares. As a result, to the extent shareholders paid a price that includes the related sales load and to the extent shareholders have the ability to sell their shares pursuant to our share repurchase program, the price at which they may sell shares, which will be the current net offering price per share in effect on each date of repurchase, may be lower than the amount they paid in connection with the purchase of shares in this offering.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">A shareholder’s interest in us will be diluted if we issue additional shares, which could reduce the overall value of an investment in us.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our shareholders do not have preemptive rights to purchase any shares we issue in the future. Our charter authorizes us to issue up to 4.5 billion shares of common stock. Pursuant to our charter, a majority of our entire Board may amend our charter to increase the number of shares of common stock we may issue without shareholder approval. Our Board may elect to sell additional shares in the </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">future or issue equity interests in private offerings. To the extent we issue additional equity interests at or below net asset value, your percentage ownership interest in us may be diluted. In addition, depending upon the terms and pricing of any additional offerings and the value of our investments, you may also experience dilution in the book value and fair value of your shares.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Under the 1940 Act, we generally are prohibited from issuing or selling our common stock at a price below net asset value per share, which may be a disadvantage as compared with certain public companies. We may, however, sell our common stock, or warrants, options, or rights to acquire our common stock, at a price below the current net asset value of our common stock if our Board and independent directors determine that such sale is in our best interests and the best interests of our shareholders, and our shareholders, including a majority of those shareholders that are not affiliated with us, approve such sale. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our Board, closely approximates the fair value of such securities (less any distributing commission or discount). If we raise additional funds by issuing common stock or senior securities convertible into, or exchangeable for, our common stock, then the percentage ownership of our shareholders at that time will decrease and you will experience dilution.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Certain provisions of our charter and actions of our Board could deter takeover attempts and have an adverse impact on the value of shares of our common stock.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our charter, as well as certain statutory and regulatory requirements, contain certain provisions that may have the effect of discouraging a third party from attempting to acquire us. Our Board is divided into three classes of directors serving staggered three-year terms, which could prevent shareholders from removing a majority of directors in any given election. Our Board may, without shareholder action, authorize the issuance of shares in one or more classes or series, including shares of preferred stock; and our Board may, without shareholder action, amend our charter to increase the number of shares of our common stock, of any class or series, that we will have authority to issue. These anti-takeover provisions may inhibit a change of control in circumstances that could give the holders of shares of our common stock the opportunity to realize a premium over the value of shares of our common stock.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Investing in our securities involves a high degree of risk.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The investments we make in accordance with our investment objective may result in a higher amount of risk than alternative investment options, including volatility or loss of principal. Our investments in portfolio companies may be highly speculative and aggressive and, therefore, an investment in our common stock may not be suitable for someone with lower risk tolerance.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">The value of our common stock may fluctuate significantly.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The value and liquidity, if any, of the market for shares of our common stock may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include:</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">changes in the value of our portfolio of investments and derivative instruments as a result of changes in market factors, such as interest rate shifts, and also portfolio specific performance, such as portfolio company defaults, among other reasons;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">changes in regulatory policies or tax guidelines, particularly with respect to RICs or BDCs;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">loss of RIC tax treatment or BDC status;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">distributions that exceed our net investment income and net income as reported according to U.S. GAAP;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">changes in earnings or variations in operating results;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">changes in accounting guidelines governing valuation of our investments;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">adverse publicity about the investment management industry generally or individual scandals specifically;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">a breach of our computer systems, software or networks, or misappropriation of our proprietary information;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">any shortfall in revenue or net income or any increase in losses from levels expected by investors;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">departure of our Adviser or certain of its key personnel;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">general economic trends and other external factors; and</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">loss of a major funding source.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We may experience fluctuations in our quarterly results.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We could experience fluctuations in our quarterly operating results due to a number of factors, including our ability or inability to make investments in companies that meet our investment criteria, the interest rate payable on the loans or other debt securities we originate or acquire, the level of our expenses (including our borrowing costs), variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods or the full fiscal year.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">The amount of any distributions we may make on our common stock is uncertain. We may not be able to pay distributions to shareholders, or be able to sustain distributions at any particular level, and our distributions per share, if any, may not grow over time, and our distributions per share may be reduced. We have not established any limits on the extent to which we may use borrowings, if any, and we may use sources other than cash flows from operations to fund distributions (which may reduce the amount of capital we ultimately invest in portfolio companies).</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Subject to our Board’s discretion and applicable legal restrictions, we intend to authorize and declare cash distributions on a monthly or quarterly basis and pay such distributions on a monthly basis. We expect to pay distributions out of assets legally available for distribution. However, we cannot assure you that we will achieve investment results that will allow us to make a consistent targeted level of cash distributions or year-to-year increases in cash distributions. Our ability to pay distributions might be adversely affected by the impact of the risks described herein. Further, the per share amount of distributions on Class S, Class D and Class I shares may differ because of different allocations of class-specific expenses. For example, distributions on Class S and Class D shares will be lower than on Class I shares because Class S and Class D shares are subject to different ongoing servicing fees. In addition, the inability to satisfy the asset coverage test applicable to us as a BDC under the 1940 Act can limit our ability to pay distributions. Distributions from sources other than cash flows also could reduce the amount of capital we ultimately invest in debt or equity securities of portfolio companies. We cannot assure you that we will pay distributions to our shareholders in the future.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Distributions on our common stock may exceed our taxable earnings and profits. Therefore, portions of the distributions that we pay may represent a return of capital to you. A return of capital is a return of a portion of your original investment in shares of our common stock. As a result, a return of capital will (i) lower your adjusted tax basis in your shares and thereby increase the amount of capital gain (or decrease the amount of capital loss) realized upon a subsequent sale or redemption of such shares, and (ii) reduce the amount of funds we have for investment in portfolio companies. We have not established any limit on the extent to which we may use offering proceeds to fund distributions.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We may pay our distributions from offering proceeds in anticipation of future cash flow, which may constitute a return of your capital and will lower your adjusted tax basis in your shares, thereby increasing the amount of capital gain (or decreasing the amount of capital loss) realized upon a subsequent sale or redemption of such shares, even if such shares have not increased in value or have, in fact, lost value. Distributions from offering proceeds also could reduce the amount of capital we ultimately have available to invest in portfolio companies.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our stockholders could receive shares of our common stock as dividends, which could result in adverse tax consequences to them.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Although we currently do not intend to do so, we are permitted to declare a large portion of a dividend in shares of common stock instead of cash at the election of each stockholder. Revenue procedures issued by the IRS allow a publicly offered RIC to distribute its own stock as a dividend for the purpose of fulfilling its distribution requirements, if certain conditions are satisfied. Among other things, the aggregate amount of cash available to be distributed to all stockholders is required to be at least 20% of the aggregate declared distribution. The Internal Revenue Service has also issued private letter rulings on cash/stock dividends paid by RICs and real estate investment trusts where the cash component is limited to 20% of the total distribution if certain requirements are satisfied. Stockholders receiving such dividends will be required to include the full amount of the dividend (including the portion payable in stock) as ordinary income (or, in certain circumstances, long-term capital gain) to the extent of our current and accumulated earnings and profits for U.S. federal income tax purposes. As a result, stockholders could be required to pay income taxes with respect to such dividends in excess of the cash dividends received. It is unclear to what extent we will be able to pay taxable dividends in cash and common stock (whether pursuant to IRS Revenue Procedures, a private letter ruling or otherwise).</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Shareholders will experience dilution in their ownership percentage if they do not participate in our distribution reinvestment plan.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We have a adopted a distribution reinvestment plan, pursuant to which we will reinvest all cash distributions declared by the Board on behalf of our shareholders who elect to participate, or “opt-in,” in shares of our common stock. As a result, shareholders that do not elect to participate in our distribution reinvestment plan will experience dilution over time. Shareholders who do not elect to participate in our distribution reinvestment plan may experience accretion to the net asset value of their shares if our shares are trading at a premium to net asset value and dilution if our shares are trading at a discount to net asset value. The level of accretion or discount would depend on various factors, including the proportion of our shareholders who participate in the plan, the level of premium or discount at which our shares are trading and the amount of the distribution payable to shareholders.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Preferred stock could be issued with rights and preferences that would adversely affect holders of our common stock.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Under the terms of our charter, our Board is authorized to issue shares of preferred stock in one or more series without shareholder approval, which could potentially adversely affect the interests of existing shareholders. In particular, holders of preferred stock are required to have certain voting rights when there are unpaid dividends and priority over other classes of securities as to distribution of assets or payment of dividends.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">If we issue preferred stock or convertible debt securities, the net asset value of our common stock may become more volatile.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We cannot assure you that the issuance of preferred stock and/or convertible debt securities would result in a higher yield or return to the holders of our common stock. The issuance of preferred stock or convertible debt would likely cause the net asset value of our common stock to become more volatile. If the dividend rate on the preferred stock, or the interest rate on the convertible debt securities, were to approach the net rate of return on our investment portfolio, the benefit of such leverage to the holders of our common stock would be reduced. If the dividend rate on the preferred stock, or the interest rate on the debt securities, were to exceed the net rate of return on our portfolio, the use of leverage would result in a lower rate of return to the holders of common stock than if we had not issued the preferred stock or convertible debt securities. Any decline in the net asset value of our investment would be </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">borne entirely by the holders of our common stock. Therefore, if the market value of our portfolio were to decline, the leverage would result in a greater decrease in net asset value to the holders of our common stock than if we were not leveraged through the issuance of preferred stock or debt securities. This decline in net asset value would also tend to cause a greater decline in the market price, if any, for our common stock.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">There is also a risk that, in the event of a sharp decline in the value of our net assets, we would be in danger of failing to maintain required asset coverage ratios, which may be required by the preferred stock or convertible debt, or our current investment income might not be sufficient to meet the dividend requirements on the preferred stock or the interest payments on the debt securities. In order to counteract such an event, we might need to liquidate investments in order to fund the redemption of some or all of the preferred stock or convertible debt. In addition, we would pay (and the holders of our common stock would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred stock, convertible debt, or any combination of these securities. Holders of preferred stock or convertible debt may have different interests than holders of common stock and may at times have disproportionate influence over our affairs.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Holders of any preferred stock that we may issue will have the right to elect certain members of the Board and have class voting rights on certain matters.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The 1940 Act requires that holders of shares of preferred stock must be entitled as a class to elect two directors at all times and to elect a majority of the directors if dividends on such preferred stock are in arrears by two years or more, until such arrearage is eliminated. In addition, certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred stock, including changes in fundamental investment restrictions and conversion to open end status and, accordingly, preferred shareholders could veto any such changes. Restrictions imposed on the declarations and payment of dividends or other distributions to the holders of our common stock and preferred stock, both by the 1940 Act and by requirements imposed by rating agencies, might impair our ability to maintain our tax treatment as a RIC for U.S. federal income tax purposes. Our board of directors has passed a resolution that no preferred stock will be issued that has voting rights that will limit or subordinate voting rights of the holders of our common stock afforded by the Omnibus Guidelines issued by NASAA. However, there can be no assurance that our Board will not issue preferred stock in the future.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Compliance with the SEC’s Regulation Best Interest by participating broker-dealers may negatively impact our ability to raise capital in our offering, which would harm our ability to achieve our investment objectives. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Commencing June 30, 2020, broker-dealers must comply with Regulation Best Interest, which, among other requirements, establishes a new standard of conduct for broker-dealers and their associated persons when making a recommendation of any securities transaction or investment strategy involving securities to a retail customer. Under Regulation Best Interest, high cost, high risk and complex products may be subject to greater scrutiny by broker-dealers and their salespersons. Regulation Best Interest imposes a duty of care for broker-dealers and their salespersons. Reasonable alternatives to us, such as listed entities, exist and may have lower expenses, less complexity and/or lower investment risk than us. Certain investments in listed entities may involved lower or no commissions at the time of initial purchase. Under Regulation Best Interest, broker-dealers participating in the offering must consider such alternatives in the best interest of their clients. The impact of Regulation Best Interest on participating dealers cannot be determined at this time, and it may negatively impact whether participating dealers and their associated persons recommend our offering to certain retail customers. If Regulation Best Interest reduces our ability to raise capital in our offering, it would harm our ability to create a diversified portfolio of investments and ability to achieve our investment objectives.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our unsecured notes are effectively subordinated to any secured indebtedness we have currently incurred or may incur in the future.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We have issued notes that are unsecured by any of our assets or any of the assets of our subsidiaries. As a result, these notes are effectively subordinated, or junior, to any secured indebtedness or other obligations we or our subsidiaries have currently incurred and may incur in the future (or any indebtedness that is initially unsecured that we later secure) to the extent of the value of the assets securing such indebtedness. Substantially all of our subsidiaries’ assets are currently pledged as collateral under our credit facilities or in connection with our CLOs. In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of any of our existing or future secured indebtedness and the secured indebtedness of our subsidiaries may assert rights against the assets pledged to secure that indebtedness in order to receive full payment of their indebtedness before the assets may be used to pay other creditors, including the holders of the unsecured notes. Secured indebtedness is effectively senior to the notes to the extent of the value of the assets securing such indebtedness.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our unsecured notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The unsecured notes are exclusively our obligations and not of any of our subsidiaries. None of our subsidiaries are a guarantor of the unsecured notes and the unsecured notes are not required to be guaranteed by any subsidiaries we may acquire or create in the future. Except to the extent we are a creditor with recognized claims against our subsidiaries, all claims of creditors (including trade creditors) and holders of preferred stock, if any, of our subsidiaries will have priority over our equity interests in such subsidiaries (and therefore the claims of our creditors, including holders of the unsecured notes) with respect to the assets of such subsidiaries. Even if we are recognized as a creditor of one or more of our subsidiaries, our claims would still be effectively subordinated to any security interests in the assets of any such subsidiary and to any indebtedness or other liabilities of any such subsidiary senior to our claims. Consequently, our unsecured notes will be structurally subordinated, or junior, to our SPV Asset Facilities, CLOs and all existing and future indebtedness and other obligations (including trade payables) incurred by any of our subsidiaries, financing vehicles or similar </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">facilities and any subsidiaries, financing vehicles or similar facilities that we may in the future acquire or establish. Our subsidiaries may incur indebtedness in the future, all of which would be structurally senior to the unsecured notes.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">A downgrade, suspension or withdrawal of the credit rating assigned by a rating agency to us or our notes, if any, or change in the debt markets, could cause the liquidity or market value of our notes to decline significantly.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our credit ratings are an assessment by rating agencies of our ability to pay our debts when due. Consequently, real or anticipated changes in our credit ratings will generally affect the market value of our notes. These credit ratings may not reflect the potential impact of risks relating to the structure or marketing of our notes. Credit ratings are not a recommendation to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">An increase in market interest rates could result in a decrease in the market value of our unsecured notes.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The condition of the financial markets and prevailing interest rates have fluctuated in the past and are likely to fluctuate in the future, which could have an adverse effect on the market prices of our unsecured notes. In general, as market interest rates rise, debt securities bearing interest at fixed rates of interest decline in value. We cannot predict the future level of market interest rates.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">The indenture under which the unsecured notes were issued contains limited protection for holders of our unsecured notes.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The indenture offers limited protection to holders of our unsecured notes. The terms of the indenture and the unsecured notes do not restrict our or any of our subsidiaries’ ability to engage in, or otherwise be a party to, a variety of corporate transactions, circumstances or events that could have an adverse impact on an investment in the unsecured notes. In particular, the terms of the indenture and the unsecured notes will not place any restrictions on our or our subsidiaries’ ability to:</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">issue securities or otherwise incur additional indebtedness or other obligations other than an incurrence of indebtedness or other obligations that would cause a violation of Section 18(a)(1)(A) as modified by Section 61(a) of the 1940 Act or any successor provisions of the 1940 Act, but giving effect, in either case, to any exemptive relief granted to us by the SEC. Currently, these provisions generally prohibit us from incurring additional borrowings, including through the issuance of additional debt securities, unless our asset coverage, as defined in the 1940 Act, equals at least 150% after such borrowings;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">pay dividends on, or purchase or redeem or make any payments in respect of, capital stock or other securities ranking junior in right of payment to the unsecured notes;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">sell assets (other than certain limited restrictions on our ability to consolidate, merge or sell all or substantially all of our assets);</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">create liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback transactions;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">enter into transactions with affiliates;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">make investments; or</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">create restrictions on the payment of dividends or other amounts to us from our subsidiaries.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Furthermore, the terms of the indenture and the unsecured notes do not protect holders of the unsecured notes in the event that we experience changes (including significant adverse changes) in our financial condition, results of operations or credit ratings, as they do not require that we or our subsidiaries adhere to any financial tests or ratios or specified levels of net worth, revenues, income, cash flow or liquidity.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our ability to recapitalize, incur additional debt and take a number of other actions that are not limited by the terms of the unsecured notes may have important consequences for a holder of the unsecured notes, including making it more difficult for us to satisfy our obligations with respect to the unsecured notes or negatively affecting the trading value of the unsecured notes.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Certain of our current debt instruments include more protections for their holders than the indenture and the unsecured notes. In addition, other debt we issue or incur in the future could contain more protections for its holders than the indenture and the unsecured notes, including additional covenants and events of default. The issuance or incurrence of any such debt with incremental protections could affect the market for and trading levels and prices of the unsecured notes.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">The optional redemption provision may materially adversely affect a noteholder’s return on the unsecured notes.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The unsecured notes are redeemable in whole or in part at any time or from time to time at our option. We may choose to redeem the unsecured notes at times when prevailing interest rates are lower than the interest rate paid on the unsecured notes. In this circumstance, a noteholder may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as that of the unsecured notes being redeemed.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We may not be able to repurchase the unsecured notes upon a Change of Control Repurchase Event.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Upon the occurrence of a Change of Control Repurchase Event, as defined in the indenture that governs the unsecured notes, as supplemented, subject to certain conditions, we will be required to offer to repurchase all outstanding unsecured notes at 100% of their principal amount, plus accrued and unpaid interest. The source of funds for that purchase of the unsecured notes will be our available cash or cash generated from our operations or other potential sources, including borrowings, investment repayments, sales of assets or sales of equity. We cannot assure you that sufficient funds from such sources will be available at the time of any Change of Control Repurchase Event to make required repurchases of the unsecured notes tendered. Our debt instruments may contain restrictions and </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">provisions that we would have to comply with in connection with any repurchase of the unsecured notes. If the holders of the unsecured notes exercise their right to require us to repurchase all the unsecured notes upon a Change of Control Repurchase Event, the financial effect of this repurchase could cause a default under our existing or future debt instruments, even if the Change of Control Repurchase Event itself would not cause a default. It is possible that we will not have sufficient funds at the time of the Change of Control Repurchase Event to make the required repurchase of the unsecured notes or our other debt.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">If an active trading market does not develop for the unsecured notes, noteholders may not be able to resell them.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We do not intend to apply for listing of the unsecured notes on any securities exchange or for quotation of the unsecured notes on any automated dealer quotation system. If no active trading market develops, noteholders may not be able to resell the unsecured notes at their fair market value or at all. If the unsecured notes are traded after their initial issuance, they may trade at a discount from their initial offering price depending on prevailing interest rates, the market for similar securities, our credit ratings, general economic conditions, our financial condition, performance and prospects and other factors. We cannot assure noteholders that a liquid trading market will develop for the unsecured notes, that noteholders will be able to sell the unsecured notes at a particular time or that the price noteholders receive when they sell will be favorable. To the extent an active trading market does not develop for the unsecured notes, the liquidity and trading price for the unsecured notes may be harmed. Accordingly, noteholders may be required to bear the financial risk of an investment in the unsecured notes for an indefinite period of time.</span></div> <div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Investments in our Australian Debt Issuance Program and GMTN Program may involve significant risks in addition to the risks inherent in U.S. investments.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Investing in our Australian Debt Issuance Program and GMTN Program may expose us and investors to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, political and social instability, expropriation, imposition of foreign taxes, less liquid markets and less available information than is generally the case in the United States, higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">A number of factors may have a negative impact on the value of non-U.S. currencies and the value of the Australian Notes and EUR 2031 Notes based on such currencies. </span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">A number of factors may affect the value of non-U.S. currencies or the U.S. dollar and, in turn, the Australian Notes and EUR 2031 Notes based on such non-U.S. currencies or the U.S. dollar. These factors include: </span></div><div style="margin-top:6pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Natural or environmental disasters and widespread disease, including public health disruptions, pandemics and epidemics; </span></div><div style="margin-top:6pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Debt level and trade deficit of the relevant foreign countries; </span></div><div style="margin-top:6pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Inflation rates of the United States and the relevant foreign countries and investors’ expectations concerning inflation rates;</span></div><div style="margin-top:6pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Interest rates of the United States and the relevant foreign countries and investors’ expectations concerning interest rates;</span></div><div style="margin-top:6pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Investment and trading activities of mutual funds, hedge funds and other market participants;</span></div><div style="margin-top:6pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Global or regional political, economic or financial events and situations;</span></div><div style="margin-top:6pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Sovereign action to set or restrict currency conversion;</span></div><div style="margin-top:6pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Monetary policies and other related activities of central banks within the U.S. and other relevant non-U.S. markets;</span></div><div style="margin-top:6pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Overall growth and performance of the economies of the relevant countries; and</span></div><div style="margin-top:6pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Non-U.S. financial markets may be closed on a day when U.S. domestic markets are open for trading. </span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As a result, liquidity and/or pricing may be affected. In periods of financial turmoil, capital can move quickly out of countries or geographic regions that are perceived to be more vulnerable to the effects of the crisis than other countries or geographic regions, with sudden and severely adverse consequences to the currencies of those countries or geographic regions. Each of these factors could have a negative impact on the value of the AUD 2027 Notes and the EUR 2031 Notes. These factors interrelate in complex ways, and the effect of one factor on the value of the AUD 2027 Notes and the EUR 2031 Notes may offset or enhance the effect of another factor. All of these factors are, in turn, sensitive to the monetary, fiscal and trade policies pursued by the relevant countries and those of other countries important to international trade and finance. In addition, information relating to non-U.S. countries or currencies may not be as well-known or as rapidly or thoroughly reported as information regarding the U.S. or the U.S. dollar.