Lan Ying Capital Limited Company - A 2025 Year Quarterly Report

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No☒ Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. Class A common stock, par value $0.0001Class B common stock, par value $0.0001Class C common stock, par value $0.0001Class D common stock, par value $0.0001 TABLE OF CONTENTS Item 1.Financial StatementsItem 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations PART IIOTHER INFORMATIONItem 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 3.Defaults Upon Senior SecuritiesItem 4.Mine Safety DisclosuresItem 5.Other InformationItem 6.ExhibitsSignaturesIndex to Financial Statements DEFINED TERMS Refers to the assets that we manage, and is generally equal to the sum of (i) net asset value (“NAV”); (ii)drawn and undrawn debt; (iii) uncalled capital commitments; (iv) total managed assets for certain Creditand Real Assets products; and (v) par value of collateral for collateralized loan obligations (“CLOs”) andother securitizations. Refers to the acquisition of the business of alternative credit manager Atalaya Capital Management LP(“Atalaya”) that was completed on September 30, 2024. Atalaya Acquisition Annual Report Refers to our annual report for the year ended December31, 2024, filed with the SEC on Form 10-K onFebruary21, 2025. our BDCs Refers to the business development companies (“BDCs”) we manage, as regulated under the InvestmentCompany Act of 1940, as amended: Blue Owl Capital Corporation (NYSE: OBDC) (“OBDC”), Blue OwlCapital Corporation II (“OBDC II”), Blue Owl Technology Finance Corp. (“OTF”), Blue Owl CreditIncome Corp. (“OCIC”), Blue Owl Technology Income Corp. (“OTIC”), until January13,2025, Blue OwlCapital Corporation III (“OBDE”) and, until March 24, 2025, Blue Owl Technology Finance Corp. II Blue Owl, the Company, thefirm, we, us, and ourBlue Owl CarryBlue Owl GP Refers to the Registrant and its consolidated subsidiaries. Refers to Blue Owl Capital Carry LP. Refers collectively to Blue Owl Capital GP Holdings LLC, Blue Owl Capital GP LLC, and certain otherdirectly or indirectly wholly owned subsidiaries of the Registrant that hold the Registrant’s interests inBlue Owl Holdings, as well as Blue Owl Carry prior to the Internal Reorganization. Blue Owl Holdings Refers to Blue Owl Capital Holdings LP. Prior to the Internal Reorganization, referred collectively to Blue Owl Holdings and Blue Owl Carry andtheir consolidated subsidiaries. Following the Internal Reorganization, refers to Blue Owl Holdings and itsconsolidated subsidiaries and any future entity designated by our board of directors in its sole discretion as Blue Owl Operating GroupUnits Prior to the Internal Reorganization, referred collectively to a unit in each of Blue Owl Holdings and BlueOwl Carry. Following the Internal Reorganization, refers to a unit in the Blue Owl Operating Group. Blue Owl OperatingPartnerships Prior to the Internal Reorganization, referred collectively to Blue Owl Holdings and Blue Owl Carry.Following the Internal Reorganization, refers to Blue Owl Holdings, unless context indicates otherwise. Refers to Blue Owl Securities LLC,a Delaware limited liability company. Blue Owl Securities is abroker-dealer registered with the SEC, a member of Financial Industry Regulatory Authority, Inc.(“FINRA”) and the Securities Investor Protection Corporation (“SIPC”). Blue Owl Securities is whollyowned by Blue Owl and provides distribution services to all Blue Owl platforms. Blue Owl Securities Class A SharesClass B Shares Refers to the Class A common stock, par value $0.0001 per share, of the Registrant. Refers to the Class B common stock, par value $0.0001 per share, of the Registrant. Refers to the Class C common stock, par value $0.0001 per share, of the Registrant. Refers to the Class D common stock, par value $0.0001 per share, of the Registrant. Refers to our Credit platform that includes (i) our direct lending strategy, which offers private creditsolutions to primarily upper-middle-market companies through differentiated access points; (ii) alternativecredit, which targets credit-oriented investments in markets underserved by traditional lenders or thebroader capital markets, with deep expertise investing across specialty finance, private