EX-99.2
Published on March 6, 2025
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited) as of and for the period from May 6, 2024 (Date of Inception) to December 31, 2024
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Statement of Assets and Liabilities
(Amounts in thousands)
December 31, 2024(1)
|
||||||||
| Assets | ||||||||
| Investments at fair value (amortized cost of $1,162,056) | $ | 1,164,473 | ||||||
| Cash | 17,354 | |||||||
| Due from investors | 24 | |||||||
| Receivable due on investments sold | 11,365 | |||||||
| Interest receivable | 3,151 | |||||||
| Total Assets | $ | 1,196,367 | ||||||
| Liabilities | ||||||||
| Debt (net of unamortized debt issuance costs of $1,572) | $ | 750,610 | ||||||
| Payable for investments purchased | 85,750 | |||||||
| Interest payable | 4,190 | |||||||
| Distribution payable | 6,451 | |||||||
| Accrued expenses and other liabilities | 555 | |||||||
| Total Liabilities | 847,556 | |||||||
Commitments and contingencies |
||||||||
| Members’ Equity | ||||||||
| Total Members’ Equity - Class A | 348,811 | |||||||
| Total Members’ Equity - Class B | — | |||||||
| Total Members' Equity | 348,811 | |||||||
| Total Liabilities and Members’ Equity | $ | 1,196,367 | ||||||
(1) The Company’s date of inception was May 6, 2024.
1
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Statement of Operations
(Amounts in thousands)
For the Period Ended December 31, 2024(1)
|
||||||||
| Investment Income | ||||||||
| Interest income | $ | 14,496 | ||||||
| Other income | 77 | |||||||
| Total investment income | $ | 14,573 | ||||||
| Operating Expenses | ||||||||
| Interest expense | $ | 7,986 | ||||||
| Professional fees | 580 | |||||||
| Organizational costs | 40 | |||||||
| Total Operating Expenses | 8,606 | |||||||
| Net Investment Income | 5,967 | |||||||
| Net Realized and Change in Unrealized Gain (Loss) | ||||||||
| Net change in unrealized gain (loss) on investments | 2,417 | |||||||
| Net realized gain (loss) on investments | 487 | |||||||
| Total Net Realized and Change in Unrealized Gain (Loss) on Investments | 2,904 | |||||||
| Net Increase in Members' Equity Resulting from Operations | $ | 8,871 | ||||||
| Total Net Increase (Decrease) in Members’ Equity Resulting from Operations - Class A | $ | 8,871 | ||||||
(1) The Company’s date of inception was May 6, 2024.
2
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of December 31, 2024
(Amounts in thousands)
| Company(1)(3)(4) | Investment | Interest | Maturity Date | Par / Units | Amortized Cost(2) | Fair Value | Percentage of Members’ Equity(9) | ||||||||||||||||||||||||||||||||||||||||
| Debt Investments | |||||||||||||||||||||||||||||||||||||||||||||||
| Aerospace and defense | |||||||||||||||||||||||||||||||||||||||||||||||
| Amentum Holdings, Inc.(5) | First lien senior secured loan | SR + | 2.25% | 09/2031 | $ | 6,000 | $ | 5,986 | $ | 5,975 | 1.7 | % | |||||||||||||||||||||||||||||||||||
| Avolon TLB Borrower 1 (US) LLC(5) | First lien senior secured loan | SR + | 1.75% | 06/2030 | 10,928 | 10,916 | 10,916 | 3.1 | % | ||||||||||||||||||||||||||||||||||||||
| Bleriot US Bidco Inc.(6) | First lien senior secured loan | SR + | 2.75% | 10/2030 | 23,940 | 23,940 | 24,048 | 6.9 | % | ||||||||||||||||||||||||||||||||||||||
| Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(5) | First lien senior secured loan | SR + | 2.25% | 10/2031 | 10,500 | 10,487 | 10,540 | 3.0 | % | ||||||||||||||||||||||||||||||||||||||
| Signia Aerospace LLC(6)(8) | First lien senior secured loan | SR + | 3.00% | 11/2031 | 7,385 | 7,366 | 7,366 | 2.1 | % | ||||||||||||||||||||||||||||||||||||||
| Transdigm, Inc.(6) | First lien senior secured loan | SR + | 2.50% | 01/2032 | 9,975 | 9,951 | 9,991 | 2.9 | % | ||||||||||||||||||||||||||||||||||||||
| 68,646 | 68,836 | 19.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Automotive services | |||||||||||||||||||||||||||||||||||||||||||||||
| Belron Finance US LLC(6) | First lien senior secured loan | SR + | 2.75% | 10/2031 | 7,980 | 7,960 | 8,045 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||
| Holley Inc.(5) | First lien senior secured loan | SR + | 3.75% | 11/2028 | 3,211 | 3,148 | 3,140 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||
| Mavis Tire Express Services Topco Corp.(5) | First lien senior secured loan | SR + | 3.50% | 05/2028 | 2,867 | 2,878 | 2,883 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||
| Wand Newco 3, Inc. (dba Caliber )(5) | First lien senior secured loan | SR + | 3.25% | 01/2031 | 4,883 | 4,895 | 4,898 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||