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We cannot predict how new tax legislation will affect us, our investments, or our stockholders, and any such legislation could adversely affect our business.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Legislative or other actions relating to taxes could have a negative effect on us. The laws pertaining to U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department. The likelihood of any such legislation being enacted is uncertain. New legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could have adverse tax consequences, such as significantly and negatively affecting our ability to qualify for tax treatment as a RIC or negatively affecting the U.S. federal income tax consequences applicable to us and our investors as a result of such qualification. For example, on July 4, 2025, the United States enacted “An Act to Provide for reconciliation Pursuant to Title II of H. Con. Res. 14” (the “Act”), also known as the “One Big Beautiful Bill,” which includes significant amendments to the Code. The Act did not have a material impact on our consolidated financial statements. Shareholders are urged to consult with their tax advisor regarding tax legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in our common stock.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We will be subject to U.S. federal income tax imposed at corporate rates if we are unable to maintain our tax treatment as a RIC under subchapter M of the Code.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">To maintain RIC tax treatment under the Code, we must meet the following minimum annual distribution, income source and asset diversification requirements. See “</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%">ITEM 1. BUSINESS </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">—</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:110%"> Certain U.S. Federal Income Tax Considerations</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">.”</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The Annual Distribution Requirement for a RIC generally will be satisfied if we distribute to our shareholders on an annual basis at least 90% of our “investment company taxable income,” which is generally our net ordinary income plus the excess, if any, of realized net short term capital gains over realized net long term capital losses. In addition, a RIC may, in certain cases, satisfy the Annual 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. We would be subject to U.S. federal income tax imposed at regular corporate rates, on retained income and/or gains, including any short term capital gains or long term capital gains. We also must make distributions to satisfy the Excise Tax Avoidance Requirement and avoid a 4% excise tax on certain undistributed income. Because we may use debt financing, we are subject to (i) an asset coverage ratio requirement under the 1940 Act and may, in the future, be subject to (ii) certain financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to satisfy the distribution requirements. If we are unable to obtain cash from other sources, or choose or are required to retain a portion of our taxable income or gains, we could (1) be required to pay excise taxes and (2) fail to qualify for RIC tax treatment. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The income source requirement will be satisfied if we obtain at least 90% of our annual income from dividends, interest, payments with respect to loans of certain securities, gains from the sale of stock or other securities or foreign currencies, net income from certain “qualified publicly traded partnerships,” (as that term is defined in the Code) or other income derived from the business of investing in stock or securities.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%"> In addition, we are required to satisfy certain asset diversification requirements at the end of each quarter of our taxable year. Specifically, to satisfy these requirements (1) at least 50% of the value of our assets must consist of cash, cash items (including receivables), U.S. government securities, securities of other RICs, and other securities, if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer; and(2) no more than 25% of the value of our assets may be invested in (i) the securities, other than U.S. government securities or securities of other RICs, of one issuer, (ii) the securities, other than the securities of other RICs, of two or more issuers that are controlled by us and which are determined under applicable Treasury regulations, to be engaged in the same or similar or related trades or businesses, or (iii) the securities of certain “qualified publicly traded partnerships (as that term is defined in the Code).” Failure to meet these requirements may result in our having to dispose of certain investments quickly in order to prevent the loss of RIC status. Because most of our investments will be in private companies, and therefore will be relatively illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">If we fail to qualify for or maintain RIC tax treatment for any reason, and certain cure provisions are not applicable, we would be subject to U.S. federal income tax imposed at corporate rates on all of our taxable income (including our net capital gains). We would not be able to deduct distributions to our shareholders, nor would they be required to be made. The resulting taxes could substantially reduce our net assets, the amount of income available for distribution, and the amount of our distributions.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We may invest in certain debt and equity investments through subsidiaries that are classified as corporations for U.S. federal income tax purposes, and the net taxable income of these subsidiaries will be subject to U.S. federal income and state and local taxes imposed at corporate rates. We may invest in certain foreign debt and equity investments, which could be subject to foreign taxes (such as income tax, withholding, and value added taxes).</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">For U.S. federal income tax purposes, we may be required to recognize taxable income in circumstances in which we do not receive a corresponding payment in cash. For example, since we will likely hold debt obligations that are treated under applicable tax rules as having OID (such as debt instruments with PIK, secondary market purchases of debt securities at a discount to par, interest or, in certain cases, increasing interest rates or debt instruments that were issued with warrants), we must include in income each year a portion of the OID that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">the same taxable year. We may also have to include in income other amounts that we have not yet received in cash, such as unrealized appreciation for foreign currency forward contracts and deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. Furthermore, we may invest in non-U.S. corporations (or other non-U.S. entities treated as corporations for U.S. federal income tax purposes) that could be treated under the Code and U.S. Treasury regulations as “passive foreign investment companies” and/or “controlled foreign corporations.” The rules relating to investment in these types of non-U.S. entities are designed to limit deferral and generally require the current inclusion of income derived by the entity. In certain circumstances, this could require us to recognize income where we do not receive a corresponding payment in cash.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Unrealized appreciation on derivatives, such as foreign currency forward contracts, may be included in taxable income while the receipt of cash may occur in a subsequent period when the related contract expires. Any unrealized depreciation on investments that the foreign currency forward contracts are designed to hedge are not currently deductible for tax purposes. This can result in increased taxable income whereby we may not have sufficient cash to pay distributions or we may opt to retain such taxable income and pay U.S. federal income or excise tax. In such cases we could still rely upon the “spillover provisions” to maintain RIC tax treatment.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We anticipate that a portion of our income may constitute OID or other income required to be included in taxable income prior to receipt of cash. Further, we may elect to amortize market discounts with respect to debt securities acquired in the secondary market and include such amounts in our taxable income in the current year, instead of upon disposition, as an election not to do so would limit our ability to deduct interest expenses for tax purposes. Because any OID or other amounts accrued will be included in our investment company taxable income for the year of the accrual, we may be required to make a distribution to our shareholders in order to satisfy the Annual Distribution Requirement, even if we will not have received any corresponding cash amount. As a result, we may have difficulty meeting the Annual Distribution Requirement necessary to maintain RIC tax treatment under the Code. We may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital, make a partial share distribution, or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, and choose not to make a qualifying share distribution, we may fail to qualify for RIC tax treatment and thus become subject to U.S. federal income tax imposed at corporate rates.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">If we are not treated as a “publicly offered regulated investment company,” as defined in the Code, certain U.S. shareholders will be treated as having received a dividend from us in the amount of such U.S. shareholders’ allocable share of the base management fee and incentive fees paid to our Adviser and some of our expenses, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. shareholders. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">A “publicly offered regulated investment company” is a RIC whose shares are either (i) continuously offered pursuant to a public offering within the meaning of Section 4 of the Securities Act, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the taxable year. While we anticipate that we will constitute a publicly offered RIC, there can be no assurance that we will in fact so qualify for any of our taxable years. If we are not treated as a publicly offered regulated investment company for any calendar year, each U.S. shareholder that is an individual, trust or estate will be treated as having received a dividend from us in the amount of such U.S. shareholder’s allocable share of the base management fee and incentive fees paid to our Adviser and certain of our other expenses for the calendar year, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. shareholder.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We and our portfolio companies are subject to regulation by laws at the local, state, and federal levels. These laws and regulations, as well as their interpretation, could change from time to time, including as the result of interpretive guidance or other directives from the current U.S. Presidential administration, and new laws, regulations and interpretations could also come into effect. Any new or changed laws or regulations could have a material adverse effect on our business, and political uncertainty could increase regulatory uncertainty in the near term.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">A single political party currently controls both the executive and legislative branches of government, which increases the likelihood that legislation may be adopted that could significantly affect the regulation of U.S. financial markets. Regulatory changes could result in greater competition from banks and other lenders with which we compete for lending and other investment opportunities. The United States may also potentially withdraw from or renegotiate various trade agreements and take other actions that would change current trade policies of the United States. In addition, in June 2024, the U.S. Supreme Court reversed its longstanding approach under the Chevron doctrine, which provided for judicial deference to regulatory agencies. As a result of this decision, there may be increased challenges to existing agency regulations and it is unclear how lower courts will apply the decision in the context of other regulatory schemes without more specific guidance from the U.S. Supreme Court. For example, the decision could significantly impact consumer protection, advertising, privacy, AI technologies, anti-corruption and anti-money laundering practices and other regulatory regimes with which we are required to comply. Any such regulatory developments could result in uncertainty about and changes in the ways such regulations apply to us and our portfolio companies, and may require additional resources to ensure our continued compliance. We cannot predict which, if any, of these actions will be taken or, if taken, their effect on the financial stability of the United States. Such actions could have a significant adverse effect on our business, financial condition and results of operations.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Changes to the laws and regulations governing our permitted investments may require a change to our investment strategy. Such changes could differ materially from our strategies and plans as set forth in this report and may shift our investment focus from the </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">areas of expertise of our Adviser. Thus, any such changes, if they occur, could have a material adverse effect on our results of operations and the value of your investment in us.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Economic sanction laws in the U.S. and other jurisdictions may prohibit us and our affiliates from transacting with certain countries, individuals and companies.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Economic sanction laws in the U.S. and other jurisdictions may restrict or prohibit us or our affiliates from transacting with certain countries, territories, individuals and entities. In the U.S., the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) administers and enforces laws, executive orders and regulations establishing U.S. economic and trade sanctions, which restrict or prohibit, among other things, direct and indirect transactions with, and the provision of services to, certain countries, territories, industry sectors, individuals and entities. These types of sanctions may significantly restrict or completely prohibit lending activities in certain jurisdictions, and violation of any such laws or regulations, may result in significant legal and monetary penalties, as well as reputational damage. OFAC sanctions programs change frequently, which may make it more difficult for us or our affiliates to ensure compliance. Moreover, OFAC enforcement is increasing, which may increase the risk that we become the subject of such actual or threatened enforcement. Sanctions laws and regulations enforced by other countries may conflict with U.S. law such that compliance with both becomes difficult or even impossible.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Additionally, Section 2019 of the Iran Threat Reduction and Syria Human Rights Act of 2012 (the “ITRA”) amended the Exchange Act to require companies subject to SEC reporting obligations under Section 13 of the Exchange Act to disclose in their periodic reports specified dealings or transactions involving Iran or other individuals and entities targeted by OFAC during the period covered by the relevant periodic report. In some cases, the ITRA requires companies to disclose these types of transactions even if they were permissible under U.S. law. Companies that currently may be or may have been at the time considered our affiliates, may have from time to time publicly filed and/or provided to us such disclosures. We do not independently verify or participate in the preparation of these disclosures. We are required, either periodically or annually to separately file with the SEC a notice when such activities have been disclosed, and the SEC is required to post such notice of disclosure on its website and send the report to the President and certain U.S. Congressional committees. Disclosure of such activity, even if such activity is not subject to sanctions under applicable law, and any sanctions actually imposed on us or our affiliates as a result of these activities, could harm our reputation and have a negative impact on our business, financial condition and results of operations, and any failure to disclose any such activities as required could additionally result in fines or penalties.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Failure to comply with anti-corruption laws or with regulations regarding the prevention of money laundering or terrorism or national security could adversely affect our business.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">We and the Adviser are committed to complying with all applicable anti-corruption and anti-bribery laws. As a result, the Adviser may forgo investment opportunities because of our unwillingness to participate in transactions that may expose us to risks under applicable anti-corruption and anti-bribery laws. Law enforcement agencies in the European Union, the United Kingdom, the United States and elsewhere devote significant resources to enforcement of anti-corruption and anti-bribery laws and regulations. Any failure to comply with anti-corruption and anti-bribery laws and regulations could have serious legal, financial and reputational consequences, including operational disruptions and significant financial penalties.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">As part of our responsibility for the prevention of money laundering under applicable laws, we may require detailed verification of a prospective investor’s identity and the source of such prospective investor’s funds. We may from time to time request additional information as may be required for us to satisfy our obligations under these and other laws that may be adopted in the future. Additionally, we may from time to time be obligated to file reports with regulatory authorities in various jurisdictions with regard to, among other things, the identity of our investors and suspicious activities involving investments in us. In the event it is determined that any investor, or any direct or indirect owner of any investor, is a person identified in any of these laws as a prohibited person, or is otherwise engaged in activities of the type prohibited under these laws, we may be obligated, among other actions to be taken, to withhold distributions of any funds otherwise owing to such investor or to cause such investor’s interests to be cancelled or otherwise redeemed (without the payment of any consideration in respect of those interests).</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The Bank Secrecy Act of 1970 and the USA PATRIOT Act require that financial institutions (a term that includes banks, broker-dealers and investment companies) establish and maintain compliance programs to guard against money laundering activities. These implementing regulations were amended to include registered investment advisers within scope of financial institutions that will be obliged to adopt stand-alone anti-money laundering programs, though the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) has postponed the effective date of the amendment to January 1, 2028 and announced its intention to revisit the scope and applicability of the amendment to certain asset managers at a future date. Laws or regulations may presently or in the future require us, any of our affiliates or other service providers to establish additional anti-money laundering procedures, to collect information with respect to our products’ investors, to share information with governmental authorities with respect to our products’ investors or to implement additional restrictions on the transfer of the interests. These requirements can lead to increased expenses and exposure to enforcement actions.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Heightened scrutiny of the financial services industry by regulators may materially and adversely affect our business.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The financial services industry has been the subject of heightened scrutiny by regulators around the globe. In particular, the SEC and its staff have focused more narrowly on issues relevant to alternative asset management firms, including by forming specialized units devoted to examining such firms and, in certain cases, bringing enforcement actions against the firms, their principals and employees. In recent periods there have been a number of enforcement actions within the industry, and it is expected that the SEC will continue to pursue enforcement actions against asset managers. The current administration and the current leadership of the SEC have indicated that they intend to not adopt certain proposals or modify or repeal certain regulations perceived as burdensome to private </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">fund advisers, particularly those related to sustainability investing and cybersecurity. This enforcement activity and the evolving regulatory landscape have caused, and could further cause us to reevaluate certain practices and adjust our compliance control function as necessary and appropriate.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The SEC’s recent lists of examination priorities include such items as assessments of investment advisers’ adherence to fiduciary standards of conduct and effectiveness of advisers’ compliance programs, as well as specific priority areas for advisers to private funds, including disclosure of conflicts of interests and risks, and adequacy of policies and procedures; and advisory of alternative investment strategies or complex investment products. The SEC also highlighted its focus on investment advisers that are dually registered as broker-dealers and compliance with newly adopted SEC rules, including Regulations S-ID and S-P. Many firms have received inquiries during examinations or directly from the SEC’s Division of Enforcement regarding various transparency-related topics, including the acceleration of monitoring fees, the allocation of broken-deal expenses, outside business activities of firm principals and employees, group purchasing arrangements, and general conflicts of interest disclosures. While we believe we have made appropriate and timely disclosures regarding the foregoing, the SEC staff may disagree.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Further, the SEC has previously highlighted BDC board oversight and valuation practices as one of its areas of focus in investment adviser examinations and has instituted enforcement actions against advisers for misleading investors about valuation.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">If the SEC were to investigate our Adviser and find errors in its methodologies or procedures, our Adviser could be subject to penalties and fines, which could in turn harm our reputation and our business, financial condition and results of operations could be materially and adversely affected. Similarly, from time to time we or our Adviser could become the subject of litigation or other similar claims. Any investigations, litigation or similar claims could continue without resolution for long periods of time and could consume substantial amounts of our management’s time and attention, and that time and attention and the devotion of associated resources could, at times, be disproportionate to the amounts at stake. Investigations, litigations and other claims are subject to inherent uncertainties, and a material adverse impact on our financial statements could occur for the period in which the effect of an unfavorable final outcome in an investigation, litigation or other similar claims becomes probable and reasonably estimable. In addition, we could incur expenses associated with defending ourselves against investigations, litigation and other similar claims, and these expenses could be material to our earnings in future periods.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Credit funds have been the subject of increasing regulatory focus at international and regional levels. To the extent that we are engaged in lending activity, we may be subject to restrictions on our activities and be obliged to comply with regulatory reporting and disclosure requirements. The International Organization of Securities Commissions (“IOSCO”) and the Financial Stability Board (“FSB”) have called on regulators to consider issues arising from the rapid growth in private finance, including in relation to systemic risk, transparency, leverage, liquidity, and conflicts of interest. It is likely that regulators will continue to focus on the credit funds sector and may introduce further regulatory requirements in the future.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Provisions of the Maryland General Corporation Law and of our charter and bylaws could deter takeover attempts and have an adverse effect on the price of our common stock.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">The Maryland General Corporation Law (the “MGCL”), our charter and our bylaws contain provisions that may discourage, delay or make more difficult a change in control of the Company or the removal of our directors. We are subject to the Maryland Business Combination Act (the “Business Combination Act”), subject to any applicable requirements of the 1940 Act. Our board of directors has adopted a resolution exempting from the Business Combination Act any business combination between us and any other person, subject to prior approval of such business combination by our board, including approval by a majority of our disinterested directors. If the resolution exempting business combinations is repealed or our board or disinterested directors do not approve a business combination, the Business Combination Act may discourage third parties from trying to acquire control of us and may increase the difficulty of consummating such an offer. Our bylaws exempt from the Maryland Control Share Acquisition Act (the “Control Share Acquisition Act”) acquisitions of our stock by any person. If we amend our bylaws to repeal the exemption from the Control Share Acquisition Act, subject to any applicable requirements of the 1940 Act, the Control Share Acquisition Act also may make it more difficult for a third party to obtain control of us and may increase the difficulty of consummating such an offer.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:110%">Our Bylaws include an exclusive forum selection provision, which could limit our shareholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or other agents.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">Our Bylaws require that, unless we consent in writing to the selection of an alternative forum, the Circuit Court for Baltimore City (or, if that court does not have jurisdiction, the United States District Court for the District of Maryland, Northern Division) shall be the sole and exclusive forum for (i) any derivative action or proceeding brought on our behalf (ii) any action asserting a claim of breach of any standard of conduct or legal duty owed by any of our directors, officers or other agents to us or to our shareholders, (iii) any action asserting a claim arising pursuant to any provision of the MGCL or the Charter or the Bylaws (as either may be amended from time to time), or (iv) any action asserting a claim governed by the internal affairs doctrine. This exclusive forum selection provision in our Bylaws will not apply to claims arising under the federal securities laws, including the Securities Act and the Exchange Act. There is uncertainty as to whether a court would enforce such a provision, and investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder. In addition, this provision may increase costs for shareholders in bringing a claim against us or our directors, officers or other agents. Any investor purchasing or otherwise acquiring our shares is deemed to have notice of and consented to the foregoing provision. The exclusive forum selection provision in our Bylaws may limit our shareholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or other agents, which may discourage lawsuits against us and such persons. It is also possible that, notwithstanding such exclusive forum selection provision, a court could rule that such provision is inapplicable or unenforceable. If this occurred, we may incur additional costs associated with resolving such action in another forum, which could materially adversely affect our business, financial condition and results of operations.</span></div> <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">We expend significant financial and other resources to comply with the requirements of being a public entity.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As a public entity, we are subject to the reporting requirements of the Exchange Act and requirements of the Sarbanes-Oxley Act. The Exchange Act requires that we file annual, quarterly and current reports with respect to our business and financial condition. The Sarbanes-Oxley Act requires that we maintain effective disclosure controls and procedures and internal controls over financial reporting, which are discussed below. In order to maintain and improve the effectiveness of our disclosure controls and procedures and internal controls, significant resources and management oversight are required. We have implemented procedures, processes, policies and practices for the purpose of addressing the standards and requirements applicable to public companies. These activities may divert management’s attention from other business concerns, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.</span></div> <div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">We rely on the cybersecurity program implemented by Blue Owl, the indirect affiliate of our Adviser. Blue Owl has implemented a cybersecurity program, which is focused on (i) protecting confidential business, client, investor and employee information; (ii) maintaining the security and availability of its systems and data; (iii) supporting compliance with applicable laws and regulations; (iv) documenting cybersecurity incidents and its responses; and (v) notification of cybersecurity incidents to, and communications with, appropriate internal and external parties.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Blue Owl has implemented an information security governance policy (the “ISG Policy”) governing cybersecurity risk, which is designed to facilitate the protection of sensitive or confidential business, client, investor and any employee information that it stores or processes and the maintenance of critical services and systems. Blue Owl’s cybersecurity program is managed by Blue Owl’s Chief Technology Officer and Head of Technology Infrastructure (together, “Blue Owl IT Management”), who report to Blue Owl’s Chief Operating Officer. Blue Owl IT Management and its team are responsible for implementing proactive and reactive measures, including Blue Owl’s monitoring and alert response processes, vulnerability management, changes made to its critical systems, including software and network changes, and various other technological and administrative safeguards. Blue Owl’s cybersecurity processes and systems are designed to protect against unauthorized access of information through its systems and infrastructure, including by cyber-attacks and Blue Owl’s policy and processes include, as appropriate, encryption, data loss prevention technology, authentication technology, entitlement management, access control, anti-virus and anti-malware software, and transmission of data over private networks. Blue Owl’s processes and systems aim to prevent or mitigate two main types of cybersecurity risk: first, cybersecurity risks associated with its physical and digital devices and infrastructure, and second, cybersecurity risks associated with third parties, such as people and organizations who have access to its devices, infrastructure or confidential or sensitive information. The cybersecurity-control principles that form the basis of Blue Owl’s cybersecurity program are informed by the National Institute of Standards and Technology Cybersecurity Framework. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Blue Owl’s cybersecurity program is periodically reviewed by third parties, including benchmarking to best practices and industry frameworks to help Blue Owl identify areas for continued focus and improvement. Annual penetration testing of its network, including critical systems and systems that store confidential or sensitive information, is conducted with third party consultants and vulnerabilities are reviewed and addressed by Blue Owl IT Management. When Blue Owl engages vendors and other third party partners who will have access to sensitive data or client systems and facilities, its infrastructure technology team assesses their cybersecurity programs and processes.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Blue Owl also provides its employees with cybersecurity awareness training at onboarding and annually. Blue Owl conducts regular phishing tests and provides additional training as appropriate. This assessment is conducted on the basis of, among other factors, the types of services provided and the extent and type of data accessed or processed by a third-party vendor.</span></div> true <div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Blue Owl has implemented an information security governance policy (the “ISG Policy”) governing cybersecurity risk, which is designed to facilitate the protection of sensitive or confidential business, client, investor and any employee information that it stores or processes and the maintenance of critical services and systems. Blue Owl’s cybersecurity program is managed by Blue Owl’s Chief Technology Officer and Head of Technology Infrastructure (together, “Blue Owl IT Management”), who report to Blue Owl’s Chief Operating Officer. Blue Owl IT Management and its team are responsible for implementing proactive and reactive measures, including Blue Owl’s monitoring and alert response processes, vulnerability management, changes made to its critical systems, including software and network changes, and various other technological and administrative safeguards. Blue Owl’s cybersecurity processes and systems are designed to protect against unauthorized access of information through its systems and infrastructure, including by cyber-attacks and Blue Owl’s policy and processes include, as appropriate, encryption, data loss prevention technology, authentication technology, entitlement management, access control, anti-virus and anti-malware software, and transmission of data over private networks. Blue Owl’s processes and systems aim to prevent or mitigate two main types of cybersecurity risk: first, cybersecurity risks associated with its physical and digital devices and infrastructure, and second, cybersecurity risks associated with third parties, such as people and organizations who have access to its devices, infrastructure or confidential or sensitive information. The cybersecurity-control principles that form the basis of Blue Owl’s cybersecurity program are informed by the National Institute of Standards and Technology Cybersecurity Framework. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Blue Owl’s cybersecurity program is periodically reviewed by third parties, including benchmarking to best practices and industry frameworks to help Blue Owl identify areas for continued focus and improvement. Annual penetration testing of its network, including critical systems and systems that store confidential or sensitive information, is conducted with third party consultants and vulnerabilities are reviewed and addressed by Blue Owl IT Management. When Blue Owl engages vendors and other third party partners who will have access to sensitive data or client systems and facilities, its infrastructure technology team assesses their cybersecurity programs and processes.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Blue Owl also provides its employees with cybersecurity awareness training at onboarding and annually. Blue Owl conducts regular phishing tests and provides additional training as appropriate. This assessment is conducted on the basis of, among other factors, the types of services provided and the extent and type of data accessed or processed by a third-party vendor.</span></div> true true <div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Blue Owl has developed an incident response framework to identify, assess, manage and report cybersecurity events, which is managed and implemented by Blue Owl’s Cyber Risk Operating Committee (the “C-ROC”), a cross-functional management committee that includes its General Counsel, Global Chief Operating Officer, Chief Compliance Officer and Blue Owl IT Management. The incident response framework determines when the C-ROC should provide notifications regarding certain cybersecurity incidents, with different severity thresholds triggering notifications to different recipient groups, including senior members of Blue Owl's management, Blue Owl's Audit Committee or Blue Owl's Board of Directors. The C-ROC is responsible for gathering information with respect to a cybersecurity incident, assessing its severity and potential responses, as well as communicating with business heads and senior management, as appropriate.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Blue Owl’s cybersecurity program, which is overseen by the C-ROC, is managed by IT Management as part of its responsibility for enterprise-wide cybersecurity strategy, policies, implementing Blue Owl’s monitoring and alert response processes, vulnerability management, changes made to our critical systems, including software and network changes and various other technological and </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">administrative safeguards. The team is led by Blue Owl’s Chief Technology Officer, who has over 25 years of experience advising on technology strategy, including digital transformation, cybersecurity, business analytics and infrastructure, and Blue Owl’s Head of Technology Infrastructure, who has over 20 years of experience in the information technology field with a focus on IT risk governance and management, information security, incident response capabilities and assessing effectiveness of controls. The C-ROC meets regularly and forms cross-enterprise teams, as needed, to manage and implement key policies and initiatives of Blue Owl’s cybersecurity program.</span></div> <div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Blue Owl has developed an incident response framework to identify, assess, manage and report cybersecurity events, which is managed and implemented by Blue Owl’s Cyber Risk Operating Committee (the “C-ROC”), a cross-functional management committee that includes its General Counsel, Global Chief Operating Officer, Chief Compliance Officer and Blue Owl IT Management. The incident response framework determines when the C-ROC should provide notifications regarding certain cybersecurity incidents, with different severity thresholds triggering notifications to different recipient groups, including senior members of Blue Owl's management, Blue Owl's Audit Committee or Blue Owl's Board of Directors. The C-ROC is responsible for gathering information with respect to a cybersecurity incident, assessing its severity and potential responses, as well as communicating with business heads and senior management, as appropriate.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Blue Owl’s cybersecurity program, which is overseen by the C-ROC, is managed by IT Management as part of its responsibility for enterprise-wide cybersecurity strategy, policies, implementing Blue Owl’s monitoring and alert response processes, vulnerability management, changes made to our critical systems, including software and network changes and various other technological and </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">administrative safeguards. The team is led by Blue Owl’s Chief Technology Officer, who has over 25 years of experience advising on technology strategy, including digital transformation, cybersecurity, business analytics and infrastructure, and Blue Owl’s Head of Technology Infrastructure, who has over 20 years of experience in the information technology field with a focus on IT risk governance and management, information security, incident response capabilities and assessing effectiveness of controls. The C-ROC meets regularly and forms cross-enterprise teams, as needed, to manage and implement key policies and initiatives of Blue Owl’s cybersecurity program.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Blue Owl’s Global Chief Compliance Officer updates our Board quarterly on actions taken by the C-ROC and Blue Owl’s Chief Technology Officer annually reports to our Board on cybersecurity matters. Such reporting includes updates on Blue Owl’s cybersecurity program, the external threat environment and Blue Owl’s programs to address and mitigate the risks associated with the evolving cybersecurity threat environment. These reports also include updates as appropriate on Blue Owl’s preparedness, prevention, detection, responsiveness and recovery with respect to cyber incidents.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Impact of Cybersecurity Risks</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In 2025, we did not experience a material cybersecurity incident, and we are not aware of any cybersecurity risks that are reasonably likely to materially affect our business. While we do not believe that our business strategy, results of operations or financial condition have been materially adversely affected by any cybersecurity incidents, we describe whether and how future incidents could have a material impact on our business strategy, results of operations or financial condition in </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">“ITEM 1A. Risk Factors - “Cybersecurity risks and cyber data security incidents could adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential information and confidential information in our possession and damage to our business relationships” </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> “Increased data protection regulation may result in increased complexities and risk in connection with the operation of our business.”</span></div> true <div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Blue Owl’s cybersecurity program, which is overseen by the C-ROC, is managed by IT Management as part of its responsibility for enterprise-wide cybersecurity strategy, policies, implementing Blue Owl’s monitoring and alert response processes, vulnerability management, changes made to our critical systems, including software and network changes and various other technological and </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">administrative safeguards. The team is led by Blue Owl’s Chief Technology Officer, who has over 25 years of experience advising on technology strategy, including digital transformation, cybersecurity, business analytics and infrastructure, and Blue Owl’s Head of Technology Infrastructure, who has over 20 years of experience in the information technology field with a focus on IT risk governance and management, information security, incident response capabilities and assessing effectiveness of controls. The C-ROC meets regularly and forms cross-enterprise teams, as needed, to manage and implement key policies and initiatives of Blue Owl’s cybersecurity program.</span></div> true The team is led by Blue Owl’s Chief Technology Officer, who has over 25 years of experience advising on technology strategy, including digital transformation, cybersecurity, business analytics and infrastructure, and Blue Owl’s Head of Technology Infrastructure, who has over 20 years of experience in the information technology field with a focus on IT risk governance and management, information security, incident response capabilities and assessing effectiveness of controls. <div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Blue Owl’s Global Chief Compliance Officer updates our Board quarterly on actions taken by the C-ROC and Blue Owl’s Chief Technology Officer annually reports to our Board on cybersecurity matters. Such reporting includes updates on Blue Owl’s cybersecurity program, the external threat environment and Blue Owl’s programs to address and mitigate the risks associated with the evolving cybersecurity threat environment. These reports also include updates as appropriate on Blue Owl’s preparedness, prevention, detection, responsiveness and recovery with respect to cyber incidents.</span></div> <div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Blue Owl’s Global Chief Compliance Officer updates our Board quarterly on actions taken by the C-ROC and Blue Owl’s Chief Technology Officer annually reports to our Board on cybersecurity matters. Such reporting includes updates on Blue Owl’s cybersecurity program, the external threat environment and Blue Owl’s programs to address and mitigate the risks associated with the evolving cybersecurity threat environment. These reports also include updates as appropriate on Blue Owl’s preparedness, prevention, detection, responsiveness and recovery with respect to cyber incidents.</span></div> Blue Owl’s Global Chief Compliance Officer updates our Board quarterly on actions taken by the C-ROC and Blue Owl’s Chief Technology Officer annually reports to our Board on cybersecurity matters. false 21643000 9.21 2349994 3453000 9.22 374566 68023000 9.24 7361842 16367000 9.28 1763641 13809000 9.29 1486423 46072000 9.31 4948651 14790000 9.40 1573405 12978000 9.41 1379185 76140000 9.43 8074185 22998000 9.48 2425971 3817000 9.49 402243 87172000 9.50 9176044 33826000 9.50 3560660 26354000 9.51 2771164 81994000 9.53 8603765 50529000 9.53 5302035 3558000 9.55 372544 97737000 9.56 10223527 46534000 9.55 4872698 2153000 9.56 225274 102943000 9.57 10756911 54850000 9.54 5749465 8863000 9.55 928082 129643000 9.57 13546800 53498000 9.46 5655204 1912000 9.47 201862 148539000 9.49 15652202 107562000 9.42 11418472 19164000 9.43 2032236 337475000 9.45 35711561 81852000 9.38 8726178 19255000 9.39 2050666 216956000 9.41 23055892 250619000 9.32 26890849 45980000 9.33 4928158 712533000 9.34 76288389 2025-12-31 --12-31 0 0 0 0 0 0 0 0 0 0 10000000.0 2226.8 238600000 2225.2 300000000.0 2094.8 475000000.0 2085.2 440400000 1927.2 301300000 1998.5 932000000.0 2225.2 920000000.0 2094.8 1718000000 2085.2 1538000000 1927.2 446000000.0 1998.5 1233500000 2225.2 971900000 2094.8 522000000.0 2085.2 555000000.0 1927.2 175000000.0 2225.2 355000000.0 2094.8 250000000.0 2085.2 465000000.0 1927.2 606300000 2225.2 250000000.0 2094.8 200000000.0 2085.2 646000000.0 2225.2 350000000.0 2094.8 160000000.0 2085.2 463600000 2225.2 165900000 2094.8 587500000 2225.2 200000000.0 2094.8 230000000.0 2225.2 0 2225.2 375000000.0 2225.2 290000000.0 2094.8 290000000.0 2085.2 290000000.0 1927.2 260000000.0 2225.2 260000000.0 2094.8 260000000.0 2085.2 0 2225.2 260000000.0 2094.8 260000000.0 2085.2 312000000.0 2225.2 312000000.0 2094.8 420000000.0 2225.2 420000000.0 2094.8 325000000.0 2225.2 325000000.0 2094.8 260000000.0 2225.2 260000000.0 2094.8 260000000.0 2225.2 260000000.0 2094.8 737500000 2225.2 995300000 2225.2 1335000000 2094.8 628100000 2085.2 302300000 1927.2 451200000 1998.5 350000000.0 2225.2 350000000.0 2094.8 350000000.0 2085.2 350000000.0 1927.2 350000000.0 1998.5 500000000.0 2225.2 500000000.0 2094.8 500000000.0 2085.2 500000000.0 1927.2 600000000.0 2225.2 600000000.0 2094.8 600000000.0 2085.2 600000000.0 1927.2 300800000 2225.2 295500000 2094.8 500000000.0 2225.2 650000000.0 2225.2 650000000.0 2094.8 650000000.0 2085.2 0 0 500000000.0 2094.8 500000000.0 2085.2 500000000.0 1927.2 550000000.0 2225.2 550000000.0 2094.8 550000000.0 2085.2 900000000.0 2225.2 500000000.0 2094.8 1000000000 2225.2 1000000000 2094.8 587200000 2225.2 750000000.0 2225.2 750000000.0 2094.8 <div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Our Investment Framework</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 December 31, 2025, our Adviser and its affiliates have originated $187.04 billion aggregate principal amount of investments, of which $182.92 billion aggregate principal amount of investments prior to any subsequent exits or repayments, was retained by either us or a corporation or fund advised by our Adviser or its affiliates. We seek to participate in transactions sponsored by what we believe to be high-quality private equity and venture capital firms capable of providing both operational and financial resources. We seek to generate current income primarily in U.S. middle market companies, both sponsored and non-sponsored, through direct originations of senior secured loans or originations of unsecured loans, subordinated loans or mezzanine loans, broadly syndicated loans and, to a lesser extent, investments in equity and equity-related securities including warrants, preferred stock and similar forms of senior equity. We may hold our investments directly or through specialty financing portfolio companies and joint ventures. Except for our specialty financing company investments, our equity investments are typically not control-oriented investments and we may structure such equity investments to include provisions protecting our rights as a minority-interest holder. We intend, under normal circumstances, to invest directly, or indirectly through our investments in OCIC SLF LLC (f/k/a Blue Owl Credit Income Senior Loan Fund) (“OCIC SLF”) and Blue Owl Credit SLF LLC (“Credit SLF”) or any similarly situated companies, at least 80% of the value of our total assets in credit investments. We define “credit” to mean debt investments made in exchange for regular interest payments.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In general we define “middle market companies” to mean companies with earnings before interest expense, income tax expense, depreciation and amortization (“EBITDA”) between $25 million and $500 million annually and/or annual revenue of $125 million to $5 billion at the time of investment. Within this space, we predominantly focus on investing in upper middle market businesses, where we can structure larger transactions, which we believe to be more resilient and of greater strategic significance. We categorize “upper middle market” companies as those generating $50 million or more of EBITDA annually. We may on occasion invest in smaller or larger companies if an attractive opportunity presents itself, especially when there are dislocations in the capital markets, including the high yield and syndicated loan markets. We note that over time, the average EBITDA of companies in our portfolio has grown significantly as the scale of private market solutions has grown. Across our investments, we typically seek to be senior in the capital structure, targeting a loan-to-value ratio (the amount of outstanding debt as a percentage of the value of the company) of 50% or below on average, which may provide a level of downside protection and help preserve capital.</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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, including publicly traded debt instruments, which we may hold directly or through specialty purpose vehicles and joint ventures. These investments may include high-yield bonds, which are often referred to as “junk bonds”, and broadly syndicated loans. In addition, we may invest a portion of our portfolio in opportunistic investments and publicly traded debt investments, we may evaluate and enter into strategic portfolio transactions which may result in additional portfolio companies which 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 lite” loans and other publicly traded debt instruments, which are 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 settlements, royalty interests and equipment finance. Our portfolio composition may fluctuate from time to time based on market conditions and interest rates.</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Covenants are contractual restrictions that lenders place on companies to limit the corporate actions a company may pursue. Generally, the loans in which we expect to invest will have financial maintenance covenants, which are used to proactively address materially adverse changes in a portfolio company’s financial performance. However, to a lesser extent, we may invest in “covenant- lite” loans. We use the term “covenant-lite” to refer generally to loans that do not have a complete set of financial maintenance covenants. Generally, “covenant-lite” loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Accordingly, to the extent we invest in “covenant-lite” loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">We target portfolio companies where we can structure larger transactions that comprise 1-2% of our portfolio (with no individual portfolio company generally expected to comprise greater than 5% of our portfolio). As of December 31, 2025, our average investment size in each of our portfolio companies was approximately $97.1 million based on fair value. The investment size will vary with the size of our capital base and market conditions. As of December 31, 2025, excluding the investment in OCIC SLF, Credit SLF and certain investments that fall outside our typical borrower profile, our portfolio companies representing 93.8% of our total debt portfolio based on fair value, had weighted average annual revenue of $1.23 billion, weighted average annual EBITDA of $296.7 million, an average interest coverage of 2.1x and an average net loan-to-value of 39.7%.</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The companies in which we invest use our capital primarily 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 “junk”.</span></div> 191784892 1829951000 15900735 150906000 423694477 4010975000 631380104 5991832000 0 0 0 0 98335112 932062000 98335112 932062000 -9752623 -92096000 540679 5091000 9184235 87005000 -27709 0 27358464 258068000 1854627 17520000 51530257 487444000 80743348 763032000 52690703 493531000 9212922 86311000 150708043 1415503000 212611668 1995345000 156700030 1502392000 9083119 87206000 432036038 4101983000 597819187 5691581000 0 18028000 0 468000 0 0 0 18496000 156700030 1484364000 9083119 86738000 432036038 4101983000 597819187 5673085000 192499315 1850506000 13982522 133405000 354206530 3383193000 560688367 5367104000 0 0 0 0 36367305 347419000 36367305 347419000 -599848 -5728000 -35690399 -338702000 36251348 344430000 -38899 0 17404541 165862000 1637571 15609000 33134237 316579000 52176349 498050000 19484858 185739000 4297064 40928000 43131003 412317000 66912925 638984000 189819150 1824901000 -24367370 -230616000 416828417 3979304000 582280197 5573589000 0 16587000 0 125000 0 0 0 16712000 189819150 1808314000 -24367370 -230741000 416828417 3979304000 582280197 5556877000 9.48 0.33 9.81 9.49 0.33 9.82 9.49 0.33 9.82 9.50 0.33 9.83 9.51 0.33 9.84 9.57 0.33 9.90 9.53 0.33 9.86 9.55 0.33 9.88 9.56 0.33 9.89 9.55 0.33 9.88 9.55 0.33 9.88 9.55 0.33 9.88 9.54 0.33 9.87 9.54 0.33 9.87 9.51 0.33 9.84 9.46 0.33 9.79 9.40 0.33 9.73 9.44 0.33 9.77 9.42 0.33 9.75 9.43 0.33 9.76 9.43 0.33 9.76 9.38 0.33 9.71 9.36 0.33 9.69 9.34 0.33 9.67 9.49 0.14 9.63 9.50 0.14 9.64 9.50 0.14 9.64 9.51 0.14 9.65 9.52 0.14 9.66 9.58 0.14 9.72 9.55 0.14 9.69 9.56 0.14 9.70 9.57 0.14 9.71 9.56 0.14 9.70 9.56 0.14 9.70 9.56 0.14 9.70 9.55 0.14 9.69 9.55 0.14 9.69 9.52 0.14 9.66 9.47 0.14 9.61 9.41 0.14 9.55 9.45 0.14 9.59 9.43 0.14 9.57 9.44 0.14 9.58 9.44 0.14 9.58 9.39 0.14 9.53 9.37 0.14 9.51 9.35 0.14 9.49 9.50 0 9.50 9.51 0 9.51 9.52 0 9.52 9.53 0 9.53 9.53 0 9.53 9.59 0 9.59 9.56 0 9.56 9.58 0 9.58 9.58 0 9.58 9.57 0 9.57 9.58 0 9.58 9.57 0 9.57 9.57 0 9.57 9.57 0 9.57 9.54 0 9.54 9.49 0 9.49 9.42 0 9.42 9.47 0 9.47 9.45 0 9.45 9.46 0 9.46 9.45 0 9.45 9.41 0 9.41 9.38 0 9.38 9.36 0 9.36 0.07010 33890000 3499000 69929000 0.07010 35308000 3794000 72626000 0.10280 54669000 5767000 111979000 0.07010 37635000 3966000 79647000 0.07010 38551000 3988000 82474000 0.10280 59206000 5749000 121070000 0.07010 40040000 3972000 86089000 0.07010 41248000 4004000 92287000 0.10280 63236000 5987000 137601000 0.07010 42768000 4354000 96552000 0.07010 43866000 4392000 99885000 0.08010 49142000 4688000 110898000 0.94930 539559000 54160000 1161037000 0.07010 21517000 2829000 42089000 0.07010 22651000 2984000 44196000 0.10280 35655000 4144000 67452000 0.07010 24985000 2868000 49096000 0.07010 26216000 3105000 51937000 0.10280 41249000 4646000 78628000 0.07010 28185000 3184000 56502000 0.07010 29198000 3267000 58767000 0.10280 45420000 4903000 88490000 0.07010 30858000 3396000 62949000 0.07010 31996000 3458000 65239000 0.10280 49426000 5144000 97912000 0.97200 387356000 43928000 763257000 0.876560 498218000 0.875860 49970000 0.881190 1077733000 0.879600 1625921000 0 0 0 0 0 0 0 0 0.072740 41341000 0.073440 4190000 0.068110 83304000 0.069700 128835000 0.949300 539559000 0.949300 54160000 0.949300 1161037000 0.949300 1754756000 0.97200 1194541000 1.000 0.97200 1194541000 1.000 33826000 9.50 3560660 26354000 9.51 2771164 81994000 9.53 8603765 50529000 9.53 5302035 3558000 9.55 372544 97737000 9.56 10223527 46534000 9.55 4872698 2153000 9.56 225274 102943000 9.57 10756911 54850000 9.54 5749465 8863000 9.55 928082 129643000 9.57 13546800 53498000 9.46 5655204 1912000 9.47 201862 148539000 9.49 15652202 107562000 9.42 11418472 19164000 9.43 2032236 337475000 9.45 35711561 81852000 9.38 8726178 19255000 9.39 2050666 216956000 9.41 23055892 250619000 9.32 26890849 45980000 9.33 4928158 712533000 9.34 76288389 3850000000 995268000 2774463000 20441000 974827000 650000000 238600000 32307000 7346000 231254000 2000000000 932000000 173356000 18062000 913938000 2000000000 1233500000 142656000 16599000 1216901000 500000000 175000000 135793000 5314000 169686000 750000000 606250000 43905000 5344000 600906000 1350000000 646000000 48201000 12323000 633677000 500000000 463585000 35092000 2650000 460935000 1000000000 587500000 100696000 5293000 582207000 300000000 230000000 27908000 2693000 227307000 750000000 0 0 5206000 -5206000 375000000 375000000 0 2213000 372787000 260000000 260000000 0 1466000 258534000 312000000 312000000 0 2504000 309496000 420000000 420000000 0 2432000 417568000 325000000 325000000 0 2575000 322425000 260000000 260000000 0 1699000 258301000 260000000 260000000 0 1776000 258224000 737500000 737500000 0 3238000 734262000 350000000 350000000 0 1219000 348781000 500000000 500000000 0 1783000 498217000 600000000 600000000 0 -3252000 602558000 300771000 300771000 0 1801000 297500000 500000000 500000000 0 6572000 497070000 650000000 650000000 0 -5232000 655313000 550000000 550000000 0 8860000 551308000 900000000 900000000 0 6878000 916757000 1000000000 1000000000 0 17838000 970380000 587218000 587218000 0 9107000 571783000 750000000 750000000 0 15595000 742633000 23287489000 15745192000 3514377000 180343000 15590329000 80300000 3100000000 1335012000 1726832000 22497000 1312515000 525000000 300000000 8771000 5464000 294536000 1500000000 920000000 115020000 12119000 907881000 1500000000 971917000 55727000 13370000 958547000 500000000 355000000 26504000 3302000 351698000 500000000 250000000 18217000 4991000 245009000 750000000 350000000 62964000 8248000 341752000 500000000 165859000 168563000 3461000 162398000 500000000 200000000 1500000 3077000 196923000 290000000 290000000 0 1900000 288100000 260000000 260000000 0 1692000 258308000 260000000 260000000 0 1808000 258192000 312000000 312000000 0 2802000 309198000 420000000 420000000 0 2697000 417303000 325000000 325000000 0 2879000 322121000 260000000 260000000 0 1891000 258109000 260000000 260000000 0 1794000 258206000 500000000 500000000 0 484000 499516000 350000000 350000000 0 2916000 347084000 500000000 500000000 0 3350000 496650000 600000000 600000000 0 5182000 593270000 295468000 295468000 0 2397000 271957000 650000000 650000000 0 8067000 642519000 550000000 550000000 0 11458000 538086000 500000000 500000000 0 10769000 492523000 1000000000 1000000000 0 20518000 941037000 750000000 750000000 0 19599000 718384000 17457468000 12930256000 2184098000 178732000 12681822000 38200000 927632000 759984000 50968000 31304000 5127000 -9676000 973473000 800964000 0.066 0.074 13877232000 10083258000 2252294000 1383540000 2834971000 1716991000 5087265000 3100531000 193834000 92214000 20548000 0 214382000 92214000 5301647000 3192745000 3700000 3700000 995268000 0 0 995268000 0 238600000 0 0 0 238600000 932000000 0 0 932000000 0 1233500000 0 0 1233500000 0 175000000 0 0 0 175000000 606250000 0 0 606250000 0 646000000 0 0 0 646000000 463585000 0 0 463585000 0 587500000 0 0 0 587500000 230000000 0 0 230000000 0 0 0 0 0 0 375000000 0 0 0 375000000 260000000 0 0 0 260000000 312000000 0 0 0 312000000 420000000 0 0 0 420000000 325000000 0 0 0 325000000 260000000 0 0 0 260000000 260000000 0 0 0 260000000 737500000 0 0 0 737500000 350000000 350000000 0 0 0 500000000 0 500000000 0 0 600000000 0 600000000 0 0 300771000 0 300771000 0 0 500000000 0 500000000 0 0 650000000 0 650000000 0 0 550000000 0 0 550000000 0 900000000 0 0 900000000 0 1000000000 0 0 1000000000 0 587218000 0 0 0 587218000 750000000 0 0 0 750000000 15745192000 350000000 2550771000 6910603000 5933818000 KPMG New York, New York 185 34497335000 25422365000 34384822000 25384902000 16817000 8305000 16564000 8248000 1469006000 952995000 1517562000 985744000 35983158000 26383665000 35918948000 26378894000 23727000 182030000 733473000 1003117000 3868000 3554000 3081000 3366000 205414000 180178000 12468000 16299000 90215000 473053000 47167000 8974000 37010766000 28063881000 180343000 178732000 15590329000 12681822000 164816000 152477000 171965000 129625000 92563000 73430000 1009562000 193203000 221258000 311722000 17250493000 13542279000 0.01 0.01 1500000000 1500000000 672364767 672364767 515664737 515664737 6724000 5157000 0.01 0.01 1000000000 1000000000 60142943 60142943 51059824 51059824 601000 511000 0.01 0.01 2000000000 2000000000 1384490278 1384490278 952454240 952454240 13845000 9525000 19856584000 14191257000 -117481000 315152000 19760273000 14521602000 37010766000 28063881000 9.32 9.54 9.33 9.55 9.34 9.57 2804431000 2255215000 1347813000 127495000 118351000 70669000 4167000 16791000 9289000 57363000 54205000 68105000 47907000 31316000 14414000 3041363000 2475878000 1510290000 66000 121000 0 141000 49000 0 470000 486000 774000 3000 0 0 680000 656000 774000 13996000 8284000 977000 148000 1721000 1539000 93298000 78462000 36359000 2000 0 0 107444000 88467000 38875000 3149487000 2565001000 1549939000 5067000 4062000 3295000 973473000 800964000 472833000 214977000 141691000 81839000 232163000 184617000 125961000 25532000 19930000 14239000 1652000 1286000 1305000 51588000 36324000 21574000 17334000 12252000 7486000 1521786000 1201126000 728532000 1627701000 1363875000 821407000 1780000 8998000 2283000 1625921000 1354877000 819124000 -146440000 -84649000 175829000 -196000 -6093000 6084000 15807000 20728000 13404000 37298000 1339000 892000 722000 916000 7000 -94253000 -69591000 196202000 -180663000 -31861000 -8940000 0 10864000 0 0 0 0 -30663000 2431000 -519000 -211326000 -18566000 -9459000 -305579000 -88157000 186743000 1320342000 1266720000 1005867000 398715000 411996000 328005000 40530000 46909000 82555000 881097000 807815000 595307000 0.64 0.64 0.95 0.95 1.29 1.29 624282321 624282321 433490775 433490775 254397127 254397127 0.68 0.68 1.01 1.01 1.35 1.35 59227132 59227132 46533231 46533231 61369530 61369530 0.71 0.71 1.03 1.03 1.37 1.37 1233700290 1233700290 783503315 783503315 435000023 435000023 0.0525 43847000 43800000 43943000 0.0425 267492000 267140000 267492000 0.0525 169392000 168341000 169392000 479281000 480827000 0.024 0.0475 119846000 119247000 119247000 0.0439 4394000 4273000 4270000 0.0475 16637000 16515000 16513000 0.0450 14459000 14459000 14459000 0.0325 19027000 19022000 19004000 0.0775 4831000 4798000 3784000 0.0500 134166000 133591000 132824000 0.0500 10702000 10646000 10552000 322551000 320653000 0.016 0.0625 137861000 146657000 161911000 0.0825 723000 923000 973000 147580000 162884000 0.008 0.0500 8315000 8225000 8190000 8225000 8190000 0 0.0450 423946000 421155000 422886000 0.0300 43714000 43559000 43854000 0.0450 29342000 29269000 29269000 0.0575 80882000 80362000 80882000 0.0500 11844000 11524000 11493000 0.0575 449000 436000 449000 0.0250 21343000 21199000 21354000 607504000 610187000 0.031 0.1425 189630000 188690000 189630000 0.0650 535763000 535103000 535763000 0.0350 23593000 23261000 23584000 0.0475 10379000 8737000 8252000 0.0625 7485000 7370000 7504000 0.0300 18171000 18161000 18147000 0.0375 25656000 25547000 25713000 0.0475 237629000 236254000 236441000 0.0375 6049000 5865000 5887000 1048988000 1050921000 0.053 0.0400 78207000 78207000 75274000 0.0525 8105000 8029000 7983000 0.0475 55027000 62192000 64626000 0.0300 78463000 78207000 78196000 0.0450 86289000 85798000 86074000 0.0450 52956000 52468000 52807000 0.0350 50574000 50593000 49593000 0.0475 13595000 13026000 12015000 0.0500 129057000 128181000 129057000 0.0475 219810000 218621000 217462000 0.0475 3234000 3144000 2992000 0.0475 148032000 147631000 148032000 0.0048 24000 24000 35000 0.0300 79400000 79039000 79408000 0.0500 25172000 25038000 24580000 0.0550 100139000 99222000 90877000 0.0575 72000 71000 66000 0.0275 35000000 34914000 35046000 0.0350 24813000 24708000 24006000 0.0350 23585000 23585000 23585000 0.0400 62000000 61464000 62056000 0.0350 91770000 91312000 91770000 1365474000 1355540000 0.069 0.0400 18867000 18723000 17169000 0.0775 40137000 40130000 35823000 0.0300 44492000 44492000 44599000 0.0500 106360000 105468000 105273000 0.0575 185087000 184342000 184624000 0.0550 2463000 2461000 2453000 0.0475 353542000 347877000 353542000 0.0550 4043000 4043000 4043000 0.0325 12360000 12360000 12350000 759896000 759876000 0.038 0.0325 5000000 4988000 5025000 0.0325 35000000 34919000 35242000 0.0375 44453000 44214000 22782000 0.0750 22591000 22400000 10166000 0.0500 123762000 122814000 123143000 0.0575 95236000 95085000 94997000 0.0350 20457000 20291000 19849000 0.0525 57875000 57267000 56138000 0.0475 190400000 189932000 190400000 591910000 557742000 0.028 0.0525 165598000 164905000 165598000 0.0525 2130000 2080000 2130000 0.0525 91649000 90963000 91649000 0.0325 87021000 86976000 87187000 0.0325 99219000 98492000 99090000 0.0550 65597000 64965000 64285000 0.0530 1968000 1928000 1833000 0.0525 128428000 127782000 128428000 0.0350 45000000 44557000 44015000 0.0775 2500000 2500000 2500000 0.0400 16570000 16534000 16697000 0.0675 30000000 30000000 30000000 0.0400 63494000 63511000 63532000 0.0350 2992000 3000000 2997000 0.0325 73993000 73702000 71448000 871895000 871389000 0.044 0.0750 33306000 33089000 33057000 0.0300 15945000 15945000 15973000 0.0475 49590000 48894000 33225000 0.0325 92470000 92465000 91351000 0.0525 285000000 283041000 281438000 0.0350 185000000 182226000 182836000 0.0800 56120000 55564000 55839000 0.0300 30035000 30035000 29999000 0.0550 107721000 107211000 106104000 0.0725 5310000 5215000 5310000 0.0500 16927000 16771000 16758000 0.0325 40875000 40724000 41030000 911180000 892920000 0.045 0.0475 10000000 9978000 10066000 0.0400 41794000 41782000 34585000 0.0400 2000 1000 1000 0.0250 0.0225 131674000 130525000 130028000 0.0475 5732000 5594000 5499000 0.0325 15031000 15031000 15094000 202911000 195273000 0.010 0.0525 88959000 88341000 88959000 88341000 88959000 0.005 0.0300 26701000 26636000 26655000 0.0475 112859000 111457000 112859000 0.0425 167908000 167108000 167068000 0.0300 27314000 27220000 27357000 0.0400 122142000 122142000 122606000 0.0550 32298000 32049000 32298000 0.0300 2244000 2234000 2250000 0.0350 42525000 42346000 42657000 0.0800 13250000 13140000 13151000 0.0450 143717000 142870000 143717000 0.0475 39660000 39172000 39660000 0.0300 0.0275 506045000 503623000 503515000 0.0300 10000000 9976000 10025000 0.0400 175000000 173306000 171063000 0.0725 45052000 44717000 45390000 0.0350 25625000 25257000 25571000 0.0700 1000000 1000000 1000000 0.0500 81942000 79982000 81942000 0.0450 30798000 30648000 30644000 0.0500 436723000 433198000 436723000 0.0450 12052000 12028000 12052000 0.0525 33800000 33657000 34033000 0.0300 20005000 20005000 20031000 0.0350 10500000 10451000 10543000 0.0375 9034000 9034000 8988000 0.0300 40864000 40864000 41093000 0.0475 112552000 111957000 111956000 0.0450 61606000 61457000 61429000 2327534000 2336276000 0.118 0.0400 25054000 24199000 20732000 0.0700 6000000 5972000 4830000 0.0600 35194000 34530000 35194000 0.0400 26149000 26074000 26008000 0.0500 162732000 161408000 162732000 0.0275 1938000 1706000 1915000 0.0625 135978000 134803000 135978000 0.0475 149564000 148864000 149564000 0.0625 52493000 52232000 52362000 0.0550 55575000 55328000 54464000 0.0550 29859000 29585000 28291000 0.0500 506877000 502793000 506877000 0.0300 20685000 20640000 20754000 0.0300 14000000 13966000 14070000 0.0600 169550000 167869000 167854000 0.0300 54948000 54826000 55283000 0.0425 224343000 220675000 224343000 1655470000 1661251000 0.084 0.0475 82014000 81611000 81604000 0.0500 126448000 126201000 126448000 0.0506 11195000 11085000 11195000 0.0500 60993000 64167000 71633000 0.0475 11805000 11805000 11770000 0.0525 2383000 2383000 2383000 0.0450 4784000 3794000 3456000 0.0450 322000 256000 231000 0.0450 