Blue Owl Capital Corp 2025年季度报告

FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedSeptember30, 2025OR For the transition period from_______to Commission File Number814-01190______________________________________________ BLUE OWL CAPITAL CORPORATION(Exact name of Registrant as specified in its Charter) Maryland Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Actof 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject tosuch filing requirements for the past 90 days.Yes☒NO☐ Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required tosubmit such files).Yes☒NO☐ 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 definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and“emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES☐NO☒As of November5, 2025, the registrant had511,048,237shares of common stock, $0.01 par value per share, outstanding. Table of Contents FINANCIAL INFORMATION PART IItem 1. Financial Statements3Consolidated Statements of Assets and Liabilities as ofSeptember30, 2025(Unaudited) andDecember31, 20243Consolidated Statements of Operations for theThree and Nine Months EndedSeptember30, 2025and2024(Unaudited)4Consolidated Schedules of Investments as ofSeptember30, 2025(Unaudited) andDecember31,202436Consolidated Statements of Changes in Net Assets for theThree and Nine Months EndedSeptember30, 2025and2024(Unaudited)65Consolidated Statements of Cash Flows for theNine Months EndedSeptember30, 2025and2024(Unaudited)66Notes to Consolidated Financial Statements (Unaudited)68Management’s Discussion and Analysis of Financial Condition and Results of Operations117Quantitative and Qualitative Disclosures About Market Risk169Controls and Procedures170 PART II OTHER INFORMATION Item 1.Item 1A.Item 2.Item 3.Item 4.Item 5.Item 6.Signatures Legal Proceedings171Risk Factors171Unregistered Sales of Equity Securities and Use of Proceeds174Defaults Upon Senior Securities174Mine Safety Disclosures174Other Information174Exhibits175176 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve knownand unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statementsare not historical facts, but rather are based on current expectations, estimates and projections about Blue Owl Capital Corporation (the“Company,” “we” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and ourassumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,”“would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similarexpressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and aresubject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actualresults to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation: •an economic downturn could impair our portfolio companies’ ability to continue to operate, which could lead to theloss of some or all of our investments in such portfolio companies;•an economic downturn could disproportionately impact the companies that we intend to target for investment,potentially causing us to experience a decrease in investment opportunities and diminished demand for capital fromthese companies;•the impact of elevated inflation rates, fluctuating interest rates, ongoing supply chain and labor market disruptions,including those as a result of strikes, work stoppages or accidents, instability in the U.S. and international bankingsystems, changes in law or regulation, including the impact of tariff enactment, trade disputes with other countries,and the