| 18,881 | 18,966 | 5.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Buildings and real estate | |||||||||||||||||||||||||||||||||||||||||||||||
| Arcosa Inc(5) | First lien senior secured loan | SR + | 2.25% | 08/2031 | 3,000 | 3,000 | 3,021 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||
| Construction Partners, Inc.(5) | First lien senior secured loan | SR + | 2.50% | 11/2031 | 2,000 | 1,995 | 2,006 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||
| The Azek Group LLC(5)(8) | First lien senior secured loan | SR + | 2.00% | 09/2031 | 1,995 | 1,990 | 2,000 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||
| Wrench Group LLC(6) | First lien senior secured loan | SR + | 4.00% | 10/2028 | 31,440 | 31,144 | 30,104 | 8.6 | % | ||||||||||||||||||||||||||||||||||||||
| 38,129 | 37,131 | 10.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Business services | |||||||||||||||||||||||||||||||||||||||||||||||
| Boxer Parent Company Inc. (f/k/a BMC)(6) | First lien senior secured loan | SR + | 3.75% | 07/2031 | 15,000 | 14,990 | 15,111 | 4.3 | % | ||||||||||||||||||||||||||||||||||||||
| ConnectWise, LLC(6) | First lien senior secured loan | SR + | 3.50% | 09/2028 | 16,490 | 16,521 | 16,573 | 4.8 | % | ||||||||||||||||||||||||||||||||||||||
| CoolSys, Inc.(6)(8) | First lien senior secured loan | SR + | 4.75% | 08/2028 | 14,961 | 14,742 | 14,550 | 4.2 | % | ||||||||||||||||||||||||||||||||||||||
| Madison Safety & Flow LLC(5) | First lien senior secured loan | SR + | 3.25% | 09/2031 | 1,995 | 1,990 | 2,008 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||
| Nvent Electric Public Limited Company(6) | First lien senior secured loan | SR + | 3.50% | 09/2031 | 14,000 | 13,930 | 14,136 | 4.1 | % | ||||||||||||||||||||||||||||||||||||||
| Plano HoldCo, Inc.(6)(8) | First lien senior secured loan | SR + | 3.50% | 10/2031 | 4,500 | 4,478 | 4,534 | 1.3 | % | ||||||||||||||||||||||||||||||||||||||
| POLARIS PURCHASER, INC. (dba Plusgrade)(6)(8) | First lien senior secured loan | SR + | 4.00% | 03/2031 | 10,154 | 10,174 | 10,204 | 2.9 | % | ||||||||||||||||||||||||||||||||||||||
| XPLOR T1, LLC(6)(8) | First lien senior secured loan | SR + | 3.50% | 06/2031 | 9,975 | 9,975 | 10,050 | 2.9 | % | ||||||||||||||||||||||||||||||||||||||
| 86,800 | 87,166 | 25.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Chemicals | |||||||||||||||||||||||||||||||||||||||||||||||
| Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(5) | First lien senior secured loan | SR + | 4.00% | 11/2027 | 17,512 | 17,523 | 17,512 | 5.0 | % | ||||||||||||||||||||||||||||||||||||||
| Derby Buyer LLC (dba Delrin)(5) | First lien senior secured loan | SR + | 3.00% | 11/2030 | 9,925 | 9,925 | 9,950 | 2.9 | % | ||||||||||||||||||||||||||||||||||||||
| 27,448 | 27,462 | 7.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Containers and packaging | |||||||||||||||||||||||||||||||||||||||||||||||
| Ring Container Technologies Group, LLC(5) | First lien senior secured loan | SR + | 2.75% | 08/2028 | 12,313 | 12,345 | 12,332 | 3.5 | % | ||||||||||||||||||||||||||||||||||||||
| SupplyOne, Inc.(5) | First lien senior secured loan | SR + | 3.75% | 04/2031 | 997 | 997 | 1,004 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||
| Tricorbraun Holdings, Inc.(5) | First lien senior secured loan | SR + | 3.25% | 03/2028 | 15,959 | 15,919 | 15,933 | 4.6 | % | ||||||||||||||||||||||||||||||||||||||
| 29,261 | 29,269 | 8.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Distribution | |||||||||||||||||||||||||||||||||||||||||||||||
| BCPE Empire Holdings, Inc. (dba Imperial-Dade)(5) | First lien senior secured loan | SR + | 3.50% | 12/2028 | 18,000 | 18,000 | 18,076 | 5.2 | % | ||||||||||||||||||||||||||||||||||||||
| Dealer Tire Financial, LLC(5) | First lien senior secured loan | SR + | 3.50% | 07/2031 | 23,940 | 23,940 | 23,940 | 6.9 | % | ||||||||||||||||||||||||||||||||||||||
| Foundation Building Materials, Inc.(6) | First lien senior secured loan | SR + | 4.00% | 01/2031 | 9,950 | 9,842 | 9,780 | 2.8 | % | ||||||||||||||||||||||||||||||||||||||
| Paint Intermediate III, LLC(6) | First lien senior secured loan | SR + | 3.00% | 09/2031 | 12,000 | 11,942 | 12,046 | 3.5 | % | ||||||||||||||||||||||||||||||||||||||
| White Cap Supply Holdings, LLC(5) | First lien senior secured loan | SR + | 3.25% | 10/2029 | 7,000 | 6,971 | 7,006 | 2.0 | % | ||||||||||||||||||||||||||||||||||||||
| 70,695 | 70,848 | 20.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Education | |||||||||||||||||||||||||||||||||||||||||||||||
| Ellucian Holdings Inc. (f/k/a Sophia, L.P.)(5) | First lien senior secured loan | SR + | 3.00% | 10/2029 | 12,947 | 12,947 | 13,022 | 3.7 | % | ||||||||||||||||||||||||||||||||||||||