224180000 221898000 224180000 0.0300 64097000 64097000 64417000 0.0500 292369000 287825000 290907000 0.0550 97757000 96715000 97757000 0.0550 55076000 58929000 63714000 0.0550 352000 411000 342000 0.0550 48804000 48236000 48038000 0.0550 1319000 1221000 1188000 0.0425 9975000 9950000 10000000 0.0475 516583000 510067000 514000000 0.0475 44486000 58535000 59537000 0.0450 2825000 2815000 2808000 0.0475 150630000 150227000 150630000 0.0475 13445000 13404000 13445000 0.0475 186674000 186351000 186674000 0.0275 39800000 39800000 39840000 0.0500 201279000 200774000 199266000 0.0475 155875000 155131000 155095000 0.0525 19336000 19336000 18901000 2427024000 2449459000 0.124 0.0500 36213000 36135000 36032000 0.0500 53841000 53488000 53302000 0.0450 94017000 93110000 93077000 0.0650 67923000 67022000 67923000 0.0525 47703000 47412000 47588000 0.0500 201521000 200550000 201521000 0.0475 123490000 122854000 123490000 0.0500 19650000 19262000 17734000 0.0500 34947000 33911000 32501000 0.0925 160000000 157652000 154800000 0.0450 140814000 139734000 140442000 0.0302 0.0400 33397000 32819000 32479000 0.0318 0.0275 64646000 63753000 61253000 0.0308 0.0275 20993000 20741000 19891000 0.0475 210617000 208617000 210617000 0.0950 47970000 47666000 47970000 0.0475 111288000 110286000 111288000 0.0500 270538000 267527000 269861000 0.0400 82838000 82492000 82838000 0.0475 92358000 91787000 92358000 0.0300 24813000 24813000 24860000 0.0450 162585000 161139000 162585000 0.0450 30265000 30136000 30189000 0.0525 67724000 67192000 67724000 0.0475 242024000 240906000 242024000 0.0500 123673000 122936000 123673000 0.0450 31686000 31246000 31231000 0.0575 190416000 187708000 189941000 0.0325 31896000 31160000 31134000 0.0450 27138000 26427000 27138000 0.0600 238106000 236286000 214295000 0.0600 3326000 3119000 0 0.0275 7000000 6979000 7019000 0.0450 29509000 29226000 29361000 0.0500 88525000 87766000 88525000 0.0600 176323000 167759000 158250000 0.0150 0.0250 18108000 11957000 8534000 0.0300 0.0250 82890000 57870000 41859000 0.0575 112522000 105818000 87205000 0.0625 4260000 3989000 3301000 0.0575 12799000 12076000 9920000 0.0575 162428000 160357000 160268000 0.0600 9947000 9880000 9872000 0.0450 101047000 100565000 100035000 0.0275 0.0300 5872000 5800000 5695000 0.0275 0.0300 450000 448000 436000 0.0550 336000 336000 323000 0.0450 119308000 118139000 118115000 0.0475 270211000 268882000 268150000 0.0455 13810000 13679000 13580000 0.0450 108560000 108072000 108560000 0.0375 64236000 62000000 51549000 0.0500 74263000 74264000 74263000 0.0500 163067000 162216000 163067000 0.0500 124150000 123454000 124150000 0.0475 183585000 181888000 183126000 0.0450 69987000 46216000 46671000 0.0300 29850000 29732000 29892000 5009254000 4933485000 0.250 0.0275 9120000 9120000 9129000 0.0575 52138000 51761000 51617000 0.0575 25292000 25037000 25039000 0.0575 3879000 3870000 3833000 0.0475 52036000 51528000 51516000 0.0475 8982000 8982000 8960000 0.0275 9960000 9653000 9553000 0.0500 353893000 352190000 353893000 0.0475 100140000 99579000 99640000 0.0300 3459000 3444000 3474000 0.0600 24328000 24100000 23598000 0.0600 223000 213000 173000 0.0275 0.0225 53362000 52854000 52829000 0.0300 7775000 7775000 7799000 0.0400 0.0250 49100000 48275000 48118000 0.0600 751000 736000 736000 0.0600 3566000 3494000 3472000 0.0275 0.0275 309410000 309025000 303221000 0.0850 121387000 121387000 111676000 0.0650 31219000 31158000 31219000 0.0575 77758000 77620000 77344000 0.0500 169574000 168740000 168726000 0.0250 0.0225 115895000 114844000 115316000 0.0300 24774000 24698000 24843000 0.0500 66094000 66094000 66094000 0.0500 30607000 41306000 41168000 0.0575 59336000 58578000 59336000 0.0575 479000 411000 479000 0.0275 7905000 7855000 7820000 0.0325 70252000 69949000 69641000 1844276000 1830262000 0.093 0.0450 35557000 35557000 35557000 0.0450 5465000 5423000 5465000 0.1075 36885000 36374000 35040000 0.0575 115454000 114199000 111125000 0.0575 7341000 7279000 7040000 0.0450 89829000 89382000 89380000 0.0500 224315000 222108000 222072000 0.0475 2169000 2157000 2169000 0.0525 10420000 9898000 10420000 0.1000 1336000 1305000 1346000 0.0675 4717000 3072000 46000 0.0625 1333000 1297000 0 528051000 519660000 0.026 0.0550 21994000 21687000 20868000 0.0450 16441000 16360000 16359000 0.0650 44583000 44205000 40125000 0.0300 122500000 122206000 122059000 0.0500 47239000 47241000 47239000 251699000 246650000 0.012 0.0450 44348000 44349000 43874000 0.0300 36480000 36480000 36618000 0.0500 65113000 64528000 65113000 0.0675 92471000 91402000 90853000 0.0675 4987000 4865000 4793000 0.0475 24098000 23982000 24098000 0.0475 396000 396000 396000 0.0450 93379000 92281000 92274000 0.0500 41016000 40613000 41016000 0.0550 38830000 38507000 37836000 0.0525 2262000 2223000 2142000 0.0450 71654000 71051000 71654000 0.0575 53159000 52249000 51644000 0.0588 4553000 4480000 4431000 0.1000 214318000 212214000 212175000 0.0450 24457000 24337000 24457000 0.0450 19745000 19560000 19745000 823517000 823119000 0.042 0.0850 18375000 18375000 19180000 0.0300 58594000 58594000 58483000 0.0325 44888000 44678000 45081000 0.0550 124688000 124095000 126907000 0.0500 316933000 314115000 315346000 0.0500 5565000 5356000 5398000 0.0275 15175000 15175000 15128000 0.0525 79017000 76546000 77437000 0.0475 73102000 72776000 72737000 0.0575 21028000 20916000 21028000 0.0575 7167000 7122000 7167000 0.0375 80000000 79244000 77704000 0.0500 129597000 129019000 129597000 0.0325 25000000 24940000 25125000 0.0475 234171000 233257000 234171000 0.0450 11241000 11166000 11241000 0.0450 64463000 64463000 64463000 0.0300 26158000 26138000 26203000 0.0500 378984000 377532000 378984000 0.0450 41724000 41518000 41515000 0.1060 19232000 19099000 19232000 0.0100 0.0525 18050000 17976000 18050000 0.0525 240000 240000 240000 0.0800 6339000 6289000 6212000 0.0325 46754000 46618000 46876000 0.0525 37700000 37498000 37285000 0.0450 100750000 100250000 100246000 0.0475 168915000 167328000 168915000 0.0350 23701000 23701000 23819000 0.0375 25000000 24878000 25063000 0.0475 99624000 98683000 98773000 0.0325 103740000 103496000 102962000 0.0575 275750000 273121000 275061000 0.0275 3500000 3492000 3501000 0.0500 43017000 42819000 43017000 2710513000 2722147000 0.138 0.0525 5653000 5635000 5653000 0.0450 35490000 35168000 35110000 0.0625 3533000 3507000 3525000 0.0450 262329000 262329000 262329000 0.0475 14686000 14630000 14686000 0.0475 121216000 120271000 121216000 0.0465 2428000 2370000 2428000 0.0525 40433000 49062000 54113000 0.0415 15498000 15434000 15498000 0.0600 17955000 17744000 17955000 0.0450 14009000 13761000 11308000 0.0700 93250000 91333000 67606000 0.0650 34116000 33282000 30022000 0.0250 0.0300 220746000 220718000 220746000 0.0500 4547000 4502000 4547000 0.0650 1191000 1188000 1191000 0.0550 3859000 3823000 3823000 0.0550 92725000 91416000 91334000 0.0550 9922000 9842000 9708000 0.0400 25000000 23763000 23750000 0.0325 0.0275 39078000 38901000 39078000 0.0550 5415000 5388000 5415000 0.0325 79413000 79413000 79476000 0.0325 54183000 54183000 54216000 0.0396 75815000 75081000 75747000 0.0525 23979000 23979000 23979000 0.1175 12419000 12315000 12419000 0.0675 171701000 169714000 170414000 0.0450 73469000 73152000 73469000 0.0275 6294000 6248000 6257000 0.0525 82075000 81626000 80745000 0.0550 252841000 249109000 249048000 0.0375 3123000 3297000 3668000 0.0400 10209000 12696000 13732000 0.0525 46578000 46314000 46578000 0.0650 76841000 76112000 76265000 0.0300 5000000 4988000 5025000 0.0450 129403000 128974000 129079000 0.0450 31803000 37158000 37257000 0.0450 164574000 164019000 163751000 0.0350 0.0200 33561000 33311000 33561000 0.0300 0.0200 4971000 4935000 4959000 0.0525 9582000 9574000 9482000 0.0450 67479000 67233000 67226000 0.0500 144291000 144291000 144291000 0.0450 27961000 27961000 27961000 0.0550 12903000 12732000 12773000 0.0475 900000 897000 900000 0.0375 48000000 47910000 47971000 0.0500 42523000 42388000 42523000 0.0450 166394000 166257000 166394000 0.0550 52393000 51877000 52000000 0.0450 395000 364000 360000 0.0350 1438000 1441000 -2031000 0.0550 63671000 62910000 62859000 0.0475 4925000 4909000 4127000 0.0475 14516000 14339000 12992000 0.0325 54365000 54313000 54245000 0.0300 32704000 32566000 32841000 0.0575 35748000 35390000 35748000 0.0575 31272000 35396000 36728000 0.0475 45811000 45811000 45811000 0.0350 51069000 50986000 51059000 0.0350 0.0375 30805000 30642000 27801000 0.0700 26396000 27818000 31001000 0.0700 4577000 4556000 4577000 0.0700 27591000 27470000 27591000 0.0325 62806000 62705000 63044000 0.0600 30135000 30002000 30135000 0.0375 95352000 95352000 95352000 0.0138 0.0488 52162000 51710000 51641000 0.0175 0.0375 19517000 19328000 19322000 0.0525 44328000 44157000 44328000 0.0450 111543000 111265000 111264000 0.0450 1419000 1336000 1377000 0.0325 16411000 16428000 16435000 0.0500 201214000 199306000 201214000 4032311000 4012028000 0.203 0.0525 341349000 337652000 341349000 0.0450 148886000 148152000 148142000 0.0414 2690000 2572000 2569000 0.0325 62530000 62019000 61586000 0.0450 76861000 76499000 76477000 0.0450 378812000 378625000 378812000 1005519000 1008935000 0.051 0.0450 4761000 4681000 4732000 0.0450 861000 834000 831000 0.0325 23074000 23017000 23202000 0.0600 19160000 19133000 19160000 0.0600 133562000 131894000 133562000 0.0500 140118000 139250000 140118000 0.0400 100007000 99542000 99367000 0.0698 61484000 60195000 61023000 0.0600 60964000 60770000 59386000 0.0625 4620000 4585000 4516000 0.0550 164773000 163499000 163951000 0.0650 8713000 8598000 8713000 0.0550 10394000 10253000 10265000 726251000 728826000 0.037 0.0300 7481000 7447000 7521000 0.0425 183449000 182293000 183449000 189740000 190970000 0.010 0.0350 39808000 39803000 39808000 0.0350 137263000 136647000 128808000 0.0450 209536000 209127000 209012000 0.0475 53506000 53005000 52971000 0.0367 27109000 27109000 27280000 0.0450 25391000 24902000 18076000 0.0500 1743000 1710000 1666000 0.0500 35548000 35253000 34926000 0.0500 165599000 164765000 165599000 0.0475 108532000 108532000 107447000 0.0475 70147000 69461000 69951000 0.0450 245776000 244552000 244547000 0.0450 32738000 32639000 32738000 0.0650 249583000 249216000 249583000 0.0675 42619000 46259000 50054000 0.0650 6854000 6835000 6854000 0.0694 4777000 4777000 4777000 0.0725 972000 1033000 1141000 0.0325 42897000 42919000 42996000 0.0300 10935000 10935000 10963000 0.0500 195424000 193741000 193470000 0.0375 29536000 29536000 29388000 1732756000 1722055000 0.087 0.0600 155851000 153829000 155851000 0.0650 3552000 3256000 0 0.0600 715000 678000 420000 0.0500 19802000 19751000 19307000 0.0600 23437000 18313000 18281000 195827000 193859000 0.010 0.0500 495780000 491158000 495780000 0.0600 88071000 68077000 21771000 0.0325 79167000 79167000 79349000 638402000 596900000 0.030 0.0475 148687000 148604000 148687000 0.0375 32118000 32108000 31932000 180712000 180619000 0.009 33684592000 33511862000 1.696 -16124000 -11163000 -0.001 33668468000 33500699000 1.695 50000000 1000 2137000 1000 2137000 0 71485 71485000 85013000 36993 35998000 49239000 0.0700 10769 14701000 14884000 122184000 149136000 0.008 0 123000 17000 0.0825 143963 3000 2000 126000 19000 0 10000000 10000000 10000000 10000 12000 14000 0.1075 29412 46682000 46412000 56694000 56426000 0.003 9286 929000 151000 929000 151000 0 0.1400 87500 96507000 92646000 96507000 92646000 0.005 786491 4225000 4225000 50726 1007000 1134000 5232000 5359000 0 941780 4254000 11866000 4254000 11866000 0.001 2146109 21461000 21461000 12921348 12921000 13439000 17221 180000 125000 0.0800 1251 1674000 1666000 11964286 11964000 12303000 48200000 48994000 0.002 6753000 6793000 7395000 3520 3520000 4160000 1205 12048000 16723000 1329 3563000 3654000 0.1500 27355 36346000 30468000 54000 369000 518000 62639000 62918000 0.003 1269969 822000 1834000 0.1075 100000 150543000 150641000 0.1300 25474 27097000 27317000 16667 1667000 1720000 1250000 730000 1805000 180859000 183317000 0.009 10876 10876000 10876000 10876453 0 0 29167 2821000 0 13697000 10876000 0.001 0.1050 12750 19446000 16636000 19446000 16636000 0.001 91806 2535000 4055000 2703 270000 349000 49976 508000 525000 25000 25000000 31492000 3605 1726000 1500000 0.0800 3856 4227000 4178000 1503286 5129000 3952000 0.1400 19423 21787000 28751000 61182000 74802000 0.004 3751000 3751000 3750000 10716000 10719000 10715000 14470000 14465000 0.001 84645 765000 1055000 1729439 1729000 2902000 7339 7341000 7339000 6530 6572000 14986000 992 992000 1309000 7980 49000 9000 13037000 13037000 13037000 22879 8691000 8691000 17000 17012000 22325000 3522 3508000 5734000 712884 713000 848000 0.1125 33385 52412000 52327000 0.0950 5472 7917000 8133000 1380129 13801000 15491000 134539000 154186000 0.008 1218 134000 189000 134000 189000 0 3109756 0 0 7774390 7774000 0 7774000 0 0 828867000 884123000 0.045 34497335000 34384822000 1.740 0.0750 1386000 1345000 1133000 0.0300 0.0150 1208000 1208000 1184000 2553000 2317000 0 2553000 2317000 0 0 -14000 0 2553000 2303000 0 8377236 9000000 10156000 9000000 10156000 0.001 396827 1053000 0 1053000 0 0 4161 4211000 4105000 4211000 4105000 0 14264000 14261000 0.001 16817000 16564000 0.001 0.1200 58702000 58702000 58702000 0.1200 76098000 76098000 76098000 134800000 134800000 0.007 0.0900 24376000 24134000 24132000 0.0725 50783000 50561000 50529000 74695000 74661000 0.004 209495000 209461000 0 -51000 209495000 209410000 0.011 26517 26557000 34762000 29407 29448000 46607000 137069 137069000 136815000 193074000 218184000 0.011 31 310978000 344960000 310978000 344960000 0.017 314800 314808000 280331000 76960 76967000 76791000 17237 17237000 17229000 409012000 374351000 0.019 296883 296883000 321093000 296883000 321093000 0.016 4063 49564000 49564000 49564000 49564000 0.003 1259511000 1308152000 0.066 1469006000 1517562000 0.077 35983158000 35918948000 1.818 Change in Unrealized Appreciation / (Depreciation) 0.0775 0.0433 600000000 -768000 0 -768000 0.0650 0.0267 253778000 -1902000 0 18733000 0.0650 0.0272 46993000 -231000 0 -184000 0.0590 0.0218 500000000 3936000 0 3936000 0.0795 0.0449 650000000 70000 0 70000 0.0775 0.0365 550000000 10005000 0 10404000 0.0660 0.0239 900000000 23947000 0 20202000 0.0580 0.0262 1000000000 -11766000 0 32753000 0.0425 0.0193 587218000 -6328000 0 -6328000 0.0665 0.0290 750000000 7717000 0 7717000 5837989000 24680000 0 86535000 60102000 45425000 -1103000 58000000 67274000 945000 -158000 0 108341000 0 1528000 5264000 0 0 2482000 -6000 0 716000 -2000 0 34240000 -86000 30785000 1409000 0 0 7715000 -39000 0 2688000 0 0 10410000 0 10925000 6747000 0 0 49208000 -123000 0 3793000 0 45399000 36254000 0 13526000 24896000 0 0 57843000 0 11195000 2261000 0 0 43225000 -108000 0 12008000 -60000 0 2462000 -6000 7167000 2274000 0 0 33294000 0 0 62427000 0 112000 8843000 0 606000 10472000 0 5415000 3763000 0 0 25316000 0 0 6774000 0 0 33764000 0 17606000 34920000 -25000 0 28288000 0 0 5995000 0 0 2174000 0 2010000 2463000 0 36604000 38299000 0 0 6726000 -34000 0 16531000 0 0 33967000 0 0 26232000 -131000 11284000 4615000 0 0 53135000 -266000 42498000 29793000 0 6818000 1705000 0 35000 88000 0 4666000 28660000 0 0 6970000 -87000 0 15411000 0 0 4375000 -9000 0 28307000 0 32683000 6438000 0 10145000 39539000 0 121000 204000 0 0 888000 -7000 0 12896000 0 0 8132000 0 0 5375000 0 0 5000000 -13000 0 7290000 -36000 0 7290000 -36000 0 2519000 0 0 49936000 -125000 4710000 8687000 0 0 24080000 0 0 5079000 -25000 0 7032000 -18000 0 8770000 0 0 7019000 0 0 8039000 0 0 48141000 0 0 18088000 -45000 0 16623000 0 0 3857000 0 98647000 114006000 0 10652000 40893000 0 10837000 15172000 0 8697000 767000 0 0 3981000 0 40435000 166071000 0 0 403000 0 0 20448000 0 0 8012000 -20000 3589000 10394000 0 0 25351000 -190000 7301000 4486000 0 31686000 86925000 0 0 19375000 -48000 0 77828000 0 2825000 8393000 0 0 18063000 0 0 31126000 -156000 0 35613000 0 0 7074000 0 0 53430000 -134000 0 13358000 -67000 0 1783000 0 0 14908000 0 0 24780000 -62000 0 1962000 0 0 5742000 0 0 18684000 -93000 5732000 21481000 0 32034000 13861000 0 19154000 20994000 0 0 20347000 -25000 0 15932000 0 8713000 9957000 0 10420000 20889000 0 0 17957000 0 11844000 70156000 0 0 37550000 -188000 2965000 7115000 0 0 18303000 0 0 8310000 -83000 6009000 14682000 0 20369000 6858000 0 27175000 27449000 0 0 10055000 -50000 0 14872000 0 0 12196000 0 0 130093000 0 0 25000000 -156000 1274000 954000 0 6164000 7774000 0 0 3125000 -16000 19745000 4140000 0 0 23778000 0 0 8737000 -22000 141000 201000 -6000 305000 131000 0 11413000 47840000 0 0 23102000 -33000 0 32404000 0 0 46130000 0 0 14609000 0 0 0 0 0 1250000 -11000 0 352000 0 0 44919000 0 0 4245000 -42000 0 12500000 0 5565000 27827000 0 0 16528000 0 0 9022000 -90000 350000 1283000 0 2428000 6069000 0 2130000 9706000 0 0 15983000 -160000 0 2710000 0 0 16403000 -82000 1146000 7041000 0 0 25389000 0 0 7697000 -38000 2757000 3048000 0 0 1995000 0 0 43084000 0 0 20128000 0 4547000 13789000 0 0 16634000 0 3879000 776000 0 0 161000 0 0 6650000 0 2690000 21324000 0 0 4179000 0 0 19229000 0 0 5003000 -50000 696000 1410000 0 2893000 2170000 0 0 1097000 -5000 0 7025000 -105000 810000 2084000 0 1665000 27468000 0 235000 198000 0 108000 773000 0 0 29023000 0 0 11550000 -29000 0 2239000 0 0 15425000 -39000 0 3692000 0 0 6058000 0 0 22509000 0 0 14183000 0 0 1664000 0 861000 4139000 0 0 42297000 -211000 0 17226000 -129000 0 50193000 0 4913000 8188000 0 0 15899000 -159000 0 10493000 -105000 0 0 0 0 25284000 -379000 0 47046000 -235000 1976000 4199000 0 0 10552000 0 3234000 21022000 0 0 20344000 0 0 3387000 0 0 7949000 -60000 1743000 2614000 0 0 16663000 0 0 15411000 -77000 0 12968000 0 1938000 14677000 0 0 8085000 -20000 0 12702000 -64000 0 526000 0 1968000 4779000 0 0 3411000 -17000 0 23160000 0 5102000 10596000 0 1096000 5170000 0 2463000 1509000 0 0 8404000 0 4987000 6095000 0 223000 1450000 0 0 4633000 0 92000 156000 0 0 12595000 0 0 8202000 -82000 0 11009000 0 0 3359000 0 4394000 20574000 0 0 6978000 0 0 2749000 0 1587000 566000 0 0 4866000 0 0 12700000 0 3566000 1126000 0 0 0 0 0 17886000 0 2049000 0 0 1204000 4814000 0 0 23738000 0 0 6188000 -31000 0 14616000 0 0 863000 -6000 0 88000 0 0 8903000 0 396000 1846000 0 0 18088000 -90000 1142000 13393000 0 0 45413000 -114000 0 2877000 0 0 8600000 0 0 11685000 0 0 11471000 -29000 0 2266000 0 0 59002000 -148000 0 2419000 0 0 1806000 0 0 15336000 0 7341000 697000 0 0 4927000 -12000 1429000 2143000 0 0 2553000 -64000 395000 4350000 0 0 25814000 0 1438000 7938000 0 0 10683000 -53000 0 21041000 0 0 11814000 0 413000 4316000 0 1319000 7477000 0 0 4118000 -10000 0 558000 0 0 2572000 -39000 0 7993000 0 0 2268000 -23000 0 3302000 -173000 0 7750000 -39000 0 41243000 0 0 51253000 -256000 677000 8354000 0 0 0 0 554000 7206000 0 3683000 1339000 0 3113000 17120000 0 0 4042000 -20000 3326000 29932000 0 0 33898000 -85000 0 35620000 -178000 0 0 0 12799000 0 0 1482000 10372000 0 0 11308000 -113000 0 0 0 0 31523000 0 0 6000000 0 336000 118000 0 0 2797000 0 0 21596000 -216000 0 13053000 0 0 12390000 -62000 479000 5264000 0 0 19885000 -199000 0 15932000 0 0 5339000 -521000 6854000 13708000 0 0 16326000 -204000 13810000 16879000 0 0 20119000 0 4175000 6622000 0 0 15556000 -3072000 10394000 15507000 0 30000 252000 0 0 14965000 0 449000 1795000 0 10702000 4318000 0 0 5579000 -167000 0 5336000 0 0 20918000 -105000 0 13257000 -133000 0 6925000 -69000 1361000 8997000 0 0 1021000 0 0 6284000 -63000 0 27449000 0 0 7019000 0 0 8120000 0 0 16262000 0 2262000 2566000 0 0 4975000 0 0 399000 0 0 7962000 0 1419000 15199000 0 0 52912000 0 1333000 0 0 4553000 3587000 0 0 15401000 -44000 6049000 26355000 0 1230000 13121000 0 0 17609000 0 874202000 5076414000 -11163000 7339000 1835000 0 71485000 11748000 0 3751000 6965000 0 82575000 20548000 0 0 496000 -10000 0 198000 -4000 0 694000 -14000 9000000 36000000 0 9000000 36000000 0 0 10157000 -51000 0 10157000 -51000 26517000 38809000 0 296883000 119025000 0 323400000 157834000 0 1289177000 5301647000 -11228000 77680000 36408000 2132000 10749000 0 122705000 0 7500000 0 75112000 13778000 86000 4660000 0 93464000 0 6328000 0 4294000 72696000 0 -199000 0 76791000 3355000 0 0 0 137069000 0 -254000 0 136815000 896000 0 0 0 17237000 0 -8000 0 17229000 0 0 0 223274000 108603000 0 13083000 0 344960000 30144000 0 0 293775000 221952000 213772000 19138000 0 321093000 20259000 0 0 0 124258000 0 -84000 0 124174000 0 316000 2000 311609000 0 0 -31278000 0 280331000 38644000 0 0 985744000 732001000 215990000 15807000 0 1517562000 93298000 14144000 2000 4771000 0 617000 -49000 0 4105000 342000 0 0 3477000 129000 0 -1303000 0 2303000 0 207000 3000 0 9000000 0 1156000 0 10156000 128000 0 0 8248000 9129000 617000 -196000 0 16564000 470000 207000 3000 -9400000 35900000000 358100000 348700000 2210000000 0.112 0.133 500000000 24800000 304400000 24800000 303900000 0.62 0.62 0.33 0.05 0.0575 34318000 33558000 34060000 0.002 0.0500 229533000 229533000 229533000 0.016 0.0500 2517000 2517000 2517000 0 0.0550 170754000 169537000 170327000 0.012 0.0350 23750000 23750000 23890000 0.002 0.0525 11250000 11196000 11462000 0.001 470091000 471789000 0.033 0.0500 14674000 14674000 14674000 0.001 0.0400 16958000 16887000 17042000 0.001 0.0375 51272000 51303000 47606000 0.003 0.0775 4831000 4787000 3894000 0 0.0500 135180000 134526000 134504000 0.009 0.0500 6947000 6872000 6872000 0 229049000 224592000 0.014 0.0500 8958000 8836000 8891000 0.001 0.0475 29170000 28980000 27639000 0.002 37816000 36530000 0.003 0.0350 29044000 29044000 29207000 0.002 0.0575 81719000 81017000 81515000 0.006 0.0325 12257000 12257000 12295000 0.001 122318000 123017000 0.009 0.0625 143280000 156905000 148366000 0.010 0.0750 640000 811000 801000 0 157716000 149167000 0.010 0.1425 164538000 163452000 164538000 0.011 0.0650 425811000 425388000 425811000 0.029 0.0350 23840000 23388000 23508000 0.002 0.0475 10485000 8435000 8388000 0.001 0.0625 7560000 7413000 7409000 0.001 0.0300 13915000 13905000 13875000 0.001 0.0375 18250000 18159000 18296000 0.001 0.0400 27146000 27103000 25992000 0.002 687243000 687817000 0.048 0.0500 79000000 77472000 79695000 0.005 0.0575 55027000 57700000 56695000 0.004 0.0375 63250000 63094000 63718000 0.004 0.0450 85324000 84736000 85110000 0.006 0.0350 29397000 29440000 29550000 0.002 0.0475 13737000 12976000 13359000 0.001 0.0525 112617000 111675000 112617000 0.008 0.0575 195728000 193780000 195728000 0.013 0.0550 46389000 45829000 46157000 0.003 0.0825 13001000 12658000 13001000 0.001 0.0700 818000 771000 811000 0 0.0550 15774000 15707000 15774000 0.001 0.0048 24000 24000 28000 0 0.0550 72874000 71860000 72874000 0.005 0.0550 2213000 2120000 2213000 0 0.0550 101182000 99963000 92834000 0.006 0.0575 73000 25000 -342000 0 0.0450 154689000 153846000 153915000 0.011 0.0475 65809000 65695000 65809000 0.005 0.0350 25000000 24881000 25188000 0.002 0.0400 25863000 25863000 25992000 0.002 0.0450 231569000 230305000 230990000 0.016 0.0450 4213000 4061000 4128000 0 0.0350 49963000 49963000 50337000 0.003 0.0475 53738000 52990000 53021000 0.004 1487434000 1489202000 0.102 0.0400 19064000 18849000 19064000 0.001 0.0775 40137000 40129000 39118000 0.003 0.0450 95076000 94180000 94600000 0.007 0.0525 98138000 97921000 98138000 0.007 0.0575 352375000 345760000 348851000 0.024 0.0550 2276000 2253000 2276000 0 0.0325 12605000 12605000 12679000 0.001 0.0300 57548000 57548000 57691000 0.004 0.0550 91000000 90099000 91000000 0.006 759344000 763417000 0.053 0.0325 31833000 31833000 32011000 0.002 0.0375 44917000 44587000 40223000 0.003 0.0750 22591000 22354000 20728000 0.001 0.0625 96846000 95839000 96846000 0.007 0.0550 96223000 95996000 95743000 0.007 0.0550 8412000 8386000 8354000 0.001 0.0350 37853000 37426000 35749000 0.002 0.0525 58474000 57702000 56720000 0.004 394123000 386374000 0.027 0.0325 49750000 49750000 49959000 0.003 0.0600 20610000 20335000 20610000 0.001 0.0575 78779000 78057000 78779000 0.005 0.0600 8820000 8692000 8820000 0.001 0.0575 1702000 1679000 1702000 0 0.0350 100887000 100887000 101391000 0.007 0.0400 21506000 20835000 19104000 0.001 0.0300 25693000 25693000 25806000 0.002 0.0550 66278000 65449000 65284000 0.004 0.0550 2361000 2299000 2260000 0 0.0625 111601000 110891000 111601000 0.008 0.0525 13366000 13276000 13300000 0.001 0.0775 2500000 2500000 2500000 0 0.0400 16739000 16620000 16823000 0.001 0.0675 30000000 30000000 30000000 0.002 0.0400 39117000 39117000 39195000 0.003 0.0325 50892000 50288000 50811000 0.003 636368000 637945000 0.042 0.0750 33306000 33004000 32640000 0.002 0.0300 46266000 46266000 46266000 0.003 0.0475 45405000 44587000 41999000 0.003 0.0350 63564000 63564000 63831000 0.004 0.0500 176385000 174813000 176385000 0.012 0.0800 56120000 55332000 55014000 0.004 0.0300 30339000 30339000 30339000 0.002 0.0525 100770000 100149000 100014000 0.007 0.0725 5366000 5240000 5298000 0 0.0400 19887000 19792000 19547000 0.001 0.0325 38321000 38116000 38352000 0.003 611202000 609685000 0.041 0.0475 10000000 9975000 10167000 0.001 0.0300 14729000 14729000 14813000 0.001 0.0400 22220000 22220000 22406000 0.002 0.0400 31126000 31126000 31026000 0.002 0.0500 0.0225 129981000 128724000 128681000 0.009 0.0400 15184000 15184000 15260000 0.001 221958000 222353000 0.016 0.0525 82289000 81576000 82083000 0.006 81576000 82083000 0.006 0.0300 11874000 11874000 11963000 0.001 0.0475 99002000 97612000 98507000 0.007 0.0350 113336000 111064000 114164000 0.008 0.0500 74625000 73256000 75453000 0.005 0.0725 12197000 11933000 12165000 0.001 0.0350 9311000 9311000 9375000 0.001 0.0525 52518000 51935000 52518000 0.004 0.0475 18464000 18374000 18371000 0.001 0.0500 15593000 15449000 15593000 0.001 0.0375 97214000 96606000 94900000 0.007 0.0675 21476000 21499000 20430000 0.001 0.0725 174158000 172484000 174158000 0.012 0.0700 1000000 1000000 1000000 0 0.0575 79678000 77731000 79678000 0.005 0.0500 293093000 290183000 291628000 0.020 0.0500 12178000 12137000 12178000 0.001 0.0325 74307000 74068000 74403000 0.005 0.0525 33800000 33639000 33611000 0.002 0.0300 20000000 19950000 20018000 0.001 0.0450 15000000 14856000 15075000 0.001 0.0350 32378000 32378000 32581000 0.002 0.0575 93429000 92742000 93429000 0.006 0.0575 332000 327000 332000 0 1340408000 1351530000 0.092 0.0400 13580000 13497000 13600000 0.001 0.0700 6000000 5966000 6000000 0 0.0600 35552000 34776000 35552000 0.002 0.0400 19399000 19341000 18613000 0.001 0.0500 175862000 174190000 174982000 0.012 0.0325 74625000 74625000 74611000 0.005 0.0625 118258000 117151000 117667000 0.008 0.0625 3639000 3562000 3621000 0 0.0475 123263000 122506000 123263000 0.008 0.0625 198087000 196311000 195117000 0.013 0.0550 56020000 55601000 54900000 0.004 0.0550 30167000 29786000 29941000 0.002 0.0500 1286000 1267000 1273000 0 0.0325 13486000 13486000 13596000 0.001 0.0500 512036000 507281000 512037000 0.035 0.0350 40466000 40466000 40700000 0.003 0.0450 226609000 222966000 223437000 0.015 0.0450 12908000 12241000 12222000 0.001 1645019000 1651132000 0.111 0.0325 61122000 61122000 61238000 0.004 0.0525 107931000 107931000 107931000 0.007 0.0525 61594000 64801000 63781000 0.004 0.0450 4834000 3826000 3261000 0 0.0450 367000 290000 242000 0 0.0325 78803000 78803000 79095000 0.005 0.0525 294578000 289444000 289423000 0.020 0.0575 98770000 97435000 97782000 0.007 0.0550 490000 465000 478000 0 0.0550 56931000 60760000 57717000 0.004 0.0550 34077000 33539000 33294000 0.002 0.0325 61905000 61905000 62121000 0.004 0.0525 54203000 53658000 54203000 0.004 0.0500 161204000 160898000 160801000 0.011 0.0325 74813000 74813000 75209000 0.005 0.0475 251638000 250910000 250858000 0.017 0.0475 138056000 137366000 137366000 0.009 0.0475 1255000 1150000 1150000 0 0.0525 19535000 19535000 19730000 0.001 1558651000 1555680000 0.104 0.0525 20850000 20577000 20850000 0.001 0.0650 68619000 67489000 68619000 0.005 0.0525 43051000 42751000 42728000 0.003 0.0650 2217000 2118000 2217000 0 0.0500 19850000 19344000 19652000 0.001 0.0500 10306000 9879000 9888000 0.001 0.0925 160000000 157317000 155600000 0.011 0.0450 118000000 116839000 116820000 0.008 0.0725 0.0400 31996000 31291000 31836000 0.002 0.0593 0.0275 83305000 81884000 81223000 0.006 0.0975 41612000 41220000 41508000 0.003 0.0500 71222000 70518000 70510000 0.005 0.0475 172278000 169481000 172278000 0.012 0.0400 73261000 72907000 72895000 0.005 0.0525 107353000 106598000 107353000 0.007 0.0350 24938000 24938000 25110000 0.002 0.0325 14465000 14465000 14528000 0.001 0.0450 91538000 90429000 91081000 0.006 0.0475 30574000 30422000 30574000 0.002 0.0525 68429000 67616000 68257000 0.005 0.0625 97074000 95768000 97074000 0.007 0.0500 89226000 88508000 88468000 0.006 0.0600 0.0205 187673000 184357000 182982000 0.013 0.0325 32227000 31275000 31277000 0.002 0.0450 27417000 26498000 27417000 0.002 0.0600 240536000 238412000 230313000 0.016 0.0500 89419000 88552000 88749000 0.006 0.0300 41338000 41338000 41577000 0.003 0.0550 123750000 118360000 86625000 0.006 0.0400 27034000 26329000 17978000 0.001 0.0575 107654000 106146000 106308000 0.007 0.0625 3247000 3191000 3204000 0 0.0575 6853000 6716000 6700000 0 0.0575 162580000 160174000 162580000 0.011 0.0600 10047000 9962000 10047000 0.001 0.0550 70129000 69168000 69954000 0.005 0.0550 5906000 5806000 5846000 0 0.0550 382000 378000 377000 0 0.0375 67000000 64321000 66330000 0.005 0.0500 209684000 208881000 209684000 0.014 0.0500 75017000 75018000 75017000 0.005 0.0525 82035000 81600000 82035000 0.006 0.0525 62572000 62118000 62572000 0.004 0.0550 68372000 67922000 68372000 0.005 0.0575 70715000 47947000 43564000 0.003 0.0350 2232000 2232000 2240000 0 3149060000 3110817000 0.214 0.0325 26059000 25911000 26088000 0.002 0.0575 52681000 52180000 52023000 0.004 0.0575 10943000 10634000 10752000 0.001 0.0575 3103000 3079000 3045000 0 0.0425 49252000 49252000 49621000 0.003 0.0475 9073000 9073000 9073000 0.001 0.0500 350839000 348894000 349962000 0.024 0.0300 12419000 12339000 12498000 0.001 0.0600 24580000 24278000 24150000 0.002 0.0600 195000 179000 166000 0 0.0350 10345000 10345000 10396000 0.001 0.0650 0.0250 47874000 46920000 47635000 0.003 0.0600 375000 324000 373000 0 0.0600 1689000 1601000 1666000 0 0.0575 92539000 91163000 91382000 0.006 0.1050 57826000 57165000 57248000 0.004 0.0650 31522000 31369000 30735000 0.002 0.0625 77348000 77128000 75415000 0.005 0.0625 313000 277000 162000 0 0.0325 52000000 51870000 52260000 0.004 0.0300 91938000 91938000 92260000 0.006 0.0325 79333000 78945000 79460000 0.005 0.0550 66094000 65481000 65763000 0.005 0.0550 1650000 1533000 1584000 0 0.0550 30608000 37875000 38141000 0.003 0.0575 59336000 58479000 59188000 0.004 0.0325 30000000 29848000 30180000 0.002 0.0275 4963000 4941000 4965000 0 0.0325 100000000 99510000 100250000 0.007 1372531000 1376441000 0.095 0.0600 35923000 35668000 35923000 0.002 0.1075 32775000 32218000 31628000 0.002 0.0575 116644000 114810000 113014000 0.008 0.0575 2411000 2323000 2190000 0 0.0625 141111000 139328000 141111000 0.010 0.0545 10526000 9702000 10526000 0.001 0.0475 2223000 2205000 2223000 0 0.0675 4674000 3705000 615000 0 0.0625 1333000 1333000 857000 0 341292000 338087000 0.023 0.0550 22219000 21839000 22163000 0.002 0.0375 29795000 29611000 28833000 0.002 0.0375 19450000 19391000 17028000 0.001 0.0650 44583000 44125000 38007000 0.003 0.0500 47716000 47718000 47716000 0.003 0.0325 19807000 19807000 20031000 0.001 0.0300 18680000 18680000 18797000 0.001 201171000 192575000 0.013 0.0475 42302000 42303000 41824000 0.003 0.0375 36848000 36848000 37069000 0.003 0.0550 51648000 51119000 51648000 0.004 0.0375 5000000 4974000 5032000 0 0.0675 82859000 81566000 82031000 0.006 0.0675 4274000 4116000 4164000 0 0.0525 16802000 16499000 16592000 0.001 0.0525 777000 704000 751000 0 0.0325 4803000 4761000 4806000 0 0.0575 38446000 37961000 38253000 0.003 0.0550 38083000 37716000 37279000 0.003 0.0525 1104000 1057000 1007000 0 0.0475 71654000 70970000 71296000 0.005 0.0475 6290000 6147000 6258000 0 396741000 398010000 0.028 0.0850 18375000 18375000 19123000 0.001 0.0300 92186000 92186000 92158000 0.006 0.0525 146960000 146960000 146960000 0.010 0.0575 43250000 42913000 43250000 0.003 0.0500 202085000 199167000 201032000 0.014 0.0375 55000000 54741000 55275000 0.004 0.0350 59853000 59755000 59931000 0.004 0.0525 104017000 99785000 100148000 0.007 0.0525 42700000 40511000 41602000 0.003 0.0650 19487000 19347000 19390000 0.001 0.0650 842000 829000 832000 0 0.0300 13600000 13600000 13634000 0.001 0.0500 92625000 92162000 92162000 0.006 0.0400 6175000 6144000 6144000 0 0.0750 1064000 1043000 1056000 0 0.0625 25805000 25630000 25805000 0.002 0.0675 1570000 1570000 1570000 0 0.0600 727000 702000 727000 0 0.0450 1419000 1368000 1419000 0 0.0275 12382000 12382000 12444000 0.001 0.0300 30133000 30133000 30305000 0.002 0.0300 59092000 59092000 59092000 0.004 0.0475 65430000 65271000 65430000 0.005 0.0500 353327000 351624000 353327000 0.024 0.1050 16559000 16432000 16559000 0.001 0.0425 34615000 34215000 27345000 0.002 0.0425 3415000 3363000 2698000 0 0.0325 82094000 81709000 82029000 0.006 0.0525 32700000 32544000 32272000 0.002 0.0900 59009000 55702000 56206000 0.004 0.0550 155045000 155045000 155045000 0.011 0.0550 27965000 27965000 27965000 0.002 0.0500 150893000 149385000 149384000 0.010 0.0375 20000000 19902000 19900000 0.001 0.0475 35428000 35004000 35428000 0.002 0.0475 93695000 92691000 92663000 0.006 0.0500 37238000 37061000 37238000 0.003 2176308000 2177548000 0.148 0.0525 5711000 5689000 5711000 0 0.0475 33962000 33635000 33623000 0.002 0.0625 3533000 3501000 3498000 0 0.0525 231397000 231337000 231397000 0.016 0.0500 12761000 12710000 12761000 0.001 0.0500 88349000 87533000 88128000 0.006 0.0525 40434000 48874000 50385000 0.003 0.0450 15498000 15425000 15420000 0.001 0.0625 70455000 69706000 70455000 0.005 0.0650 17955000 17658000 17820000 0.001 0.0450 14154000 13839000 13058000 0.001 0.0700 93250000 91030000 74600000 0.005 0.0625 0.0338 212779000 212742000 212779000 0.015 0.0650 1201000 1196000 1201000 0 0.0550 10219000 10094000 9922000 0.001 0.0325 9306000 9306000 9168000 0.001 0.0575 28605000 28458000 28605000 0.002 0.0375 80012000 80012000 80180000 0.006 0.0350 55295000 55295000 55416000 0.004 0.0400 69821000 69136000 69123000 0.005 0.0525 24222000 24222000 24222000 0.002 0.1175 20135000 19813000 20135000 0.001 0.0675 171701000 169413000 169555000 0.012 0.0450 73469000 73102000 73102000 0.005 0.0350 28824000 28755000 29035000 0.002 0.0525 33000000 32840000 33429000 0.002 0.0425 3123000 3289000 3178000 0 0.0450 10209000 12665000 12563000 0.001 0.0350 5134000 5128000 5153000 0 0.0475 40171000 39806000 40171000 0.003 0.0575 4442000 4386000 4442000 0 0.0500 9236000 9193000 9190000 0.001 0.0575 0.0225 33127000 32836000 33127000 0.002 0.0525 0.0225 4908000 4863000 4859000 0 0.0525 9540000 9523000 9468000 0.001 0.0600 145743000 143848000 145743000 0.010 0.0650 28869000 28360000 28869000 0.002 0.0725 19000000 18943000 10450000 0.001 0.0425 12835000 12100000 8792000 0.001 0.0325 15000000 14963000 15104000 0.001 0.0500 909000 905000 909000 0 0.0500 38654000 38477000 38558000 0.003 0.0500 168082000 167898000 168082000 0.012 0.0550 52937000 52269000 52540000 0.004 0.0300 1700000 1705000 1044000 0 0.0775 81182000 80262000 81182000 0.006 0.0725 34017000 33715000 33762000 0.002 0.0500 64206000 63371000 63564000 0.004 0.0550 8328000 8125000 8211000 0.001 0.0475 