Blue Owl Capital
24 named things its latest annual report says its results depend on, each in the company's own words. 8 of them are also named by other companies we've read.
Partners and platforms
Blue Owl Credit Advisors LLC
depends onnamed as a riskOur success depends to a significant extent on the continued service and coordination of our Adviser, including its key professionals.Risk factors (Item 1A)
Blue Owl Capital Inc.
depends onnamed as a riskBlue 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.Risk factors (Item 1A)
Blue Owl Real Assets platform
named as a riskFrom 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.Risk factors (Item 1A)
Blue Owl Credit SLF LLC
Credit SLF’s principal purpose is to make investments in senior secured loans to middle-market companies, broadly syndicated loans and senior and subordinated notes issued by collateralized loan obligations.Business (Item 1)
State Teachers Retirement System of Ohio
We, Blue Owl Capital Corporation II (“OBDC II”), Blue Owl Credit Income Corp., (“OCIC”), Blue Owl Technology Finance Corp., (“OTF”), Blue Owl Technology Income Corp. (“OTIC”), and State Teachers Retirement System of Ohio (each, a “Credit SLF Member” and collectively, the “Credit SLF Members”) co-manage Credit SLF.Business (Item 1)
California State Teachers Retirement System
On June 30, 2025, Blue Owl Leasing, a Delaware limited liability company, was formed as a joint venture between us, OBDC II, OCIC, OTF, OTIC, Blue Owl Alternative Credit Fund, and California State Teachers Retirement System (each, a “Blue Owl Leasing Member” and collectively, the “Blue Owl Leasing Members”).Business (Item 1)
Blue Owl cybersecurity program
depends onWe rely on the cybersecurity program implemented by Blue Owl, the indirect affiliate of our Adviser.Cybersecurity (Item 1C)
Other companies
Internet software and services industry
concentrated in · 11.1% of our portfolio at fair valuenamed as a riskFor example, as of December 31, 2025, our investments in internet software and services represented 11.1% of our portfolio at fair value.Risk factors (Item 1A)
Healthcare providers and services industry
concentrated in · 9.0% of our portfolio at fair valuenamed as a riskIn addition, as of December 31, 2025, our investments in healthcare providers and services represented 9.0% of our portfolio at fair value.Risk factors (Item 1A)
Blue Owl Capital Corporation III (OBDE)
approximately 120,630,330 sharesOn January 13, 2025, we completed our acquisition of Blue Owl Capital Corporation III (“OBDE”) pursuant to the Agreement and Plan of Merger (the “OBDE Merger Agreement”) with OBDE, Cardinal Merger Sub Inc., a Maryland corporation and wholly-owned subsidiary of the Company (“OBDE Merger Sub”), and, solely for the limited purposes set forth therein, the Adviser, and Blue Owl Diversified Credit Advisors LLC (“ODCA”), a Delaware limited liability company and investment adviser to OBDE.Business (Item 1)
Revolving Credit Facility
depends onnamed as a riskIn 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.Risk factors (Item 1A)
Also named by AAON, BRO, BX, CG, CRGY, FIVE, FIX, HEI and 22 more
Collateralized loan obligations (CLO Preferred Shares)
named as a riskAs 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.Risk factors (Item 1A)
Money center bank (cash deposits)
concentrated innamed as a riskAs of December 31, 2025 and 2024, we held the majority of our cash balances with a single highly rated money center bank and such balances are in excess of Federal Deposit Insurance Corporation insured limits.Market risk (Item 7A)
Wingspire Capital Holdings LLC
Wingspire Capital Holdings LLC (“Wingspire”), 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.Business (Item 1)
Amergin
Amergin was created to invest in a leasing platform focused on railcar, aviation and other long-lived transportation assets.Business (Item 1)
Fifth Season Investments LLC
Fifth Season Investments LLC (“Fifth Season”), a portfolio company created to invest in life insurance based assets, including secondary and tertiary life settlement and other life insurance exposures using detailed analytics, internal life expectancy review and sophisticated portfolio management techniques.Business (Item 1)
Places
Commodities and inputs
SOFR
exposed to its price · 96.4% of our debt investments based on fair value were floating ratesnamed as a riskThe 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.Risk factors (Item 1A)
Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more
Regulators
U.S. Securities and Exchange Commission (SEC)
subject tonamed as a riskFurther, 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.Risk factors (Item 1A)
Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more
Commodity Futures Trading Commission (CFTC)
subject tonamed as a riskOur 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.Risk factors (Item 1A)
Also named by AB, ADM, AGNC, AMG, BAC, BGC, BMNR, C and 35 more
SEC exemptive relief co-investment order
subject toIn addition, we rely on an order for exemptive relief (the “Order”) to co-invest with other funds managed by the Adviser or certain affiliates, in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors.Business (Item 1)
Laws and programs
Investment Company Act of 1940 (BDC regulation)
subject to · at least 70% of our assetsnamed as a riskAs a BDC, at least 70% of our assets must be assets of the type listed in Section 55(a) of the 1940 Act, as described herein.Business (Item 1)
Also named by ABR, AMG, AMP, ARCC, ARES, BAM, BCSF, BEN and 28 more
Small Business Credit Availability Act (150% asset coverage)
subject to · asset coverage was 178%named as a riskIf 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.Risk factors (Item 1A)
Regulated investment company (RIC) tax status under Subchapter M
subject to · at least 90% of our “investment company taxable income,”named as a riskWe 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.Risk factors (Item 1A)