3
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of December 31, 2024
(Amounts in thousands)
| Company(1)(3)(4) | Investment | Interest | Maturity Date | Par / Units | Amortized Cost(2) | Fair Value | Percentage of Members’ Equity(9) | ||||||||||||||||||||||||||||||||||||||||
| Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(6) | First lien senior secured loan | SR + | 4.00% | 10/2030 | 19,800 | 19,954 | 19,899 | 5.7 | % | ||||||||||||||||||||||||||||||||||||||
| 32,901 | 32,921 | 9.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Energy equipment and services | |||||||||||||||||||||||||||||||||||||||||||||||
| Brookfield WEC Holdings Inc.(5) | First lien senior secured loan | SR + | 2.25% | 01/2031 | 4,086 | 4,086 | 4,085 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||
| Calpine Construction Finance Company, L.P.(5) | First lien senior secured loan | SR + | 2.00% | 07/2030 | 3,000 | 2,985 | 2,991 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||
| Calpine Corporation(6) | First lien senior secured loan | SR + | 1.75% | 02/2032 | 4,000 | 3,985 | 3,983 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||
| Fleet U.S. Bidco Inc.(7)(8) | First lien senior secured loan | SR + | 2.75% | 02/2031 | 7,481 | 7,481 | 7,519 | 2.2 | % | ||||||||||||||||||||||||||||||||||||||
| 18,537 | 18,578 | 5.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Financial services | |||||||||||||||||||||||||||||||||||||||||||||||
| AllSpring Buyer(6) | First lien senior secured loan | SR + | 3.00% | 11/2030 | 1,048 | 1,046 | 1,049 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||
| BCPE Pequod Buyer, Inc.(5) | First lien senior secured loan | SR + | 3.50% | 11/2031 | 8,000 | 7,960 | 8,058 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||
| Citadel Securities, LP(5) | First lien senior secured loan | SR + | 2.00% | 10/2031 | 7,271 | 7,271 | 7,288 | 2.1 | % | ||||||||||||||||||||||||||||||||||||||
| Focus Financial Partners, LLC(5) | First lien senior secured loan | SR + | 3.25% | 09/2031 | 7,224 | 7,206 | 7,285 | 2.1 | % | ||||||||||||||||||||||||||||||||||||||
| Grant Thornton Advisors LLC(6) | First lien senior secured loan | SR + | 2.75% | 06/2031 | 1,783 | 1,783 | 1,781 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||
| Guggenheim Partners Investment Management Holdings, LLC(6) | First lien senior secured loan | SR + | 2.50% | 11/2031 | 6,000 | 5,985 | 6,015 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||
| Jane Street Group, LLC(5) | First lien senior secured loan | SR + | 2.00% | 12/2031 | 3,990 | 3,980 | 3,972 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||
| MARINER WEALTH ADVISORS, LLC(6) | First lien senior secured loan | SR + | 2.75% | 08/2028 | 1,995 | 1,995 | 1,995 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||
| Orion Advisor Solutions Inc(6) | First lien senior secured loan | SR + | 3.75% | 09/2030 | 6,435 | 6,389 | 6,489 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||
| PUSHPAY USA INC(6)(8) | First lien senior secured loan | SR + | 4.50% | 08/2031 | 4,286 | 4,244 | 4,307 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||
| Saphilux S.a.r.L. (dba IQ-EQ)(7) | First lien senior secured loan | SR + | 3.50% | 07/2028 | 15,920 | 15,972 | 16,020 | 4.6 | % | ||||||||||||||||||||||||||||||||||||||
| 63,831 | 64,259 | 18.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Food and beverage | |||||||||||||||||||||||||||||||||||||||||||||||
| Aspire Bakeries Holdings, LLC(5)(8) | First lien senior secured loan | SR + | 4.25% | 12/2030 | 3,990 | 3,970 | 4,020 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||
| Balrog Acquisition, Inc. (dba Bakemark)(6) | First lien senior secured loan | SR + | 4.00% | 09/2028 | 24,250 | 24,321 | 24,286 | 7.0 | % | ||||||||||||||||||||||||||||||||||||||
| Fiesta Purchaser, Inc. (dba Shearer's Foods)(5) | First lien senior secured loan | SR + | 3.25% | 02/2031 | 11,940 | 11,940 | 11,938 | 3.4 | % | ||||||||||||||||||||||||||||||||||||||
| Froneri International Ltd(5) | First lien senior secured loan | SR + | 2.00% | 09/2031 | 4,000 | 3,990 | 4,001 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||
| 44,221 | 44,245 | 12.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Healthcare equipment and services | |||||||||||||||||||||||||||||||||||||||||||||||
| Confluent Medical Technologies, Inc.(6) | First lien senior secured loan | SR + | 3.25% | 02/2029 | 9,812 | 9,877 | 9,850 | 2.8 | % | ||||||||||||||||||||||||||||||||||||||
| Medline Borrower, LP(5) | First lien senior secured loan | SR + | 2.25% | 10/2028 | 22,149 | 22,149 | 22,209 | 6.4 | % | ||||||||||||||||||||||||||||||||||||||