4975000 4952000 4903000 0 0.0475 14663000 14443000 14443000 0.001 0.0325 24626000 24562000 24768000 0.002 0.0300 64197000 64197000 64460000 0.004 0.0475 46287000 46287000 46172000 0.003 0.0600 39167000 38556000 39167000 0.003 0.0775 0.0375 29661000 29478000 25731000 0.002 0.0700 120000 91000 -587000 0 0.0300 24813000 24758000 24937000 0.002 0.0775 0.0425 25001000 26219000 25889000 0.002 0.0775 0.0425 4290000 4265000 4290000 0 0.0775 0.0425 25865000 25713000 25865000 0.002 0.0350 19722000 19691000 19830000 0.001 0.0500 125702000 125087000 125074000 0.009 0.0350 64476000 64077000 64856000 0.004 0.0525 11522000 11466000 11464000 0.001 0.0550 12680000 12607000 12680000 0.001 0.0325 9677000 9677000 9734000 0.001 0.0550 26946000 26827000 26003000 0.002 0.0500 145037000 143231000 145037000 0.010 2948135000 2926405000 0.204 0.0525 341349000 337162000 340496000 0.023 0.0375 37072000 36989000 36423000 0.003 0.0450 37500000 36959000 37736000 0.003 0.0450 382656000 382396000 382656000 0.026 793506000 797311000 0.055 0.0475 1896000 1879000 1886000 0 0.0425 3981000 3950000 3911000 0 0.0575 855000 847000 855000 0 0.0325 3915000 3915000 3934000 0 0.0450 49500000 48402000 47906000 0.003 0.0650 37181000 37063000 37181000 0.003 0.0600 19160000 19126000 19112000 0.001 0.0375 13179000 12937000 13253000 0.001 0.0600 134913000 132723000 133564000 0.009 0.0350 25385000 25357000 25558000 0.002 0.0525 141533000 140478000 140472000 0.010 0.0400 38296000 38036000 38296000 0.003 0.0700 61484000 59969000 61023000 0.004 0.0675 89866000 87937000 89866000 0.006 0.0600 60717000 60400000 60717000 0.004 0.0625 4620000 4566000 4620000 0 0.0350 68777000 68777000 69279000 0.005 0.0550 162893000 161184000 162078000 0.011 0.0550 3592000 3423000 3574000 0 0.0550 6475000 6245000 6346000 0 917214000 923431000 0.062 0.0425 34667000 34493000 34493000 0.002 0.0400 123250000 123081000 124224000 0.009 0.0525 44118000 43517000 44118000 0.003 0.0375 27388000 27388000 27509000 0.002 0.0450 29596000 28834000 29670000 0.002 0.0500 35548000 35213000 35193000 0.002 0.0525 166014000 164851000 165599000 0.011 0.0575 0.0200 107401000 107401000 106864000 0.007 0.0500 69995000 69301000 69295000 0.005 0.0450 32738000 32614000 32656000 0.002 0.0700 237888000 237032000 239078000 0.016 0.0725 42993000 46532000 44736000 0.003 0.0650 13312000 13242000 13368000 0.001 0.0450 28748000 28379000 28920000 0.002 0.0325 22820000 22820000 22934000 0.002 0.0500 165612000 164019000 163956000 0.011 0.0475 29841000 29632000 29823000 0.002 1208349000 1212436000 0.082 0.0650 0.0150 122212000 120371000 122212000 0.008 0.0650 2397000 2378000 2337000 0 0.0600 637000 637000 637000 0 0.0650 765000 765000 741000 0 0.0500 20010000 19921000 20010000 0.001 0.0725 0.0250 229991000 228021000 204692000 0.014 0.0600 104777000 102639000 102158000 0.007 0.0700 10580000 10395000 10580000 0.001 0.0600 2592000 2419000 2322000 0 487546000 465689000 0.031 0.0400 39589000 39331000 39573000 0.003 0.0600 66435000 63444000 44512000 0.003 0.0656 39096000 38475000 39811000 0.003 0.0656 39096000 38382000 39800000 0.003 0.0525 85961000 85170000 85531000 0.006 0.0525 2900000 2812000 2850000 0 0.1275 30329000 29669000 29950000 0.002 297283000 282027000 0.020 0.0500 139256000 139264000 139256000 0.010 0.0400 7443000 7443000 7498000 0.001 146707000 146754000 0.011 24876159000 24789844000 1.697 50000000000 1000 1555000 0 1000 1555000 0 33000000 31934000 38072000 0.003 0.0700 12951000 13662000 13887000 0.001 45596000 51959000 0.004 143963000 123000 20000 0 0.0825 0 3000 2000 0 126000 22000 0 686513000 7076000 12122000 0.001 10000000 12000 12000 0 0.1075 53600000 73370000 74361000 0.005 80458000 86495000 0.006 9286000 929000 1009000 0 929000 1009000 0 50726000 1007000 1000000 0 1007000 1000000 0 941780000 7536000 12153000 0.001 7536000 12153000 0.001 1781000 2313000 4977000 0 12921348000 12921000 11687000 0.001 17221000 180000 71000 0 0.0800 1251000 1547000 1539000 0 11964286000 11964000 14493000 0.001 28925000 32767000 0.002 3520000 3520000 3220000 0 1205000 12048000 13657000 0.001 0.1500 27355000 31238000 29397000 0.002 54000000 369000 629000 0 47175000 46903000 0.003 1269969000 1042000 1297000 0 0.1075 100000000 134843000 131874000 0.009 16667000 1667000 1664000 0 1250000000 960000 1276000 0 138512000 136111000 0.009 29167000 2818000 0 0 2818000 0 0 0.1050 12750000 17499000 13999000 0.001 17499000 13999000 0.001 91805000 2535000 4379000 0 2703000 270000 307000 0 42053000 427000 420000 0 25000000 25000000 27932000 0.002 6047390000 15336000 28252000 0.002 1503286000 5129000 4744000 0 0.1500 24943000 17979000 22262000 0.002 66676000 88296000 0.006 16929000 765000 760000 0 57000000 5700000 3116000 0 1729439000 1729000 2596000 0 6530000 6572000 10170000 0.001 989000 989000 1239000 0 7980000 49000 12000 0 17000000 17012000 22325000 0.002 3522000 3525000 4056000 0 712884000 713000 848000 0 0.1125 33385000 46982000 46480000 0.003 0.0950 16562000 20992000 21503000 0.001 1380129000 13801000 15027000 0.001 118829000 128132000 0.008 1000000 100000 118000 0 100000 118000 0 4756098000 4756000 4376000 0 3109754000 0 0 0 4756000 4376000 0 560943000 604895000 0.040 25437102000 25394739000 1.737 0.0750 1229000 1229000 1229000 0 0.0450 0.0150 1195000 1195000 1195000 0 2424000 2424000 0 2424000 2424000 0 396827000 1053000 1053000 0 1053000 1053000 0 4778000 4828000 4771000 0 4828000 4771000 0 5881000 5824000 0 8305000 8248000 0 0.1200 45106000 44801000 45106000 0.003 0.1200 45630000 45630000 45630000 0.003 90431000 90736000 0.006 90431000 90736000 0.006 26763000 26766000 30006000 0.002 25601000 25641000 32050000 0.002 52407000 62056000 0.004 28 202375000 223274000 0.015 202375000 223274000 0.015 314808000 314808000 311609000 0.021 4270000 4270000 4294000 0 319078000 315903000 0.021 288704000 288704000 293775000 0.020 288704000 293775000 0.020 862564000 895008000 0.060 952995000 985744000 0.066 -14737000 -9837000 -0.001 26383665000 26378894000 1.802 Change in Unrealized Appreciation/(Depreciation) 0.0775 0.0384 600000000 -703000 0 -7206000 0.0650 0.0267 251508000 -20635000 0 -20635000 0.0650 0.0272 43960000 -47000 0 -47000 0.0795 0.0379 650000000 502000 0 502000 0.0775 0.0365 550000000 -399000 0 -12546000 0.0660 0.0234 500000000 3745000 0 3745000 0.0580 0.0262 1000000000 -44519000 0 -44519000 0.0665 0.0290 750000000 -14239000 0 -14239000 4345468000 -76295000 0 -94945000 733000 100000 0 0 108341000 -85000 0 6792000 -34000 43250000 2446000 0 0 716000 -7000 0 707000 -7000 15740000 16715000 0 0 5333000 -13000 0 5562000 0 0 2688000 0 1419000 3974000 0 0 3793000 0 5288000 26398000 0 0 14940000 0 0 26912000 0 8941000 6173000 0 4568000 21926000 0 0 11083000 0 1109000 4049000 0 913000 4000 0 0 1789000 0 6205000 8530000 0 0 689000 0 0 10141000 -101000 14420000 10916000 0 0 25566000 0 0 23639000 0 0 2174000 0 0 7612000 0 0 4478000 0 0 12046000 -30000 0 16531000 -83000 0 15899000 0 0 24700000 0 0 7537000 0 24034000 24418000 0 0 8523000 0 0 8048000 -60000 0 6970000 -35000 727000 3671000 0 0 14307000 0 0 28307000 0 464000 4536000 0 354000 896000 0 4312000 34926000 0 895000 48838000 0 3639000 5458000 0 1724000 14090000 0 72000 254000 0 0 13434000 0 375000 6194000 0 0 1780000 0 0 22020000 0 0 53446000 0 0 5079000 -127000 847000 3230000 0 777000 6695000 0 73000 6054000 0 344000 51256000 0 19608000 27285000 0 4485000 5067000 0 0 3981000 -10000 0 2164000 0 0 20448000 0 2659000 24114000 0 0 41960000 0 3268000 10759000 0 0 22358000 -279000 0 11787000 -147000 35851000 35494000 0 0 18063000 -90000 0 13490000 0 13680000 3429000 0 8328000 6584000 0 21371000 7141000 0 0 31691000 -1030000 3247000 816000 0 56865000 102734000 0 0 5667000 0 0 14908000 0 0 5742000 0 172000 834000 0 790000 3987000 0 0 27209000 -136000 0 40238000 -201000 10381000 10381000 0 3592000 41416000 0 10526000 20889000 0 0 7482000 0 0 17957000 -45000 0 37550000 -94000 0 37652000 -94000 0 20716000 -104000 0 27432000 0 27449000 27449000 0 62572000 9208000 0 0 53400000 -200000 148000 2089000 0 0 13971000 0 0 34388000 -189000 6290000 17595000 0 966000 216000 0 0 35425000 0 0 496000 0 0 875000 -15000 0 352000 0 0 44919000 -112000 0 4245000 -42000 0 16273000 -81000 0 16528000 0 117000 1516000 0 0 7282000 -18000 0 2710000 -14000 1702000 3404000 0 12695000 12695000 0 0 7045000 0 290000 5515000 0 0 1995000 -15000 0 20935000 -105000 0 20128000 0 0 18336000 0 3103000 1552000 0 0 16634000 -83000 0 161000 0 2217000 4433000 0 0 4179000 0 842000 1263000 0 0 6271000 -47000 434000 723000 0 255000 158000 0 303000 577000 0 0 4412000 0 0 3692000 0 0 2244000 0 1442000 7211000 0 0 14183000 0 0 1664000 0 0 5000000 -161000 0 42297000 -740000 0 2239000 0 0 17226000 -215000 0 30115000 -75000 0 11346000 -113000 0 15899000 -79000 0 9963000 0 6175000 0 0 0 91000 -1000 0 10552000 -26000 0 24256000 -121000 0 20344000 -102000 0 3387000 0 0 513000 0 0 4357000 -44000 0 676000 0 0 16615000 -3000 10631000 6461000 0 0 1320000 -7000 0 526000 -7000 2361000 4385000 0 0 23160000 -174000 0 500000 0 0 15697000 0 524000 5742000 0 2066000 1907000 0 0 8404000 -21000 4274000 6807000 0 195000 1478000 0 0 4633000 0 0 247000 -2000 0 96000 0 0 11009000 0 0 3359000 0 0 6978000 0 0 2749000 0 732000 183000 0 33000 0 0 0 8630000 0 0 4866000 0 0 12700000 0 1689000 3003000 0 0 5934000 0 0 17886000 0 2049000 0 0 313000 5705000 0 2517000 11750000 0 0 88000 0 0 8903000 -89000 1097000 3256000 0 0 2242000 -28000 0 10944000 0 0 23568000 0 3415000 0 0 0 8600000 -43000 0 11685000 0 8412000 3059000 0 0 2266000 -6000 0 2419000 0 0 1806000 0 0 15336000 0 2411000 5627000 0 714000 2857000 0 0 2553000 0 0 4746000 -36000 0 25814000 -129000 1700000 7675000 0 0 21041000 -53000 0 11814000 -59000 1367000 2803000 0 3695000 5102000 0 0 4118000 0 0 558000 0 0 5282000 -581000 0 2572000 -19000 0 7993000 -20000 0 3302000 -25000 0 14269000 0 0 10148000 0 0 9032000 -90000 2900000 7217000 0 0 88000 0 0 6560000 -66000 0 2570000 0 0 33258000 -1413000 0 11437000 -86000 0 6597000 0 6853000 5384000 0 0 11854000 0 0 8191000 -20000 4213000 29489000 0 0 6000000 -15000 382000 73000 0 0 2797000 -7000 0 43315000 -433000 1650000 11403000 0 0 5718000 0 0 5742000 -14000 120000 5219000 0 13312000 7249000 0 0 16326000 -163000 0 20119000 -201000 332000 498000 0 0 15556000 -156000 6475000 19426000 0 62000 220000 0 0 14965000 -75000 0 2244000 -6000 6947000 8073000 0 0 5579000 -167000 0 5336000 -27000 1255000 19662000 0 0 16473000 0 0 5159000 0 2592000 8209000 0 769000 9589000 0 0 1021000 0 0 27449000 0 0 7019000 0 0 8120000 0 1104000 3725000 0 0 4975000 0 0 142000 0 0 7962000 -40000 12908000 40004000 0 1333000 0 0 0 4164000 -146000 0 14587000 0 0 198000 0 26763000 59032000 0 25601000 27444000 0 288704000 5738000 0 917516000 3192745000 -9837000 0.132 1510000000 0.104 52600000 26300000000 182900000 235500000 78406000 22288000 100694000 -6093000 10864000 4771000 486000 74000 0 0 3477000 0 0 0 3477000 0 96000 0 78406000 25765000 100694000 -6093000 10864000 8248000 486000 170000 0 78476000 50774000 57983000 6413000 0 77680000 0 4970000 0 64839000 10236000 3475000 3512000 0 75112000 0 5035000 0 0 11781000 7510000 23000 0 4294000 80000 0 0 156794000 115658000 70093000 20915000 0 223274000 23832000 0 0 0 397270000 108567000 5072000 0 293775000 1511000 0 0 273441000 53375000 0 -15207000 0 311609000 53039000 0 0 573550000 639094000 247628000 20728000 0 985744000 78462000 10005000 0 1625921000 1354877000 819124000 -94253000 -69591000 196202000 -211326000 -18566000 -9459000 1320342000 1266720000 1005867000 539559000 387356000 223672000 54160000 43928000 57125000 1161037000 763257000 415047000 1754756000 1194541000 695844000 1811923000 1833919000 1194789000 -92096000 -5728000 -2614000 493531000 185739000 75799000 258068000 165862000 82376000 1484364000 1808314000 1198752000 150438000 133280000 256735000 5091000 -338702000 0 86311000 40928000 34058000 17520000 15609000 24077000 86738000 -230741000 246754000 4943037000 3730612000 2008973000 87005000 344430000 2614000 1415503000 412317000 277409000 487444000 316579000 153086000 4101983000 3979304000 1887264000 5238671000 5629056000 3642793000 14521602000 8892546000 5249753000 19760273000 14521602000 8892546000 1320342000 1266720000 1005867000 17448863000 15014625000 7082209000 7961495000 5516966000 1516330000 -130829000 -70014000 195317000 -95182000 85789000 -12533000 37298000 1339000 892000 722000 916000 7000 -180663000 -20997000 -8940000 278000 -941000 -519000 -31650000 2338000 0 186916000 189230000 144214000 105594000 147271000 45498000 50968000 31304000 17912000 5067000 4062000 3295000 25236000 41828000 57948000 -3831000 8275000 -12178000 -382838000 444545000 28508000 36269000 6300000 3759000 42340000 -37453000 125372000 19133000 18886000 21954000 -93865000 204509000 21687000 -7709259000 -8843678000 -4811751000 17721828000 15846598000 7995764000 14969955000 10800512000 5635000000 6991000 2613000 0 52579000 108794000 55848000 1178986000 559769000 384114000 6905398000 5697811000 3460497000 979385000 637944000 379411000 7439330000 9434777000 5001888000 -158303000 141158000 17872000 -269929000 591099000 190137000 182030000 40872000 23000000 1006483000 415384000 225247000 23727000 182030000 40872000 736554000 1006483000 415384000 947535000 670026000 422568000 1754756000 1194541000 695844000 763032000 498050000 259539000 10034000 2206000 195000 164816000 152477000 93930000 Organization and Principal Business<div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">Blue Owl Credit Income Corp. (the “Company”) is a Maryland corporation formed on April 22, 2020. 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 was formed primarily to originate and make loans to, and make debt and equity investments in, U.S. middle market companies. Within this space, the Company predominantly focuses on investing in institutionally-backed, upper middle market businesses, which the Company categorizes as those that generate greater than $50 million of EBITDA annually. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities which include common and preferred stock, securities convertible into common stock, and warrants. The Company may make investments with shorter or longer maturities from time to time. The Company intends, under normal circumstances, to invest directly, or indirectly through its investments in OCIC SLF LLC (f/k/a Blue Owl Credit Income Senior Loan Fund LLC) (“OCIC SLF”) and Blue Owl Credit SLF LLC (“Credit SLF”) or any similarly situated companies, at least 80% of the value of its total assets in credit investments. The Company defines “credit” to mean debt investments made in exchange for regular interest payments. The target credit investments will typically have maturities between <span style="-sec-ix-hidden:f-9734">three</span> and ten years and generally range in size between $20 million and $500 million, although the investment size will vary with the size of the Company’s capital base. 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. </span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company is an externally managed closed-end management investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, the Company is treated as a regulated investment company (a “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 as a RIC under the Code, the Company’s portfolio is subject to diversification and other requirements.</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In November 2020, the Company commenced operations and made its first portfolio company investment. On October 23, 2020, the Company formed a wholly-owned subsidiary, OR Lending IC LLC, a Delaware limited liability company, which holds a California finance lenders license. OR Lending IC 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.</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Blue Owl Credit Advisors LLC (the “Adviser”) serves as the Company’s investment adviser. The Adviser is an indirect affiliate of Blue Owl Capital Inc. (“Blue Owl”) (NYSE: OWL) and part of Blue Owl’s Credit platform. The Adviser is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940 (the “Advisers Act”). Blue Owl consists of three investment platforms: (1) Credit, which includes several strategies, including direct lending, alternative credit, investment grade credit, liquid credit and other adjacent investment strategies, (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, real estate credit and digital infrastructure, which focuses on acquiring, financing, developing and operating data centers and related digital infrastructure assets. 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. </span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company received an exemptive order that permits it to offer multiple classes of shares of common stock and to impose varying sales loads, asset-based servicing and/or distribution fees and early withdrawal fees. On November 12, 2020, the Company commenced its initial public offering pursuant to which it offered, on a continuous basis, up to $2,500,000,000 in any combination of amount of shares of Class S, Class D and Class I common stock. On February 14, 2022, the Company commenced its follow-on offering, pursuant to which it offered on a continuous basis, up to $13,500,000,000 in any combination of amount of shares of Class S, Class D and Class I common stock. On December 6, 2024, the Company commenced its current offering, pursuant to which it is offering on a continuous basis, up to $14,000,000,000 in any combination of amount of shares of Class S, Class D and Class I common stock. The share classes have different upfront selling commissions and ongoing servicing fees. Each class of common stock will be offered through Blue Owl Securities LLC (d/b/a Blue Owl Securities) (the “Dealer Manager” or “Blue Owl Securities”). The Dealer Manager is entitled to receive upfront selling commissions of up to 3.50% of the offering price of each Class S share sold in the offering and 1.50% of the offering price of each Class D share sold. Class I shares are not subject to upfront selling commissions. Any upfront selling commissions for the Class S shares and Class D shares sold in the offering will be deducted from the purchase price. Class S, Class D and Class I shares were offered at initial purchase prices per shares of $10.35, $10.15 and $10.00, respectively. Currently, the purchase price per share for each class of common stock varies, but will not be sold at a price below the Company’s net asset value per share of such class, as determined in accordance with the Company’s share pricing policy, plus applicable upfront selling commissions. The Company also engages in private placement offerings of its common stock.</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Since meeting the minimum offering requirement and commencing its continuous public offering through December 31, 2025, the Company has issued 711,941,000 shares of Class S common stock, 105,882,972 shares of Class D common stock and 1,470,414,548 </span></div><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">shares of Class I common stock, exclusive of any tender offers and shares issued pursuant to our distribution reinvestment plan, for gross proceeds of $6.74 billion, $0.99 billion and $13.83 billion, respectively, including $1,000 of seed capital contributed by its Adviser in September of 2020, $25.0 million in gross proceeds raised from an entity affiliated with the Adviser and 162,241,493 shares of Class I common stock issued in a private placement to feeder vehicles primarily created to hold the Company’s Class I shares for gross proceeds of approximately $1.53 billion.</span></div> 50000000 P10Y 20000000 500000000 3 2500000000 13500000000 14000000000 0.0350 0.0150 10.35 10.15 10.00 711941000 105882972 1470414548 6740000000 990000000 13830000000 1000 25000000.0 162241493 1530000000 Significant Accounting Policies<div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Basis of Presentation</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Financial Services – Investment Companies</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements have been included. </span></div><div><span><br/></span></div><div style="margin-bottom:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reclassifications </span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Cash and Restricted Cash</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Cash consists of deposits held at a custodian bank and restricted cash pledged as collateral. 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. Restricted cash primarily relates to cash held as collateral for interest rate swaps.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Consolidation</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company does not consolidate its equity interests in AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin AssetCo”), LSI Financing LLC (“LSI Financing LLC”), Fifth Season Investments LLC (“Fifth Season”), Blue Owl Cross-Strategy Opportunities LLC (“BOCSO”), Blue Owl Credit SLF LLC (“Credit SLF”), Wingspire Capital Holdings LLC (“Wingspire”), Blue Owl Leasing LLC (“Blue Owl Leasing”), and since November 2, 2022 has not consolidated its equity position in OCIC SLF. OCIC SLF was formed as a wholly-owned subsidiary of the Company and commenced operations on February 14, 2022. On November 2, 2022, the Company and State Teachers Retirement System of Ohio (“OSTRS” and together with the Company, the “Members” and each, a “Member”) entered into an Amended and Restated Limited Liability Company Agreement to co-manage OCIC SLF as a joint venture. See </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Note 3 </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">“</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Agreements and Related Party Transactions - Controlled/Affiliated Portfolio Companie</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">s”.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Investments at Fair Value</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser, as the valuation designee, undertakes a multi-step valuation process, which includes, among other procedures, the following:</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">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;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">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;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Preliminary valuation conclusions are documented and discussed with the Adviser’s valuation committee;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">The Adviser, as the valuation designee, reviews the recommended valuations and determines the fair value of each investment;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">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</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">The Audit Committee oversees the valuation designee and will report to the Board on any valuation matters requiring the Board’s attention.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company conducts this valuation process on a quarterly basis.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company applies Financial Accounting Standards Board Accounting Standards Codification 820, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Fair Value Measurements</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> (“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:</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%;padding-left:14.5pt">Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. </span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%;padding-left:14.5pt">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.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%;padding-left:14.5pt">Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Financial and Derivative Instruments</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company follows the guidance in ASC 815 </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Derivatives and Hedgin</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">g, when accounting for all derivative instruments. The Company designated certain interest rate swaps as hedging instruments, and as a result, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the Consolidated Statements of Operations as the hedged item. The Company’s interest rate swaps are used to hedge the Company’s fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the Consolidated Statements of Operations. Fair value is estimated by discounting remaining payments using applicable current market rates, or market quotes, if available. For all other derivatives, the Company does not utilize hedge accounting and values such derivatives at fair value with the unrealized gains or losses recorded in “net change in unrealized gains (losses) from foreign currency and other transactions” in the Company’s Consolidated Statements of Operations.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Foreign Currency Forward Contracts</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company uses foreign currency forward contracts to reduce the Company’s exposure to fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market at the applicable forward rate. Unrealized gains (losses) on foreign currency forward contracts are recorded within other assets or other liabilities on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis. The Company does not utilize hedge accounting and values forward contracts at fair value with the unrealized gains or losses recorded in net change in unrealized gains (losses) from foreign currency and other transactions in the Company’s Consolidated Statements of Operations.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Foreign Currency</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Foreign currency amounts are translated into U.S. dollars on the following basis:</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">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</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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. 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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Interest and Dividend Income Recognition</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Interest income is recorded on the accrual basis and includes accretion and amortization of discounts or premiums. Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends, the majority of which is structured at initial underwriting. 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.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">PIK interest and PIK dividend income consisted of the following for the periods:</span></div><div><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:81.666%"><tr><td style="width:1.0%"></td><td style="width:47.709%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:14.716%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.480%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.716%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.480%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.099%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">For the Years Ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">($ in thousands)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">PIK Interest Income</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">127,784 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">120,121 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">72,208 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">PIK Interest Income as a % of Investment Income</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4.1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4.7 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4.7 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">PIK Dividend Income</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">57,363 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">54,205 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">68,105 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">PIK Dividend Income as a % of Investment Income</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.8 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2.1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4.4 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total PIK Income</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">185,147 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">174,326 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">140,313 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total PIK Income as a % of Investment Income</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">5.9 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">6.8 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">9.1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Other Income</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Offering Expenses</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Costs associated with the offering of common shares of the Company are capitalized as deferred offering expenses and are included in prepaid expenses and other assets in the Consolidated Statements of Assets and Liabilities and are amortized over a twelve-month period from incurrence. Expenses for any additional offerings are deferred and amortized as incurred. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s share offerings, the preparation of the Company’s registration statement, and registration fees.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Debt Issuance Costs</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company records origination and other expenses related to its debt obligations as debt issuance costs. These expenses are deferred and amortized utilizing the effective yield method, over the estimated life of the related debt instrument. Debt issuance costs are presented on the Consolidated Statements of Assets and Liabilities as a direct deduction from the debt liability. In circumstances in which there is not an associated debt liability amount recorded in the consolidated financial statements when the debt issuance costs are incurred, such debt issuance costs will be reported on the Consolidated Statements of Assets and Liabilities as an asset until the debt liability is recorded.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reimbursement of Transaction-Related Expenses</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Income Taxes</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company has elected to be treated as a RIC under the Code beginning with the taxable year ended December 31, 2020 and intends to qualify as a RIC annually. So long as the Company obtains and maintains its tax treatment as a RIC, it generally will not pay U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company. However, the Company will be subject to U.S. federal income tax imposed at corporate rates on any income, including capital gains not distributed (or not deemed distributed) to its stockholders.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 on a timely basis, at least the sum of (i) 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state income taxes imposed at corporate rates.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 through December 31, 2025. As applicable, the Company’s prior three tax years remain subject to examination by U.S. federal, state and local tax authorities.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Income and Expense Allocations</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Income and realized and unrealized capital gains and losses are allocated to each class of shares of the Company on the basis of the aggregate net asset value of that class in relation to the aggregate net asset value of the Company.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Expenses that are common to all share classes are borne by each class of shares based on the net assets of the Company attributable to each class. Expenses that are specific to a class of shares are allocated to such class either directly or through the servicing fees paid pursuant to the Company’s distribution plan. See “</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Note 3 — Agreements and Related Party Transactions – Shareholder Servicing Plan.”</span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Distributions to Common Shareholders</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Subject to the Company’s board of directors’ discretion and applicable legal restrictions, the Company intends to authorize and declare cash distributions to the Company’s shareholders on a monthly or quarterly basis and pay such distributions on a monthly basis. The per share amount of distributions for Class S, Class D, and Class I shares will differ because of different allocations of class-specific expenses. Specifically, because the ongoing servicing fees are calculated based on the Company’s net asset value for the Company’s Class S and Class D shares, the ongoing service fees will reduce the net asset value or, alternatively, the distributions payable, with respect to the shares of each such class, including shares issued under the Company’s distribution reinvestment plan. As a result, the distributions on Class S shares and Class D shares may be lower than the distributions on Class I shares.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company has adopted a distribution reinvestment plan which was amended and restated on May 6, 2024. The amended and restated distribution reinvestment plan provides for reinvestment of any cash distributions on behalf of shareholders who have enrolled in the distribution reinvestment plan. As a result, if the Board authorizes and declares a cash distribution, then the shareholders who have enrolled in the distribution 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 distribution reinvestment plan.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Segment Reporting</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 Statements of Operations.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">New Accounting Pronouncements</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="background-color:#ffffff;color:#242424;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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. The Company adopted ASU 2023-09 effective December 31, 2025, and concluded the adoption of the standard had no material impact on the consolidated annual financial statements of the Company.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div> <div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Basis of Presentation</span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Financial Services – Investment Companies</span>. In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements have been included. <div style="margin-bottom:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reclassifications </span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div> <div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div> <div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Cash and Restricted Cash</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Cash consists of deposits held at a custodian bank and restricted cash pledged as collateral. 