| Packaging Coordinators Midco, Inc.(6) | First lien senior secured loan | SR + | 3.25% | 11/2027 | 4,862 | 4,879 | 4,879 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||
| Resonetics, LLC(6) | First lien senior secured loan | SR + | 3.25% | 06/2031 | 19,950 | 19,950 | 20,056 | 5.7 | % | ||||||||||||||||||||||||||||||||||||||
| 56,855 | 56,994 | 16.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Healthcare providers and services | |||||||||||||||||||||||||||||||||||||||||||||||
| CHG Healthcare Services, Inc(6) | First lien senior secured loan | SR + | 3.50% | 09/2028 | 2,248 | 2,248 | 2,264 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||
| CHG PPC Parent LLC(5) | First lien senior secured loan | SR + | 3.00% | 12/2028 | 2,984 | 2,963 | 2,998 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||
| Confluent Health, LLC(5)(8) | First lien senior secured loan | SR + | 4.00% | 11/2028 | 24,329 | 23,917 | 23,660 | 6.8 | % | ||||||||||||||||||||||||||||||||||||||
| Covetrus, Inc.(6) | First lien senior secured loan | SR + | 5.00% | 10/2029 | 14,738 | 14,050 | 14,139 | 4.1 | % | ||||||||||||||||||||||||||||||||||||||
| Electron Bidco Inc (dba ExamWorks)(6) | First lien senior secured loan | SR + | 2.75% | 11/2028 | 2,000 | 2,000 | 2,006 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||
| HAH Group Holding Company LLC(5) | First lien senior secured loan | SR + | 5.00% | 09/2031 | 6,000 | 5,912 | 5,993 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||
| Phoenix Newco, Inc. (dba Parexel)(5) | First lien senior secured loan | SR + | 3.00% | 11/2028 | 23,937 | 23,961 | 24,076 | 6.9 | % | ||||||||||||||||||||||||||||||||||||||
| Select Medical Corp.(5) | First lien senior secured loan | SR + | 2.00% | 12/2031 | 4,000 | 3,995 | 4,008 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||
| Soliant Lower Intermediate, LLC (dba Soliant)(5) | First lien senior secured loan | SR + | 3.75% | 07/2031 | 10,000 | 10,079 | 9,900 | 2.8 | % | ||||||||||||||||||||||||||||||||||||||
| 89,125 | 89,044 | 25.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Healthcare technology | |||||||||||||||||||||||||||||||||||||||||||||||
| Athenahealth Group Inc.(5) | First lien senior secured loan | SR + | 3.25% | 02/2029 | 12,397 | 12,378 | 12,410 | 3.6 | % | ||||||||||||||||||||||||||||||||||||||
| Bracket Intermediate Holding Corp.(6) | First lien senior secured loan | SR + | 4.25% | 05/2028 | 19,701 | 19,701 | 19,848 | 5.7 | % | ||||||||||||||||||||||||||||||||||||||
| Cotiviti, Inc.(5) | First lien senior secured loan | SR + | 3.00% | 05/2031 | 9,925 | 9,925 | 9,969 | 2.9 | % | ||||||||||||||||||||||||||||||||||||||
| Ensemble RCM, LLC(6) | First lien senior secured loan | SR + | 3.00% | 08/2029 | 4,975 | 4,996 | 5,007 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||
| Imprivata, Inc.(6) | First lien senior secured loan | SR + | 3.50% | 12/2027 | 19,502 | 19,612 | 19,600 | 5.6 | % | ||||||||||||||||||||||||||||||||||||||
4
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of December 31, 2024
(Amounts in thousands)
| Company(1)(3)(4) | Investment | Interest | Maturity Date | Par / Units | Amortized Cost(2) | Fair Value | Percentage of Members’ Equity(9) | ||||||||||||||||||||||||||||||||||||||||
| PointClickCare Technologies, Inc.(6) | First lien senior secured loan | SR + | 3.25% | 11/2031 | 4,000 | 3,990 | 4,020 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||
| Project Ruby Ultimate Parent Corp. (dba Wellsky)(5) | First lien senior secured loan | SR + | 3.00% | 03/2028 | 19,975 | 19,937 | 20,045 | 5.7 | % | ||||||||||||||||||||||||||||||||||||||
| Raven Acquisition Holdings, LLC(5) | First lien senior secured loan | SR + | 3.25% | 11/2031 | 11,200 | 11,145 | 11,218 | 3.2 | % | ||||||||||||||||||||||||||||||||||||||
| Southern Veterinary Partners, LLC(6) | First lien senior secured loan | SR + | 3.25% | 12/2031 | 20,000 | 19,904 | 20,120 | 5.8 | % | ||||||||||||||||||||||||||||||||||||||
| Zelis Cost Management Buyer, Inc.(5) | First lien senior secured loan | SR + | 3.25% | 11/2031 | 16,000 | 15,922 | 16,040 | 4.6 | % | ||||||||||||||||||||||||||||||||||||||
| 137,510 | 138,277 | 39.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Human resource support services | |||||||||||||||||||||||||||||||||||||||||||||||
| iSolved, Inc.(5) | First lien senior secured loan | SR + | 3.25% | 10/2030 | 5,970 | 5,970 | 6,037 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||
| 5,970 | 6,037 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Infrastructure and environmental services | |||||||||||||||||||||||||||||||||||||||||||||||