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. Restricted cash primarily relates to cash held as collateral for interest rate swaps.</span></div> <div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Consolidation</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>The Company does not consolidate its equity interests in AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin AssetCo”), LSI Financing LLC (“LSI Financing LLC”), Fifth Season Investments LLC (“Fifth Season”), Blue Owl Cross-Strategy Opportunities LLC (“BOCSO”), Blue Owl Credit SLF LLC (“Credit SLF”), Wingspire Capital Holdings LLC (“Wingspire”), Blue Owl Leasing LLC (“Blue Owl Leasing”), and since November 2, 2022 has not consolidated its equity position in OCIC SLF. OCIC SLF was formed as a wholly-owned subsidiary of the Company and commenced operations on February 14, 2022. On November 2, 2022, the Company and State Teachers Retirement System of Ohio (“OSTRS” and together with the Company, the “Members” and each, a “Member”) entered into an Amended and Restated Limited Liability Company Agreement to co-manage OCIC SLF as a joint venture. <div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Investments at Fair Value</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser, as the valuation designee, undertakes a multi-step valuation process, which includes, among other procedures, the following:</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">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;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">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;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">Preliminary valuation conclusions are documented and discussed with the Adviser’s valuation committee;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">The Adviser, as the valuation designee, reviews the recommended valuations and determines the fair value of each investment;</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">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</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">The Audit Committee oversees the valuation designee and will report to the Board on any valuation matters requiring the Board’s attention.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company conducts this valuation process on a quarterly basis.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company applies Financial Accounting Standards Board Accounting Standards Codification 820, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Fair Value Measurements</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> (“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:</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%;padding-left:14.5pt">Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. </span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%;padding-left:14.5pt">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.</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%;padding-left:14.5pt">Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div> <div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Financial and Derivative Instruments</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company follows the guidance in ASC 815 </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Derivatives and Hedgin</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">g, when accounting for all derivative instruments. The Company designated certain interest rate swaps as hedging instruments, and as a result, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the Consolidated Statements of Operations as the hedged item. The Company’s interest rate swaps are used to hedge the Company’s fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the Consolidated Statements of Operations. Fair value is estimated by discounting remaining payments using applicable current market rates, or market quotes, if available. For all other derivatives, the Company does not utilize hedge accounting and values such derivatives at fair value with the unrealized gains or losses recorded in “net change in unrealized gains (losses) from foreign currency and other transactions” in the Company’s Consolidated Statements of Operations.</span></div> <div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Foreign Currency Forward Contracts</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company uses foreign currency forward contracts to reduce the Company’s exposure to fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market at the applicable forward rate. Unrealized gains (losses) on foreign currency forward contracts are recorded within other assets or other liabilities on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis. The Company does not utilize hedge accounting and values forward contracts at fair value with the unrealized gains or losses recorded in net change in unrealized gains (losses) from foreign currency and other transactions in the Company’s Consolidated Statements of Operations.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Foreign Currency</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Foreign currency amounts are translated into U.S. dollars on the following basis:</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">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</span></div><div style="margin-top:6pt;padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:110%;padding-left:14.5pt">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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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. 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.</span></div>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. <div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Interest and Dividend Income Recognition</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Interest income is recorded on the accrual basis and includes accretion and amortization of discounts or premiums. Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends, the majority of which is structured at initial underwriting. 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.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">PIK interest and PIK dividend income consisted of the following for the periods:</span></div><div><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:81.666%"><tr><td style="width:1.0%"></td><td style="width:47.709%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:14.716%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.480%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.716%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.480%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.099%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">For the Years Ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">($ in thousands)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">PIK Interest Income</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">127,784 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">120,121 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">72,208 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">PIK Interest Income as a % of Investment Income</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4.1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4.7 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4.7 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">PIK Dividend Income</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">57,363 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">54,205 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">68,105 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">PIK Dividend Income as a % of Investment Income</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.8 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2.1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4.4 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total PIK Income</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">185,147 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">174,326 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">140,313 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total PIK Income as a % of Investment Income</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">5.9 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">6.8 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">9.1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Other Income</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div>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. <div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">PIK interest and PIK dividend income consisted of the following for the periods:</span></div><div><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:81.666%"><tr><td style="width:1.0%"></td><td style="width:47.709%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:14.716%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.480%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.716%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.480%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.099%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">For the Years Ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">($ in thousands)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">PIK Interest Income</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">127,784 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">120,121 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">72,208 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">PIK Interest Income as a % of Investment Income</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4.1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4.7 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4.7 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">PIK Dividend Income</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">57,363 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">54,205 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">68,105 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">PIK Dividend Income as a % of Investment Income</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.8 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2.1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4.4 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total PIK Income</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">185,147 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">174,326 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">140,313 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total PIK Income as a % of Investment Income</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">5.9 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">6.8 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">9.1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr></table></div> 127784000 120121000 72208000 0.041 0.047 0.047 57363000 54205000 68105000 0.018 0.021 0.044 185147000 174326000 140313000 0.059 0.068 0.091 <div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Offering Expenses</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Costs associated with the offering of common shares of the Company are capitalized as deferred offering expenses and are included in prepaid expenses and other assets in the Consolidated Statements of Assets and Liabilities and are amortized over a twelve-month period from incurrence. Expenses for any additional offerings are deferred and amortized as incurred. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s share offerings, the preparation of the Company’s registration statement, and registration fees.</span></div> <div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Debt Issuance Costs</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company records origination and other expenses related to its debt obligations as debt issuance costs. These expenses are deferred and amortized utilizing the effective yield method, over the estimated life of the related debt instrument. Debt issuance costs are presented on the Consolidated Statements of Assets and Liabilities as a direct deduction from the debt liability. In circumstances in which there is not an associated debt liability amount recorded in the consolidated financial statements when the debt issuance costs are incurred, such debt issuance costs will be reported on the Consolidated Statements of Assets and Liabilities as an asset until the debt liability is recorded.</span></div> <div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reimbursement of Transaction-Related Expenses</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div> <div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Income Taxes</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company has elected to be treated as a RIC under the Code beginning with the taxable year ended December 31, 2020 and intends to qualify as a RIC annually. So long as the Company obtains and maintains its tax treatment as a RIC, it generally will not pay U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company. However, the Company will be subject to U.S. federal income tax imposed at corporate rates on any income, including capital gains not distributed (or not deemed distributed) to its stockholders.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 on a timely basis, at least the sum of (i) 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state income taxes imposed at corporate rates.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 through December 31, 2025. As applicable, the Company’s prior three tax years remain subject to examination by U.S. federal, state and local tax authorities.</span></div> <div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Income and Expense Allocations</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Income and realized and unrealized capital gains and losses are allocated to each class of shares of the Company on the basis of the aggregate net asset value of that class in relation to the aggregate net asset value of the Company.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Expenses that are common to all share classes are borne by each class of shares based on the net assets of the Company attributable to each class. Expenses that are specific to a class of shares are allocated to such class either directly or through the servicing fees paid pursuant to the Company’s distribution plan. See “</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Note 3 — Agreements and Related Party Transactions – Shareholder Servicing Plan.”</span></div> <div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Distributions to Common Shareholders</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Subject to the Company’s board of directors’ discretion and applicable legal restrictions, the Company intends to authorize and declare cash distributions to the Company’s shareholders on a monthly or quarterly basis and pay such distributions on a monthly basis. The per share amount of distributions for Class S, Class D, and Class I shares will differ because of different allocations of class-specific expenses. Specifically, because the ongoing servicing fees are calculated based on the Company’s net asset value for the Company’s Class S and Class D shares, the ongoing service fees will reduce the net asset value or, alternatively, the distributions payable, with respect to the shares of each such class, including shares issued under the Company’s distribution reinvestment plan. As a result, the distributions on Class S shares and Class D shares may be lower than the distributions on Class I shares.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company has adopted a distribution reinvestment plan which was amended and restated on May 6, 2024. The amended and restated distribution reinvestment plan provides for reinvestment of any cash distributions on behalf of shareholders who have enrolled in the distribution reinvestment plan. As a result, if the Board authorizes and declares a cash distribution, then the shareholders who have enrolled in the distribution 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 distribution reinvestment plan.</span></div> <div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Segment Reporting</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 Statements of Operations.</span></div> <div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">New Accounting Pronouncements</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="background-color:#ffffff;color:#242424;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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. The Company adopted ASU 2023-09 effective December 31, 2025, and concluded the adoption of the standard had no material impact on the consolidated annual financial statements of the Company.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div> Agreements and Related Party Transactions<div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As of December 31, 2025, the Company had payables to affiliates of $92.6 million, comprised of $62.6 million of accrued performance based incentive fees, $20.7 million of management fees, and $9.3 million of costs and expenses reimbursable to the Adviser pursuant to the Administration Agreement. As of December 31, 2024, the Company had payables to affiliates of $73.4 million, comprised of $54.0 million of accrued performance based incentive fees, $14.6 million of management fees, and $4.8 million of costs and expenses reimbursable to the Adviser pursuant to the Administration Agreement. </span></div><div style="padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Administration Agreement</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company has entered into an amended and restated Administration Agreement (the “Administration Agreement”) with the Adviser. The Administration Agreement became effective on May 18, 2021. Under the terms of the Administration Agreement, the Adviser performs, or oversees the performance of, required administrative services, which include 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. </span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Administration Agreement also provides that the Company reimburses the Adviser for certain organization costs incurred prior to the commencement of the Company’s operations, and for certain offering costs.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 and from year to year thereafter 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, a majority of the independent directors. On May 5, 2025, the Board approved the continuation of the Administration Agreement. </span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Administration Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice, by the vote of a majority of the outstanding voting securities of the Company (as defined in the 1940 Act), or by the vote of a majority of the Board or by the Adviser.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">For the years ended December 31, 2025, 2024 and 2023 the Company incurred expenses of approximately</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$11.3 million, $7.1 million, and $4.6 million respectively, for costs and expenses reimbursable to the Adviser under the terms of the Administration Agreement.</span></div><div><span><br/></span></div><div style="padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Investment Advisory Agreement</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company has entered into an amended and restated Investment Advisory Agreement (the “Investment Advisory Agreement”) with the Adviser. 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. </span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser’s services under the Investment Advisory Agreement are not exclusive, and accordingly, the Adviser may provide similar services to others. </span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under the terms of the Investment Advisory Agreement, the Company pays 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.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 and from year-to-year thereafter 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. On May 5, 2025, the Board approved the continuation of the Investment Advisory Agreement. </span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Investment Advisory Agreement will automatically terminate within the meaning of the 1940 Act and related SEC guidance and interpretations in the event of its assignment. In accordance with the 1940 Act, without payment of penalty, the Company may terminate the Investment Advisory Agreement with the Adviser upon 60 days’ written notice. The decision to terminate the agreement </span></div><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">may be made by a majority of the Board of Directors 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 120 days’ written notice.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The base management fee is payable monthly in arrears. The base management fee is calculated at an annual rate of 1.25% based on the average value of the Company’s net assets at the end of the two most recently completed calendar months. All or part of the base management fee not taken as to any month will be deferred without interest and may be taken in any such month prior to the occurrence of a liquidity event. Base management fees for any partial month are prorated based on the number of days in the month. On September 30, 2020 and February 23, 2021, the Adviser agreed to waive 100% of the base management fee for the quarters ended December 31, 2020 and March 31, 2021, respectively. Any portion of management fees waived shall not be subject to recoupment.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">For the years ended December 31, 2025, 2024 and 2023 management fees were $215.0 million, net of $0.8 million in management fee waivers, $141.7 million, and $81.8 million, respectively.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the Investment Advisory Agreement, the Adviser is entitled to an incentive fee. The incentive fee consists of two parts: (i) an incentive fee on income and (ii) an incentive fee on capital gains. Each part of the incentive fee is outlined below.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The incentive fee on income will be calculated and payable quarterly in arrears and will be based upon the Company’s pre- incentive fee net investment income for the immediately preceding calendar quarter. In the case of a liquidation of the Company or if the Investment Advisory Agreement is terminated, the fee will also become payable as of the effective date of the event.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The incentive fee on income for each calendar quarter will be calculated as follows:</span></div><div style="margin-top:6pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">No incentive fee on income will be payable in any calendar quarter in which the pre-incentive fee net investment income does not exceed a quarterly return to investors of 1.25% of the Company’s net asset value for that immediately preceding calendar quarter. The Company refers to this as the quarterly preferred return.</span></div><div style="margin-top:6pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">All of the Company’s pre-incentive fee net investment income, if any, that exceeds the quarterly preferred return, but is less than or equal to 1.43%, which the Company refers to as the upper level breakpoint, of the Company’s net asset value for that immediately preceding calendar quarter, will be payable to the Company’s Adviser. The Company refers to this portion of the incentive fee on income as the “catch-up.” It is intended to provide an incentive fee of 12.50% on all of the Company’s pre-incentive fee net investment income when the pre-incentive fee net investment income reaches 1.43% of the Company’s net asset value for that calendar quarter, measured as of the end of the immediately preceding calendar quarter. The quarterly preferred return of 1.25% and upper level breakpoint of 1.43% are also adjusted for the actual number of days each calendar quarter.</span></div><div style="margin-top:6pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">For any quarter in which the Company’s pre-incentive fee net investment income exceeds the upper level break point of 1.43% of the Company’s net asset value for that immediately preceding calendar quarter, the incentive fee on income will equal 12.50% of the amount of the Company’s pre-incentive fee net investment income, because the quarterly preferred return and catch up will have been achieved.</span></div><div style="margin-top:6pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Pre-incentive fee net investment income is defined as investment income and any other income, accrued during the calendar quarter, minus operating expenses for the quarter, including the base management fee, expenses payable under the Investment Advisory Agreement and the Administration Agreement, any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee. Pre-incentive fee net investment income does not include any expense support payments or any reimbursement by the Company of expense support payments, or any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The second component of the incentive fee, the “Capital Gains Incentive Fee”, will be determined and payable in arrears as of the end of each calendar year during which the Investment Advisory Agreement is in effect. In the case of a liquidation, or if the Investment Advisory Agreement is terminated, the fee will also become payable as of the effective date of such event. The annual fee will equal (i) 12.50% of the Company’s realized capital gains on a cumulative basis from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less (ii) the aggregate amount of any previously paid incentive fees on capital gains as calculated in accordance with U.S. GAAP. The Company will accrue but will not pay a Capital Gains Incentive Fee with respect to unrealized appreciation because a Capital Gains Incentive Fee would be owed to the Adviser if the Company was to sell the relevant investment and realize a capital gain. In no event will the incentive fee on capital gains payable pursuant hereto be in excess of the amount permitted by the Advisers Act, including Section 205 thereof.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">For the years ended December 31, 2025, 2024 and 2023, the Company incurred performance based incentive fees on net investment income of $232.2 million, $192.5 million, and $118.1 million, respectively.</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">For the year ended December 31, 2025, the Company did not incur performance based incentive fees based on capital gains. For the year ended December 31, 2024, the Company recorded a reversal of previously recorded performance based incentive fees based on capital gains of $7.8 million, which was primarily related to unrealized depreciation. For the year ended December 31, 2023, the Company incurred performance-based incentive fees based on capital gains of $7.8 million, of which $7.8 million was related to unrealized appreciation.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 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 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 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.</span></div><div><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">For the year ended December 31, 2025, subject to the 1.5% organization and offering cost cap, the Company accrued approximately $0.5 million of offering expenses that are reimbursable to the Adviser.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">For the year ended December 31, 2024, subject to the 1.5% organization and offering cost cap, the Company accrued $0.3 million of initial organization and offering expenses that are reimbursable to the Adviser.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">For the year ended December 31, 2023, subject to the 1.5% organization and offering cost cap, the Company accrued less than $0.1 million of initial organization and offering expenses that are reimbursable to the Adviser.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Affiliated Transactions</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 </span></div><div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser is affiliated with Blue Owl Technology Credit Advisors LLC (“OTCA”), Blue Owl Technology Credit Advisors II LLC (“OTCA II”), Blue Owl Credit Private Fund Advisors LLC (“OPFA”) and Blue Owl Diversified Credit Advisors LLC (“ODCA” together with OTCA, OTCA II, OPFA and the Adviser, the “Blue Owl Credit Advisers”), which are also registered investment advisers. The Blue Owl Credit Advisers are indirect affiliates of Blue Owl and comprise part of Blue Owl’s Credit platform, which includes several strategies, including direct lending, alternative credit, investment grade credit, liquid credit and other adjacent investment strategies. The Blue Owl Credit Advisers’ allocation policies seek to ensure equitable allocation of investment opportunities over time between the Company and other funds managed by the Adviser or its affiliates. As a result of the Order, there could be significant overlap in the Company’s investment portfolio and the investment portfolio of the BDCs, interval fund, private funds and separately managed accounts managed by the Blue Owl Credit Advisers (collectively the “Blue Owl Credit Clients”) and/or other funds managed by the Adviser or its affiliates that could avail themselves of the Order. In addition, the Adviser and its affiliates are permitted to allocate an investment to a number of products across platforms that it views as appropriate for the particular investment objectives, strategies and characteristics of such products.</span></div><div><span><br/></span></div><div style="padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Dealer Manager Agreement</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company has entered into a dealer manager agreement (the “Dealer Manager Agreement”) with Blue Owl Securities, an affiliate of the Adviser, and participating broker-dealer agreements with certain broker-dealers. Under the terms of the Dealer Manager Agreement and the participating broker-dealer agreements, Blue Owl Securities serves as the dealer manager, and certain participating broker-dealers solicit capital, for the Company’s public offering of shares of Class S, Class D, and Class I common stock. Blue Owl Securities will be entitled to receive upfront selling commissions of up to 3.50% of the offering price of each Class S share sold in this offering. Blue Owl Securities will be entitled to receive upfront selling commissions of up to 1.50% of the offering price of each Class D share sold in this offering. Blue Owl Securities anticipates that all or a portion of the upfront selling commissions will be retained by, or reallowed (paid) to, participating broker-dealers. Blue Owl Securities will not receive upfront selling commissions with respect to any class of shares issued pursuant to the Company’s distribution reinvestment plan or with respect to purchases of Class I shares.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Upfront selling commissions for sales of Class S and Class D shares may be reduced or waived in connection with volume or other discounts, other fee arrangements or for sales to certain categories of purchasers.</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Blue Owl Securities, an affiliate of Blue Owl, is registered as a broker-dealer with the SEC and is a member of the Financial Industry Regulatory Authority.</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Shareholder Servicing Plan</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Subject to FINRA limitations on underwriting compensation and pursuant to a distribution plan adopted by the Company in compliance with Rules 12b-1 and 17d-3 under the 1940 Act, as if those rules applied to the Company, the Company will pay Blue Owl Securities servicing fees for ongoing services as follows:</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">with respect to the Company’s outstanding Class S shares equal to 0.85% per annum of the aggregate net asset value of the Company’s outstanding Class S shares; and</span></div><div style="margin-bottom:10pt;margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">with respect to the Company’s outstanding Class D shares equal to 0.25% per annum of the aggregate net asset value of the Company’s outstanding Class D shares.</span></div><div style="margin-top:10pt;padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company will not pay an ongoing servicing fee with respect to the Company’s outstanding Class I shares.</span></div><div><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">For the year ended December 31, 2025, the Company accrued servicing fees with respect to Class D shares of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$1.4 million. For the year ended December 31, 2025, the Company accrued servicing fees with respect to Class S shares of $50.2 million.</span></div><div style="margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">For the year ended December 31, 2024, the Company accrued servicing fees with respect to Class D shares of $1.1 million. For the year ended December 31, 2024, the Company accrued servicing fees with respect to Class S shares of $35.2 million.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">For the year ended December 31, 2023, the Company accrued servicing fees with respect to Class D shares of $1.4 million. For the year ended December 31, 2023, the Company accrued servicing fees with respect to Class S shares $20.1 million.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The servicing fees are paid monthly in arrears. Blue Owl Securities will reallow (pay) all or a portion of the ongoing servicing fees to participating broker-dealers and servicing broker-dealers for ongoing services performed by such broker-dealers, and will waive ongoing servicing fees to the extent a broker-dealer is not eligible to receive it for failure to provide such services. Because the ongoing servicing fees are calculated based on the Company’s net asset values for the Company’s Class S and Class D shares, they will reduce the net asset values or, alternatively, the distributions payable, with respect to the shares of each such class, including shares issued under its distribution reinvestment plan. The Company will cease paying ongoing servicing fees at the date at which total underwriting compensation from any source in connection with this offering equals 10% of the gross proceeds from its offering (excluding proceeds from issuances pursuant to its distribution reinvestment plan). This limitation is intended to ensure that the Company satisfies the requirements of FINRA Rule 2310, which provides that the maximum aggregate underwriting compensation from any source, including compensation paid from offering proceeds and in the form of “trail commissions,” payable to underwriters, broker-dealers, or affiliates thereof participating in an offering may not exceed 10% of gross offering proceeds, excluding proceeds received in connection with the issuance of shares through a distribution reinvestment plan.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Expense Support and Conditional Reimbursement Agreement</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">On September 30, 2020, the Company entered into the 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 represented a return of capital for U.S. federal income tax purposes. The Expense Support Agreement became effective as of the date that the Company met the minimum offering requirement and was terminated by the Adviser on March 7, 2023.</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the Expense Support Agreement, prior to its termination on March 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 Company on account of its investment portfolio during such quarter. Any payments that the Adviser was required to make pursuant to the preceding sentence are referred to herein as an “Expense Payment”.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under the Expense Support Agreement, “Operating Expenses” was defined as all of the Company’s operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies. “Available Operating Funds” was defined as 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).</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser’s obligation to make Expense Payments under the Expense Support Agreement automatically became a liability of the Adviser and the right to such Expense Payment was an asset of the Company’s on the last business day of the applicable quarter. The Expense Payment for any quarter was paid by the Adviser to the Company in any combination of cash or other immediately available funds, and/or offset against amounts due from the Company to the Adviser no later than the earlier of (i) the date on which the Company closes its books for such quarter, or (ii) forty-five days after the end of such quarter.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 is required to 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”.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The amount of the Reimbursement Payment for any quarter shall equal the lesser of (i) the Excess Operating Funds in respect of such quarter and (ii) the aggregate amount of all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such quarter that have not been previously reimbursed by the Company to the Adviser. The payment will be reduced to the extent that such Reimbursement Payments, together with all other Reimbursement Payments paid during the fiscal year, would cause Other Operating Expenses defined as the Company’s total Operating Expenses, excluding base management fees, incentive fees, organization and offering expenses, distribution and shareholder servicing fees, financing fees and costs, interest </span></div><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">expense, brokerage commissions and extraordinary expenses on an annualized basis and net of any Expense Payments received by the Company during the fiscal year to exceed the lesser of: (i) 1.75% of the Company’s average net assets attributable to the shares of the Company’s common stock for the fiscal year-to-date period after taking such Expense Payments into account; and (ii) the percentage of the Company’s average net assets attributable to shares of the Company’s common stock represented by Other Operating Expenses during the fiscal year in which such Expense Payment was made (provided, however, that this clause (ii) shall not apply to any Reimbursement Payment which relates to an Expense Payment made during the same fiscal year).</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">No Reimbursement Payment for any quarter will be made if: (1) the “Effective Rate of Distributions Per Share” (as defined below) declared by the Company at the time of such Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) the Company’s “Operating Expense Ratio” (as defined below) at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relates. Pursuant to the Expense Support Agreement, “Effective Rate of Distributions Per Share” means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder fees, and declared special dividends or special distributions, if any. The “Operating Expense Ratio” is calculated by dividing Operating Expenses, less organizational and offering expenses, base management and incentive fees owed to Adviser, and interest expense, by the Company’s net assets.</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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, subject to the conditions above, survives the termination of the Expense Support Agreement. There are no Reimbursement Payments conditionally due from the Company to the Adviser.</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Prior to termination of the Expense Support Agreement, Expense Support Payments provided by the Adviser since inception was $9.4 million. All Expense Support Payments were repaid prior to termination.</span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">License Agreement</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">On July 6, 2023, the Company entered into a license agreement (the “License Agreement”), with an affiliate of Blue Owl, pursuant to which the Company was granted a non-exclusive license to use the name “Blue Owl.” Under the License Agreement, the Company has a right to use the Blue Owl name for so long as the Adviser or one of its affiliates remains the Company’s investment adviser. Other than with respect to this limited license, the Company will have no legal right to the “Blue Owl” name or logo.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Controlled, Affiliated/Non-Controlled, Affiliated Portfolio Companies</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities as investments 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.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company has made investments in controlled, affiliated companies, including OCIC SLF, Amergin AssetCo, Fifth Season, LSI Financing LLC, BOCSO, Credit SLF, and Blue Owl Leasing. For further description of OCIC SLF, Credit SLF, and Blue Owl Leasing see “</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Note 4 — Investments</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">”.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">The Company has also made investments in non-controlled, affiliated companies, including LSI Financing 1 DAC (“LSI Financing DAC”) and Wingspire Capital Holdings LLC (“Wingspire”).</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Amergin was created to invest in a leasing platform focused on railcar and aviation assets. Amergin consists of Amergin AssetCo and Amergin Asset Management, LLC, which has entered into a Servicing Agreement with Amergin AssetCo. The Company made an initial equity commitment to Amergin AssetCo on July 1, 2022. As of December 31, 2025, the Company’s commitment to Amergin AssetCo is $229.5 million, of which $94.7 million is equity and $134.8 million is debt. As of December 31, 2025, the fair value of the Company’s investment in Amergin AssetCo was $216.2 million. The Company does not consolidate its equity interest in Amergin AssetCo.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">BOCSO is a portfolio company formed to hold alternative credit assets, including ABF. ABF is a subsector of private credit focused on generating income from pools of financial, physical or other assets. On September 18, 2025, the Company made an initial equity contribution to BOCSO. As of December 31, 2025, the Company’s investment at fair value in BOCSO was $136.8 million and the Company’s total commitment was $137.1 million. The Company does not consolidate its equity interest in BOCSO.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fifth Season is a portfolio company created to invest in life settlement assets. On July 18, 2022, the Company made an initial equity commitment to Fifth Season. As of December 31, 2025, the fair value of the Company’s investment in Fifth Season is $345.0 million. The Company does not consolidate its equity interest in Fifth Season. </span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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, the Company made an initial equity commitment to LSI Financing DAC. As of December 31, 2025, the fair value of the Company’s investment in LSI Financing DAC is $4.1 million. The Company does not consolidate its equity interest in LSI Financing DAC.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 made an initial equity commitment to LSI Financing LLC. As of December 31, 2025, the fair value of the Company’s investment in LSI Financing LLC is $321.1 million and the Company’s total commitment is $415.9 million. The Company does not consolidate its equity interest in LSI Financing LLC.</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Wingspire is an independent diversified direct lender focused on providing asset-based commercial finance loans and related senior secured loans to U.S.-based middle-market borrowers. Wingspire offers a wide variety of asset-based financing solutions to businesses in an array of industries, including revolving credit facilities, machinery and equipment term loans, real estate term loans, first-in/last-out tranches, cash flow term loans, and opportunistic/bridge financings. Wingspire conducts its business through an indirectly owned subsidiary, Wingspire Capital LLC. On November 7, 2025, the Company made its initial commitment to Wingspire. As of December 31, 2025, the fair value of the Company’s investment in Wingspire is $10.2 million and the Company’s total commitment is $45.0 million. The Company does not consolidate its equity interest in Wingspire.</span></div> 92600000 62600000 20700000 9300000 73400000 54000000.0 14600000 4800000 P2Y P60D 11300000 7100000 4600000 P2Y P60D P120D 0.0125 1 215000000.0 800000 141700000 81800000 0.0125 0.0143 0.1250 0.0143 0.0125 0.0143 0.0143 0.1250 0.1250 232200000 192500000 118100000 0 7800000 7800000 7800000 0.015 0.015 0.015 500000 0.015 300000 0.015 100000 0.0350 0.0150 0.0085 0.0025 1400000 50200000 1100000 35200000 1400000 20100000 P3Y P3Y 0.0175 9400000 229500000 94700000 134800000 216200000 136800000 137100000 345000000.0 4100000 321100000 415900000 10200000 45000000.0 Investments<div style="margin-bottom:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Investments at fair value and amortized cost consisted of the below as of the following periods:</span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:88.888%"><tr><td style="width:1.0%"></td><td style="width:41.243%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.056%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.425%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.868%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.425%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.056%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.425%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.402%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">($ in thousands)</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Amortized Cost</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Fair Value</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Amortized Cost</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Fair Value</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First-lien senior secured debt investments</span></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">31,727,075 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">31,597,264 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">23,613,397 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">23,574,406 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Second-lien senior secured debt investments</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,554,896 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,500,498 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">802,519 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">767,392 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Unsecured debt investments</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">463,745 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">479,850 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">447,930 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">440,633 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Specialty finance debt investments</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">134,800 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">134,800 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">90,431 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">90,736 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Preferred equity investments</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">508,942 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">496,312 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">363,096 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">359,901 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Common equity investments</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">370,541 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">435,238 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">198,899 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">244,492 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Specialty finance equity investments</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">814,147 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">900,635 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">548,315 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">585,431 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Joint ventures</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">409,012 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">374,351 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">319,078 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">315,903 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Total Investments</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">35,983,158 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">35,918,948 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">26,383,665 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">26,378,894 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The industry composition of investments based on fair value consisted of the below as of the following periods:</span></div><div><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:74.305%"><tr><td style="width:1.0%"></td><td style="width:53.292%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.329%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.547%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.332%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Advertising and media</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.3 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.8 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Aerospace and defense</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.9 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.8 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Asset based lending and fund finance</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.5 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.1 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Automotive services</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2.1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.7 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Automotive aftermarket</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.0 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.1 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Buildings and real estate</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2.9 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2.6 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Business services</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3.9 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">6.0 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Chemicals</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2.1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2.9 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Consumer products</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.6 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.5 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Containers and packaging</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2.7 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2.4 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Distribution</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2.5 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2.3 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Education</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.6 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.9 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Energy equipment and services</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.2 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.3 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Financial services</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">6.5 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">5.1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Food and beverage</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4.7 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">6.3 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Healthcare equipment and services</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">7.0 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">6.0 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Healthcare providers and services</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">13.9 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">12.0 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Healthcare technology</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">5.6 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">5.7 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Household products</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.5 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.3 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Human resource support services</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.7 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.8 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Infrastructure and environmental services</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2.3 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.5 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Insurance</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">8.8 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">9.4 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Internet software and services</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">11.6 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">11.6 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Joint ventures</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(3)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.0 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.2 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Leisure and entertainment</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2.8 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3.0 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Manufacturing</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2.0 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3.5 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Pharmaceuticals</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(4)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.4 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.1 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Professional services</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4.8 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4.6 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Specialty retail</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.9 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.8 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Telecommunications</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.7 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Transportation</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.5 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.6 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">100.0 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">100.0 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div style="margin-top:0.35pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:14.861%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td></tr></table></div><div style="padding-left:54pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(1)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:6.34pt">Includes investments in Amergin AssetCo, BOCSO and Wingspire.</span></div><div style="padding-left:54pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(2)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:6.34pt">Includes equity investment in Fifth Season.</span></div><div style="padding-left:54pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(3)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:6.34pt">Includes equity investments in OCIC SLF, Credit SLF and Blue Owl Leasing. See below, within Note 4, for more information regarding OCIC SLF, Credit SLF and Blue Owl Leasing. </span></div><div style="padding-left:54pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(4)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:6.34pt">Includes equity investments in LSI Financing DAC and LSI Financing LLC.</span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The geographic composition of investments based on fair value consisted of the below as of the following periods:</span></div><div><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:75.833%"><tr><td style="width:1.0%"></td><td style="width:51.647%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.160%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.161%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">United States:</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Midwest</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">17.5 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">20.6 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Northeast</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">21.9 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">20.1 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">South</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">32.8 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">32.7 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">West</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">19.2 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">16.2 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">International</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">8.6 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">10.4 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">100.0 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">100.0 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">OCIC SLF LLC</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">OCIC SLF LLC (f/k/a Blue Owl Credit Income Senior Loan Fund LLC) (“OCIC SLF”), a Delaware limited liability company, was formed as a wholly-owned subsidiary of the Company and commenced operations on February 14, 2022. On November 2, 2022 (“OCIC SLF Effective Date”), the Company and State Teachers Retirement System of Ohio (“OSTRS” and together with the Company, the “Members” and each, a “Member”) entered into an Amended and Restated Limited Liability Company Agreement to co-manage OCIC SLF as a joint-venture. OCIC SLF’s principal purpose is to make investments, primarily in senior secured loans that are made to middle-market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. The Company and OSTRS have agreed to contribute $437.5 million and $62.5 million, respectively, to OCIC SLF. The Company and OSTRS have a 87.5% and 12.5% economic ownership, respectively, in OCIC SLF. Except under certain circumstances, contributions to OCIC SLF cannot be redeemed. OCIC SLF is managed by a board consisting of an equal number of representatives appointed by each Member and which acts unanimously. Investment decisions must be approved unanimously by an investment committee consisting of an equal number of representative appointed by each Member. </span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Prior to the OCIC SLF Effective Date, OCIC SLF’s wholly owned subsidiaries, ORCIC JV WH LLC and ORCIC JV WH II entered into revolving loan facilities (the “OCIC SLF Debt Facilities”) and in connection therewith entered into master sale and participation agreements pursuant to which we contributed certain collateral assets to the Subsidiaries and such collateral assets became collateral under the OCIC SLF Debt Facilities (the “OCIC SLF Debt Facility Assets”).</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">On the OCIC SLF Effective Date, the Company was deemed to have made a capital contribution of approximately $108.9 million and OSTRS acquired a 12.5% interest in OCIC SLF from the Company for approximately $15.6 million. The amount of the Company’s deemed contribution, and OSTRS’ purchase from the Company, were based on the fair value of the OCIC SLF SPV Debt Facility Assets less certain amounts that had been distributed to the Company and subject to certain adjustments. In connection therewith, the Company and OSTRS agreed and acknowledged that OCIC SPV Debt Facility Assets were assets of OCIC SLF as if they had been acquired pursuant to the terms of the LLC Agreement.</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company has determined that OCIC SLF is an investment company under Accounting Standards Codification 946, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a wholly owned investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company does not consolidate its non-controlling interest in OCIC SLF.</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The table below sets forth OCIC SLF’s consolidated financial data as of and for the following periods:</span></div><div style="margin-top:10pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:84.027%"><tr><td style="width:1.0%"></td><td style="width:56.255%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.461%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.561%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.461%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.562%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">As of</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:100%">($ in thousands)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2025 </span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2024</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Consolidated Balance Sheet Data</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Cash</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">58,827 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">85,850 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Investments at fair value</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,626,107 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,647,003 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total Assets</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,704,149 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,761,468 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total Debt (net of unamortized debt issuance costs)</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,312,107 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,311,414 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total Liabilities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,383,769 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,405,344 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total OCIC SLF Members’ Equity</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">320,380 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">356,124 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:10pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:84.027%"><tr><td style="width:1.0%"></td><td style="width:42.371%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.461%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:17.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.461%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.461%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.084%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">For the Year Ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:100%">($ in thousands)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">2025</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Consolidated Statements of Operations</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Investment income</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">129,202 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">150,289 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">78,090 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Net operating expenses</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">87,831 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">95,040 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">40,613 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Net investment income (loss)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">41,371 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">55,249 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">37,477 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total net realized and unrealized gain (loss)</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(33,428)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(12,486)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">13,740 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Net increase (decrease) in OCIC SLF Members’ Equity resulting from operations</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">7,943 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">42,763 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">51,217 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s proportional share of OCIC SLF’s generated distributions for the following period:</span></div><div style="margin-top:10pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:84.444%"><tr><td style="width:1.0%"></td><td style="width:42.156%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.457%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:17.156%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.457%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.156%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.457%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.161%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">For the Year Ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:100%">($ in thousands)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Dividend Income</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">38,226 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">52,651 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">31,397 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Blue Owl Credit SLF LLC</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Credit SLF, a Delaware limited liability company, is a joint venture among the Company, Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Technology Finance Corp., Blue Owl Technology Income Corp., and State Teachers Retirement System of Ohio (each, a “Credit SLF Member” and collectively, the “Credit SLF Members”). 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.</span></div><div style="margin-top:10pt;text-align:justify;text-indent:18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">On May 15, 2025 the Credit SLF Members modified their capital commitments to Credit SLF and the Company’s capital commitment was increased to $46.3 million of which $40.8 million was unfunded and which since then has been funded. On September 4, 2025, certain Credit SLF Members increased their capital commitments to Credit SLF and the Company’s capital commitment was increased to $87.2 million of which $40.8 million was unfunded.</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As of </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">, the capital commitment and economic ownership of each Credit SLF Member is as follows:</span></div><div style="margin-top:10pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.305%"><tr><td style="width:1.0%"></td><td style="width:44.634%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.359%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:17.781%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.359%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.865%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.359%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.643%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Members</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Capital Commitment</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Net Contributed Capital</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Economic Ownership Interest</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:100%">($ in thousands)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Blue Owl Capital Corporation</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">427,085 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">421,348 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">67.8 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Blue Owl Capital Corporation II</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">244 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">244 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.0 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Blue Owl Credit Income Corp.