| Geosyntec Consultants, Inc.(5) | First lien senior secured loan | SR + | 3.75% | 07/2031 | 6,000 | 5,971 | 6,038 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||
| 5,971 | 6,038 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Insurance | |||||||||||||||||||||||||||||||||||||||||||||||
| Acrisure, LLC(5) | First lien senior secured loan | SR + | 3.00% | 11/2030 | 9,531 | 9,531 | 9,529 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||
| Ardonagh Midco 3 PLC(6)(8) | First lien senior secured loan | SR + | 3.75% | 02/2031 | 15,000 | 15,072 | 15,075 | 4.3 | % | ||||||||||||||||||||||||||||||||||||||
| AssuredPartners, Inc.(5) | First lien senior secured loan | SR + | 3.50% | 02/2031 | 12,917 | 12,946 | 12,934 | 3.7 | % | ||||||||||||||||||||||||||||||||||||||
| Asurion, LLC(5) | First lien senior secured loan | SR + | 4.25% | 08/2028 | 7,791 | 7,761 | 7,791 | 2.2 | % | ||||||||||||||||||||||||||||||||||||||
| Broadstreet Partners, Inc.(5) | First lien senior secured loan | SR + | 3.00% | 06/2031 | 6,328 | 6,328 | 6,344 | 1.8 | % | ||||||||||||||||||||||||||||||||||||||
| Hyperion Refinance S.à r.l (dba Howden Group)(5) | First lien senior secured loan | SR + | 3.50% | 04/2030 | 19,650 | 19,741 | 19,768 | 5.7 | % | ||||||||||||||||||||||||||||||||||||||
| Hyperion Refinance S.à r.l (dba Howden Group)(5) | First lien senior secured loan | SR + | 3.00% | 02/2031 | 4,963 | 4,963 | 4,991 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||
| Mitchell International, Inc.(5) | First lien senior secured loan | SR + | 3.25% | 06/2031 | 9,975 | 9,923 | 9,967 | 2.9 | % | ||||||||||||||||||||||||||||||||||||||
| Summit Acquisition Inc. (dba K2 Insurance Services)(6)(8) | First lien senior secured loan | SR + | 3.75% | 10/2031 | 2,000 | 1,990 | 1,990 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||
| USI, Inc.(6) | First lien senior secured loan | SR + | 2.25% | 09/2030 | 1,335 | 1,335 | 1,332 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||
| 89,590 | 89,721 | 25.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Internet software and services | |||||||||||||||||||||||||||||||||||||||||||||||
| Cloud Software Group, Inc.(6) | First lien senior secured loan | SR + | 3.75% | 03/2031 | 5,000 | 5,000 | 5,011 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||
| Clover Holdings 2, LLC(6)(8) | First lien senior secured loan | SR + | 4.00% | 12/2031 | 17,143 | 16,973 | 16,971 | 4.9 | % | ||||||||||||||||||||||||||||||||||||||
| Javelin Buyer, Inc.(6) | First lien senior secured loan | SR + | 3.25% | 10/2031 | 3,000 | 2,993 | 3,021 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||
| McAfee Corp.(5) | First lien senior secured loan | SR + | 3.00% | 03/2029 | 3,288 | 3,288 | 3,287 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||
| Project Alpha Intermediate Holding, Inc. (dba Qlik)(6) | First lien senior secured loan | SR + | 3.25% | 10/2030 | 7,125 | 7,107 | 7,166 | 2.1 | % | ||||||||||||||||||||||||||||||||||||||
| Proofpoint, Inc.(5) | First lien senior secured loan | SR + | 3.00% | 08/2028 | 9,900 | 9,934 | 9,940 | 2.8 | % | ||||||||||||||||||||||||||||||||||||||
| Sedgwick Claims Management Services, Inc.(6) | First lien senior secured loan | SR + | 3.00% | 07/2031 | 14,963 | 14,991 | 15,037 | 4.3 | % | ||||||||||||||||||||||||||||||||||||||
| Sophos Holdings, LLC(6) | First lien senior secured loan | SR + | 3.50% | 03/2027 | 10,000 | 9,988 | 10,055 | 2.9 | % | ||||||||||||||||||||||||||||||||||||||
| Storable, Inc.(5) | First lien senior secured loan | SR + | 3.50% | 04/2028 | 14,885 | 14,919 | 14,973 | 4.3 | % | ||||||||||||||||||||||||||||||||||||||
| The Dun & Bradstreet Corporation(5) | First lien senior secured loan | SR + | 2.25% | 01/2029 | 7,980 | 7,980 | 7,981 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||
| UST Holdings, Ltd.(5) | First lien senior secured loan | SR + | 3.00% | 11/2028 | 3,990 | 3,990 | 4,000 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||
| Vertiv Group Corp.(6) | First lien senior secured loan | SR + | 4.50% | 11/2030 | 7,980 | 7,940 | 7,998 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||
| VS Buyer LLC (dba Veeam Software)(5) | First lien senior secured loan | SR + | 2.75% | 04/2031 | 5,975 | 5,975 | 6,013 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||
| 111,078 | 111,453 | 31.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Leisure and entertainment | |||||||||||||||||||||||||||||||||||||||||||||||
| Pretzel Parent, Inc.(5) | First lien senior secured loan | SR + | 4.50% | 08/2031 | 3,000 | 2,956 | 3,019 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||