</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">87,169 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">76,960 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">12.4 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Blue Owl Technology Finance Corp.</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">34,937 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">30,875 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">5.0 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Blue Owl Technology Income Corp.</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">16,161 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">14,293 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2.3 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">State Teachers Retirement System of Ohio</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">80,799 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">77,674 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">12.5 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Total</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">646,395 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">621,394 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">100.0 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div style="margin-top:0.35pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">_______________</span></div><div style="margin-top:3pt;padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.85pt;font-weight:400;line-height:120%;position:relative;top:-3.15pt;vertical-align:baseline">(1)     </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%">This represents each equity holder’s ownership percentage at December 31, 2025 based on net contributed capital.</span></div><div style="margin-bottom:6pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The table below sets forth Credit SLF’s consolidated financial data as of and for the following periods:</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.722%"><tr><td style="width:1.0%"></td><td style="width:60.320%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.357%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.702%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.357%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.564%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">As of</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:100%">($ in thousands)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2024</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Consolidated Balance Sheet Data</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Cash</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">124,718 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">17,354 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Investments at fair value</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2,343,367 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,164,473 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total Assets</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2,477,523 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,196,367 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total Debt (net of unamortized debt issuance costs)</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,728,363 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">750,610 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total Liabilities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,863,454 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">847,556 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Total Credit SLF Members’ Equity</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">614,069 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">348,811 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:60.150%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.355%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:18.761%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.355%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.679%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">For the Year Ended<br/>December 31,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">For the Period Ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:100%">($ in thousands)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">2025</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">2024</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Consolidated Statement of Operations Data</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Investment income</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">133,213 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">14,573 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Net operating expenses</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">79,074 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">8,606 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Net investment income (loss)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">54,139 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">5,967 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total net realized and unrealized gain (loss)</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(10,641)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2,904 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Net increase (decrease) in Credit SLF Members’ Equity resulting from operations</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">43,498 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">8,871 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:0.35pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">_______________</span></div><div style="margin-bottom:6pt;margin-top:3pt;padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.85pt;font-weight:400;line-height:120%;position:relative;top:-3.15pt;vertical-align:baseline"> (1)     </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%">Credit SLF’s date of inception was May 6, 2024.</span></div><div style="padding-left:0.62pt;text-indent:18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">The Company’s proportional share of Credit SLF’s net income generated distributions for the following periods:</span></div><div style="margin-top:10pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.861%"><tr><td style="width:1.0%"></td><td style="width:60.235%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.356%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:17.676%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.356%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.677%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">For the Year Ended<br/>December 31,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">For the Period Ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:100%">($ in thousands)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">2025</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Dividend Income</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3,312 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">121 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:6pt;margin-top:6pt;text-indent:18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Blue Owl Leasing, a Delaware limited liability company, is a joint venture among the Company, Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Technology Finance Corp., Blue Owl Technology Income Corp., Blue Owl Alternative Credit Fund and California State Teachers Retirement System (each, a “Blue Owl Leasing Member” and collectively, the “Blue Owl Leasing Members”). Blue Owl Leasing’s principal purpose is to make investments, either directly or indirectly through financing subsidiaries or other persons, primarily in leases and loans. Investment decisions must be approved by Blue Owl Leasing. The Blue </span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Owl Leasing Members coinvest through Blue Owl Leasing, or its wholly owned subsidiaries. Blue Owl Leasing’s date of inception was June 30, 2025 and Blue Owl Leasing made its first portfolio company investment on October 23, 2025.</span></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Blue Owl Leasing’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.</span></div><div style="margin-bottom:6pt;text-indent:18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 Blue Owl Leasing.</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-indent:18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As of December </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">31, 2025</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">, the capital commitment, called capital and economic ownership of each Blue Owl Leasing Member is as follows:</span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.000%"><tr><td style="width:1.0%"></td><td style="width:51.092%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:14.250%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.250%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.256%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Members</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Capital Commitment</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Net Contributed Capital</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Economic Ownership Interest</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:100%">($ in thousands)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Blue Owl Capital Corporation</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">860 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">860 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.3 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Blue Owl Capital Corporation II</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">90 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">90 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Blue Owl Credit Income Corp.</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">30,952 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">17,237 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">26.7 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Blue Owl Technology Finance Corp.</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">8,955 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">5,105 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">7.9 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Blue Owl Technology Income Corp.</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3,918 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2,233 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3.5 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Blue Owl Alternative Credit Fund</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">31,000 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">31,000 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">48.0 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">California State Teachers Retirement System</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">10,825 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">8,075 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">12.5 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">86,600 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">64,600 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">100.0 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">_______________</span></div><div style="margin-bottom:6pt;margin-top:3pt;padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">     This represents each equity holder’s ownership percentage at December 31, 2025, based on net contributed capital.</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-indent:18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The table below sets forth Blue Owl Leasing’s consolidated financial data as of and for the following period:</span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:94.861%"><tr><td style="width:1.0%"></td><td style="width:76.059%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.385%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.156%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">As of</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:100%">($ in thousands)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:700;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Consolidated Balance Sheet Data</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Cash</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">34,555 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Investments at fair value</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">39,628 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total Assets</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">74,531 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total Debt (net of unamortized debt issuance costs)</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">9,754 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total Liabilities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">10,076 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Total Blue Owl Leasing Members’ Equity</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">64,455 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-top:0.35pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">_______________</span></div><div style="margin-top:3pt;padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline"> (1)     </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">The Company’s date of inception was June 30, 2025.</span></div><div style="margin-top:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.000%"><tr><td style="width:1.0%"></td><td style="width:77.116%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.100%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">For the Period Ended December 31,</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:100%">($ in thousands)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Consolidated Statement of Operations Data</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Income</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Investment income</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">511 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Expenses</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Net operating expenses</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">684 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Net investment income (loss)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(173)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total net realized and unrealized gain (loss)</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">28 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Net Increase (Decrease) in Blue Owl Leasing Members’ Equity Resulting From Operations</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(145)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">_______________</span></div><div style="margin-bottom:6pt;margin-top:3pt;padding-left:54pt;text-align:justify;text-indent:-36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">     The Company’s date of inception was June 30, 2025</span></div><div style="margin-bottom:6pt;margin-top:3pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Blue Owl Leasing did not distribute any dividends to the Company for the period ended December 31, 2025.</span></div> <div style="margin-bottom:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Investments at fair value and amortized cost consisted of the below as of the following periods:</span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:88.888%"><tr><td style="width:1.0%"></td><td style="width:41.243%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.056%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.425%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.868%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.425%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.056%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.425%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.402%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">($ in thousands)</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Amortized Cost</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Fair Value</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Amortized Cost</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Fair Value</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First-lien senior secured debt investments</span></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">31,727,075 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">31,597,264 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">23,613,397 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">23,574,406 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Second-lien senior secured debt investments</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,554,896 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,500,498 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">802,519 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">767,392 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Unsecured debt investments</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">463,745 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">479,850 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">447,930 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">440,633 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Specialty finance debt investments</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">134,800 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">134,800 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">90,431 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">90,736 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Preferred equity investments</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">508,942 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">496,312 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">363,096 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">359,901 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Common equity investments</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">370,541 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">435,238 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">198,899 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">244,492 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Specialty finance equity investments</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">814,147 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">900,635 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">548,315 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">585,431 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Joint ventures</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">409,012 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">374,351 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">319,078 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">315,903 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Total Investments</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">35,983,158 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">35,918,948 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">26,383,665 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">26,378,894 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The industry composition of investments based on fair value consisted of the below as of the following periods:</span></div><div><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:74.305%"><tr><td style="width:1.0%"></td><td style="width:53.292%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.329%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.547%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.332%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Advertising and media</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.3 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.8 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Aerospace and defense</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.9 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.8 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Asset based lending and fund finance</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.5 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.1 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Automotive services</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2.1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.7 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Automotive aftermarket</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.0 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.1 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Buildings and real estate</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2.9 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2.6 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Business services</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3.9 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">6.0 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Chemicals</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2.1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2.9 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Consumer products</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.6 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.5 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Containers and packaging</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2.7 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2.4 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Distribution</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2.5 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2.3 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Education</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.6 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.9 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Energy equipment and services</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.2 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.3 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Financial services</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">6.5 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">5.1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Food and beverage</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4.7 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">6.3 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Healthcare equipment and services</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">7.0 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">6.0 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Healthcare providers and services</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">13.9 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">12.0 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Healthcare technology</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">5.6 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">5.7 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Household products</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.5 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.3 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Human resource support services</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.7 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.8 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Infrastructure and environmental services</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2.3 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.5 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Insurance</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">8.8 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">9.4 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Internet software and services</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">11.6 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">11.6 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Joint ventures</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(3)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.0 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.2 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Leisure and entertainment</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2.8 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3.0 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Manufacturing</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2.0 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3.5 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Pharmaceuticals</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(4)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.4 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.1 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Professional services</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4.8 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4.6 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Specialty retail</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.9 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.8 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Telecommunications</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.7 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1.1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Transportation</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.5 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.6 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">100.0 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">100.0 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div style="margin-top:0.35pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:14.861%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td></tr></table></div><div style="padding-left:54pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(1)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:6.34pt">Includes investments in Amergin AssetCo, BOCSO and Wingspire.</span></div><div style="padding-left:54pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(2)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:6.34pt">Includes equity investment in Fifth Season.</span></div><div style="padding-left:54pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(3)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:6.34pt">Includes equity investments in OCIC SLF, Credit SLF and Blue Owl Leasing. See below, within Note 4, for more information regarding OCIC SLF, Credit SLF and Blue Owl Leasing. </span></div><div style="padding-left:54pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(4)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:6.34pt">Includes equity investments in LSI Financing DAC and LSI Financing LLC.</span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The geographic composition of investments based on fair value consisted of the below as of the following periods:</span></div><div><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:75.833%"><tr><td style="width:1.0%"></td><td style="width:51.647%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.160%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.161%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">United States:</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Midwest</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">17.5 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">20.6 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Northeast</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">21.9 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">20.1 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">South</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">32.8 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">32.7 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">West</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">19.2 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">16.2 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">International</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">8.6 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">10.4 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">100.0 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">100.0 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr></table></div> 31727075000 31597264000 23613397000 23574406000 1554896000 1500498000 802519000 767392000 463745000 479850000 447930000 440633000 134800000 134800000 90431000 90736000 508942000 496312000 363096000 359901000 370541000 435238000 198899000 244492000 814147000 900635000 548315000 585431000 409012000 374351000 319078000 315903000 35983158000 35918948000 26383665000 26378894000 0.013 0.018 0.009 0.008 0.015 0.011 0.021 0.007 0.000 0.001 0.029 0.026 0.039 0.060 0.021 0.029 0.016 0.015 0.027 0.024 0.025 0.023 0.006 0.009 0.002 0.003 0.065 0.051 0.047 0.063 0.070 0.060 0.139 0.120 0.056 0.057 0.015 0.013 0.007 0.008 0.023 0.015 0.088 0.094 0.116 0.116 0.010 0.012 0.028 0.030 0.020 0.035 0.014 0.011 0.048 0.046 0.009 0.018 0.017 0.011 0.005 0.006 1.000 1.000 0.175 0.206 0.219 0.201 0.328 0.327 0.192 0.162 0.086 0.104 1.000 1.000 437500000 62500000 0.875 0.125 108900000 0.125 15600000 <div style="margin-bottom:6pt;margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The table below sets forth OCIC SLF’s consolidated financial data as of and for the following periods:</span></div><div style="margin-top:10pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:84.027%"><tr><td style="width:1.0%"></td><td style="width:56.255%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.461%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.561%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.461%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.562%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">As of</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:100%">($ in thousands)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2025 </span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2024</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Consolidated Balance Sheet Data</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Cash</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">58,827 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">85,850 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Investments at fair value</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,626,107 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,647,003 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total Assets</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,704,149 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,761,468 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total Debt (net of unamortized debt issuance costs)</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,312,107 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,311,414 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total Liabilities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,383,769 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,405,344 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total OCIC SLF Members’ Equity</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">320,380 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">356,124 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:10pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:84.027%"><tr><td style="width:1.0%"></td><td style="width:42.371%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.461%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:17.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.461%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.461%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.084%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">For the Year Ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:100%">($ in thousands)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">2025</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Consolidated Statements of Operations</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Investment income</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">129,202 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">150,289 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">78,090 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Net operating expenses</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">87,831 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">95,040 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">40,613 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Net investment income (loss)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">41,371 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">55,249 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">37,477 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total net realized and unrealized gain (loss)</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(33,428)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(12,486)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">13,740 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Net increase (decrease) in OCIC SLF Members’ Equity resulting from operations</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">7,943 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">42,763 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">51,217 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:6pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The table below sets forth Credit SLF’s consolidated financial data as of and for the following periods:</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.722%"><tr><td style="width:1.0%"></td><td style="width:60.320%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.357%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.702%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.357%"></td><td style="width:0.1%"&