| 2,956 | 3,019 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Manufacturing | |||||||||||||||||||||||||||||||||||||||||||||||
| ALLIANCE LAUNDRY SYSTEMS LLC(5) | First lien senior secured loan | SR + | 3.50% | 08/2031 | 7,500 | 7,464 | 7,541 | 2.2 | % | ||||||||||||||||||||||||||||||||||||||
| Chariot Buyer LLC(5) | First lien senior secured loan | SR + | 3.25% | 11/2028 | 2,487 | 2,481 | 2,499 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||
| Crown Equipment Corporation(5) | First lien senior secured loan | SR + | 2.50% | 10/2031 | 2,591 | 2,578 | 2,604 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||
| DXP Enterprises, Inc.(6) | First lien senior secured loan | SR + | 3.75% | 10/2030 | 5,985 | 5,985 | 6,047 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||
| Engineered Machinery Holdings, Inc. (dba Duravant)(6) | First lien senior secured loan | SR + | 3.75% | 05/2028 | 23,938 | 24,064 | 24,072 | 6.9 | % | ||||||||||||||||||||||||||||||||||||||
| Gloves Buyer, Inc. (dba Protective Industrial Products)(5)(8) | First lien senior secured loan | SR + | 4.00% | 12/2027 | 14,575 | 14,559 | 14,575 | 4.2 | % | ||||||||||||||||||||||||||||||||||||||
5
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of December 31, 2024
(Amounts in thousands)
| Company(1)(3)(4) | Investment | Interest | Maturity Date | Par / Units | Amortized Cost(2) | Fair Value | Percentage of Members’ Equity(9) | ||||||||||||||||||||||||||||||||||||||||
| Pro Mach Group, Inc.(5) | First lien senior secured loan | SR + | 3.50% | 08/2028 | 15,960 | 16,044 | 16,077 | 4.6 | % | ||||||||||||||||||||||||||||||||||||||
| 73,175 | 73,415 | 21.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Professional services | |||||||||||||||||||||||||||||||||||||||||||||||
| Apex Group Treasury LLC(7) | First lien senior secured loan | SR + | 3.75% | 07/2028 | 23,938 | 24,026 | 24,139 | 6.9 | % | ||||||||||||||||||||||||||||||||||||||
| First Advantage Holdings, LLC(5) | First lien senior secured loan | SR + | 3.25% | 10/2031 | 4,000 | 3,980 | 4,039 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||
| Skopima Merger Sub Inc.(6) | First lien senior secured loan | SR + | 3.75% | 05/2028 | 11,062 | 11,062 | 11,090 | 3.2 | % | ||||||||||||||||||||||||||||||||||||||
| Sovos Compliance, LLC(5) | First lien senior secured loan | SR + | 4.50% | 08/2028 | 23,471 | 23,547 | 23,612 | 6.8 | % | ||||||||||||||||||||||||||||||||||||||
| Vistage International, Inc.(6) | First lien senior secured loan | SR + | 4.75% | 07/2029 | 9,899 | 9,921 | 9,893 | 2.8 | % | ||||||||||||||||||||||||||||||||||||||
| 72,536 | 72,773 | 20.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Telecommunications | |||||||||||||||||||||||||||||||||||||||||||||||
| Charter Communications Operating LLC(6) | First lien senior secured loan | SR + | 2.25% | 12/2031 | 8,000 | 7,980 | 7,977 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||
| Eagle Broadband Investments, LLC (dba Mega Broadband Investments)(6) | First lien senior secured loan | SR + | 2.75% | 11/2027 | 1,995 | 1,990 | 1,996 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||
| 9,970 | 9,973 | 2.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Transportation | |||||||||||||||||||||||||||||||||||||||||||||||
| AIT Worldwide Logistics Holdings, Inc.(6) | First lien senior secured loan | SR + | 4.75% | 04/2030 | 8,000 | 7,976 | 8,048 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||
| 7,976 | 8,048 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total Misc.-debt commitments(10) |
— | (6) | — | — | % | ||||||||||||||||||||||||||||||||||||||||||
| Total Debt Investments | $ | 1,162,056 | $ | 1,164,473 | 333.8 | % | |||||||||||||||||||||||||||||||||||||||||
| Total Investments | $ | 1,162,056 | $ | 1,164,473 | 333.8 | % | |||||||||||||||||||||||||||||||||||||||||
(1) Unless otherwise indicated, Blue Owl Credit SLF’s investments are pledged as collateral supporting the amounts outstanding under Blue Owl Credit SLF’s Debt Facilities.
(2) The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(3) Unless otherwise indicated, all investments are considered Level 2 investments.
(4) Unless otherwise indicated, loan contains a variable rate structure, which may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “SR”) (which can include one-, three-, six- or twelve-month SOFR), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.
(5) The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2024 was 4.85%.
(6) The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2024 was 4.59%.
(7) The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2024 was 4.25%.
(8) Level 3 investment.
(9) Totals presented may differ than actuals due to rounding.
(10) Position or portion thereof is an unfunded loan commitment. See below for more information on the Company’s unfunded commitments.
6
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of December 31, 2024
(Amounts in thousands)
| Portfolio Company | Commitment Type | Commitment Expiration Date | Funded Commitment |
Unfunded Commitment | Fair Value | |||||||||||||||||||||||||||
| Focus Financial Partners, LLC | First lien senior secured delayed draw term loan | 09/2026 | $ | — | $ | 776 | $ | — | ||||||||||||||||||||||||
| Grant Thornton Advisors LLC | First lien senior secured delayed draw term loan | 07/2026 | — | 217 | — | |||||||||||||||||||||||||||
| Raven Acquisition Holdings, LLC | First lien senior secured delayed draw term loan | 10/2026 | — | 800 | — | |||||||||||||||||||||||||||
| Signia Aerospace, LLC | First lien senior secured delayed draw term loan | 11/2026 | — | 615 | — | |||||||||||||||||||||||||||
| Total Portfolio Company Commitments | $ | — | $ | 2,408 | $ | — | ||||||||||||||||||||||||||
7
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Notes to the consolidated financial information
Organization and Principal Business
Blue Owl Credit SLF LLC (“Credit SLF” or the “Company”), a Delaware limited liability company, is a joint venture among Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Capital Corporation III, Blue Owl Credit Income Corp., Blue Owl Technology Finance Corp., Blue Owl Technology Finance Corp. II, and Blue Owl Technology Income Corp. (the “Blue Owl BDCs”) and State Teachers Retirement System of Ohio (“OSTRS”) (collectively, the “Class A Members”). Credit SLF has no Class B Members as of December 31, 2024. The Company’s principal purpose is to make investments primarily in senior secured loans to middle market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. The Company is managed by the Class A Members, each of which have equal voting rights. Except under certain circumstances, contributions to the Company cannot be redeemed. Investment decisions must be approved by each of the Class A Members. The Class A Members co-invest through the Company, or its wholly owned subsidiaries. The Company’s date of inception was May 6, 2024 and made its first portfolio company investment on July 23, 2024.
Investment Portfolio Detail
The table below presents the composition of investments at fair value and amortized cost as of December 31, 2024:
| December 31, 2024 | ||||||||||||||
| ($ in thousands) | Amortized Cost | Fair Value | ||||||||||||
| First-lien senior secured debt investments | $ | 1,162,056 | $ | 1,164,473 | ||||||||||
| Total Investments | $ | 1,162,056 | $ | 1,164,473 | ||||||||||
8
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
The table below presents the industry composition of investments based on fair value as of December 31, 2024:
| December 31, 2024 | ||||||||
| Aerospace and defense | 5.9 | % | ||||||
| Automotive services | 1.6 | |||||||
| Buildings and real estate | 3.2 | |||||||
| Business services | 7.5 | |||||||
| Chemicals | 2.4 | |||||||
| Containers and packaging | 2.5 | |||||||
| Distribution | 6.1 | |||||||
| Education | 2.8 | |||||||
| Energy equipment and services | 1.6 | |||||||
| Financial services | 5.5 | |||||||
| Food and beverage | 3.8 | |||||||
| Healthcare equipment and services | 4.9 | |||||||
| Healthcare providers and services | 7.6 | |||||||
| Healthcare technology | 11.9 | |||||||
| Human resource support services | 0.5 | |||||||
| Infrastructure and environmental services | 0.5 | |||||||
| Insurance | 7.7 | |||||||
| Internet software and services | 9.6 | |||||||
| Leisure and entertainment | 0.3 | |||||||
| Manufacturing | 6.3 | |||||||
| Professional services | 6.2 | |||||||
| Telecommunications | 0.9 | |||||||
| Transportation | 0.7 | |||||||
| Total | 100.0 | % | ||||||
The table below presents the geographic composition of investments based on fair value as of December 31, 2024:
| December 31, 2024 | ||||||||
| United States: | ||||||||
| Midwest | 22.4 | % | ||||||
| Northeast | 21.5 | |||||||
| South | 29.3 | |||||||
| West | 17.1 | |||||||
| International | 9.7 | |||||||
| Total | 100 | % | ||||||
9
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Investments
The table below presents the fair value hierarchy of investments as of December 31, 2024:
| Fair Value Hierarchy as of December 31, 2024 | |||||||||||||||||||||||
| ($ in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
| First-lien senior secured debt investments | $ | — | $ | 1,027,652 | $ | 136,821 | $ | 1,164,473 | |||||||||||||||
| Total Investments | $ | — | $ | 1,027,652 | $ | 136,821 | $ | 1,164,473 | |||||||||||||||
Debt Activity
Bank of America Facility
On June 12, 2024, BOC SLF WH I BA LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, entered into a $300.0 million revolving credit facility (the “Bank of America Facility”) with, among others, and Bank of America, N.A., as lender and administrative agent. The Company acts as the collateral manager and the first loss provider with respect to the Bank of America Facility. It holds preference shares in BOC SLF WH I BA LTD. Proceeds from the Bank of America Facility will be used to finance the origination and acquisition of eligible assets by the borrowers thereunder. The maturity date of the Bank of America Facility is June 12, 2027. As of December 31, 2024, there was $194.9 million outstanding under the Bank of America Facility.
Borrowings under the Bank of America Facility bear interest at a per annum rate equal to (a) with respect to any Term SOFR Loan, SOFR + 1.45% and (b) with respect to any Base Rate Loan, Base Rate + 1.45%. Credit SLF predominantly borrows utilizing Term SOFR loans. Credit SLF also pays unused commitment fees of (i) prior to the six-month anniversary of such date, 0.35% and (ii) thereafter, (x) with respect to the First Unused Amount, 1.10% and (y) with respect to the Second Unused Amount, 0.35%. There was $ 0.5 million unused commitment fee as of December 31, 2024.
RBC Facility
On June 5, 2024, BOC SLF WH II RB LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, as borrower, joined a $300.0 million revolving credit facility (the “RBC Facility”) with, among others, Royal Bank of Canada, as lender administrative agent, and U.S. Bank Trust Company, National Association, as collateral custodian. The Company acts as the collateral manager and the first loss provider with respect to the RBC Facility. It holds preference shares in BOC SLF WH II RB LTD. Proceeds from the RBC Facility will be used to finance the origination and acquisition of eligible assets by the borrowers thereunder. The maturity date of the RBC Facility is October 14, 2032. As of December 31, 2024, there was $194.9 million outstanding under the RBC Facility.
Borrowings under the RBC Facility bear interest at a per annum rate equal to SOFR +1.55%.
Citibank Facility
On June 28, 2024, BOC SLF WH III C LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, entered into a revolving credit facility (the “Citibank Facility”) with, among others, Citibank, N.A., as lender and administrative agent. The commitment of the Citibank Facility is up to $300.0 million and was $215.0 million as of December 31, 2024. The Company acts as the collateral manager and the first loss provider with respect to the Citibank Facility. It holds preference shares in BOC SLF WH III C LTD. Proceeds from the Citibank Facility will be used to finance the origination and acquisition of eligible assets by the borrowers thereunder. The maturity date of the Citibank Facility is June 28, 2027. As of December 31, 2024, there was $194.4 million outstanding under the Citibank Facility.
Borrowings under the Citibank Facility bear interest at a per annum rate equal to (i) during the Reinvestment Period, SOFR + 1.40% and (ii) after the end of the Reinvestment Period, 1.90%.
Wells Fargo Facility
On August 1, 2024, BOC SLF WH 4 LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, joined a $300.0 million revolving credit facility (the “Wells Fargo Facility”) with, among others, and Wells Fargo Bank, National Association, as a lender and administrative agent, following the release of the prior borrower, ORCIC JV WH III LLC, a Delaware limited liability company, from the Wells Fargo Facility on July 11, 2024. The Company acts as the collateral manager and the first loss provider with respect to the Wells Fargo Facility. It holds preference shares in BOC SLF WH 4 LTD. Proceeds from the Wells Fargo Facility will be used to finance the origination and acquisition of eligible assets by the borrowers thereunder. The
8
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
maturity date of the Wells Fargo Facility is August 1, 2027. As of December 31, 2024, there was $168.0 million outstanding borrowings under the Wells Fargo Facility.
Borrowings under the Wells Fargo Facility bear interest at a per annum rate equal to Daily Simple SOFR + 1.50%.
Financial Instruments Not Carried at Fair Value
The fair value of the Company’s debt, which is categorized as Level 3 within the fair value hierarchy as of December 31, 2024, approximates the carrying value. The carrying amounts of the Company’s assets and liabilities, other than investments at fair value, approximate fair value due to their short maturities.
The table below presents the net carrying value of the Company’s debt obligations as of December 31, 2024:
| December 31, 2024 | ||||||||||||||||||||||||||||||||
| ($ in thousands) | Aggregate Principal Committed | Outstanding Principal |
Amount Available(1)
|
Unamortized Debt Issuance Costs | Net Carrying Value | |||||||||||||||||||||||||||
| Bank of America Facility | $ | 300,000 | $ | 194,919 | $ | 28,016 | $ | 448 | $ | 194,471 | ||||||||||||||||||||||
| RBC Facility | 300,000 | 194,870 | 28,065 | 371 | 194,499 | |||||||||||||||||||||||||||
Citibank Facility(2)
|
215,000 | 194,401 | 20,599 | 344 | 194,057 | |||||||||||||||||||||||||||
| Wells Fargo Facility | 300,000 | 167,992 | 31,513 | 409 | 167,583 | |||||||||||||||||||||||||||
| Total Debt | $ | 1,115,000 | $ | 752,182 | $ | 108,193 | $ | 1,572 | $ | 750,610 | ||||||||||||||||||||||
(1) The amount available reflects any collateral related limitations at the Company level related to each credit facility’s borrowing base.
(2) The commitment of the Citibank Facility is up to $300.0 million, and was $215.0 million as of December 31, 2024.
The table below presents the components of interest expense for the following period:
For the Period Ended December 31, |
||||||||
| ($ in thousands) |
2024(1)
|
|||||||
| Interest expense | $ | 7,720 | ||||||
| Amortization of debt issuance costs | 266 | |||||||
| Total Interest Expense | $ | 7,986 | ||||||
Average interest rate(2)
|
6.5 | % | ||||||
| Average daily outstanding borrowings | $ | 364,658 | ||||||
(1) The Company’s date of inception was May 6, 2024.
(2) Averages are calculated based on annualized amounts.
11