Blue Owl Capital Corporation Announces June 30, 2025 Financial Results

Blue Owl Capital Corporation (NYSE: OBDC) (“OBDC” or the “Company”) today announced financial results for its second quarter ended June 30, 2025.

SECOND QUARTER 2025 HIGHLIGHTS

— Second quarter GAAP net investment income (“NII”) per share of $0.42

— Second quarter adjusted NII per share(1) increased to $0.40, as compared with $0.39 as of March 31, 2025

— Based on OBDC's supplemental dividend framework, the Board of Directors (the “Board”) declared a second quarter supplemental dividend of $0.02 per share

— Dividends declared in the second quarter totaled $0.39 per share, representing an annualized dividend yield of 10.4%(2)

— Net asset value (“NAV”) per share of $15.03, as compared with $15.14 as of March 31, 2025, driven primarily by write-downs on a small number of names, partially offset by earnings in excess of dividends paid in the quarter

— New investment commitments for the second quarter totaled $1.1 billion and $1.9 billion of sales and repayments, as compared with $1.2 billion of new investment commitments(3) and $1.1 billion of sales and repayments for the three months ended March 31, 2025

— Investments on non-accrual represented 0.7% of the portfolio at fair value, as compared with 0.8% as of March 31, 2025

“OBDC delivered another quarter of solid earnings and generated a 10.6% annualized return on adjusted net investment income,” said Craig W. Packer, Chief Executive Officer. “The fundamental performance of the portfolio remains strong, driving our earnings power and positioning OBDC to generate attractive risk-adjusted returns across any economic environment.”

Dividend Declarations The Board declared a third quarter 2025 regular dividend of $0.37 per share for stockholders of record as of September 30, 2025, payable on or before October 15, 2025.

The Board also declared a second quarter 2025 supplemental dividend of $0.02 per share, related to the Company's second quarter 2025 earnings, for stockholders of record as of August 29, 2025, payable on or before September 15, 2025.

(1) See Non-GAAP Financial Measures for a description of the non-GAAP measures and the reconciliations from the most comparable GAAP financial measures to the Company's non-GAAP measures, including on a per share basis. The Company's management utilizes these non-GAAP financial measures to internally analyze and assess financial results and performance. These measures are also considered useful by management as an additional resource for investors to evaluate the Company's ongoing results and trends, as well as its performance, excluding non-cash income or gains related to the Merger. The presentation of non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.(2) Dividend yield based on OBDC's annualized Q2 2025 regular dividend of $0.37 per share payable to shareholders of record as of June 30, 2025, annualized Q2 2025 supplemental dividend of $0.02 per share payable to shareholders of record as of August 29, 2025, and Q2 2025 NAV per share of $15.03 less Q2 2025 supplemental dividend per share of $0.02.(3) On January 13, 2025, in connection with the merger with Blue Owl Capital Corporation III (“OBDE” or the “Merger”), the Company acquired investments of $4.15 billion from OBDE and assumed unfunded loan commitments totaling $463.4 million which are excluded from the figure above. The investments acquired consisted of 189 portfolio companies, 9 of which were not previously held by OBDC.

SELECT FINANCIAL HIGHLIGHTS As Of And For the Three Months Ended($ in thousands, except per share amounts) June 30, 2025 March 31, 2025 June 30, 2024GAAP results:Net investment income per share $ 0.42 $ 0.41 $ 0.48Net realized and unrealized gains (losses) per share $ (0.15) $ 0.08 $ (0.17)Net increase (decrease) in net assets resulting from operations per share $ 0.27 $ 0.49 $ 0.31Non-GAAP financial measures(1):Adjusted net investment income per share $ 0.40 $ 0.39 $ 0.48Adjusted net realized and unrealized gains (losses) per share $ (0.13) $ (0.07) $ (0.17)Adjusted net increase (decrease) in net assets resulting from operations per share $ 0.27 $ 0.32 $ 0.31Regular dividend declared per share $ 0.37 $ 0.37 $ 0.37Supplemental dividend declared per share $ 0.02 $ 0.01 $ 0.06Total investments at fair value $ 16,868,782 $ 17,692,006 $ 13,341,982Total debt outstanding (net of unamortized debt issuance costs) $ 9,225,817 $ 10,160,729 $ 7,414,920Net assets $ 7,682,397 $ 7,739,089 $ 5,994,284Net asset value per share $ 15.03 $ 15.14 $ 15.36Net debt-to-equity 1.17x 1.26x 1.20x

PORTFOLIO COMPOSITION

As of June 30, 2025, the Company had investments in 233 portfolio companies across 30 industries, with an aggregate portfolio size of $16.9 billion at fair value and an average investment size of $72.4 million at fair value.

June 30, 2025 March 31, 2025($ in thousands) Fair Value % of Total Fair Value % of TotalPortfolio composition:First-lien senior secured debt investments $ 12,773,434 75.8% $ 13,703,893 77.5%Second-lien senior secured debt investments 913,260 5.4% 891,935 5.0%Unsecured debt investments 374,693 2.2% 377,711 2.1%Preferred equity investments 559,992 3.3% 550,927 3.1%Common equity investments 1,857,462 11.0% 1,797,988 10.2%Joint ventures 389,941 2.3% 369,552 2.1%Total investments $ 16,868,782 $ 17,692,006

June 30, 2025 March 31, 2025Number of portfolio companies 233 236Percentage of debt investments at floating rates 97.6% 96.5%Percentage of senior secured debt investments 81.2% 82.5%Weighted average spread over base rate of all floating rate debt investments 5.8% 5.9%Weighted average total yield of accruing debt and income-producing securities at fair value 10.6% 10.7%Weighted average total yield of accruing debt and income-producing securities at cost 10.7% 10.8%Percentage of investments on non-accrual of the portfolio at fair value 0.7% 0.8%

PORTFOLIO AND INVESTMENT ACTIVITY

For the three months ended June 30, 2025, new investment commitments totaled $1.1 billion across 6 new portfolio companies and 19 existing portfolio companies. For the three months ended March 31, 2025, new investment commitments were $1.2 billion(1) across 12 new portfolio companies and 22 existing portfolio companies.

For the three months ended June 30, 2025, the principal amount of new investments funded totaled $906 million and aggregate principal amount of sales and repayments totaled $1.9 billion. For the three months ended March 31, 2025, the principal amount of new investments funded was $913 million(1) and aggregate principal amount of sales and repayments was $1.1 billion.

(1) On January 13, 2025, in connection with the Merger, the Company acquired investments of $4.15 billion from OBDE and assumed unfunded loan commitments totaling $463.4 million which are excluded from the figure above. The investments acquired consisted of 189 portfolio companies, 9 of which were not previously held by OBDC.

For the Three Months Ended June 30,($ in thousands) 2025 2024New investment commitmentsGross originations $ 1,116,767 $ 3,296,799Less: Sell downs – -Total new investment commitments $ 1,116,767 $ 3,296,799Principal amount of new investments funded:First-lien senior secured debt investments $ 597,793 $ 2,098,353Second-lien senior secured debt investments 205,340 10,000Unsecured debt investments – 132,135Preferred equity investments 2,914 884Common equity investments 88,515 26,433Joint ventures 11,473 37,625Total principal amount of new investments funded $ 906,035 $ 2,305,430Drawdowns (repayments) on revolvers and delayed draw term loans, net $ 142,162Principal amount of investments sold or repaid:First-lien senior secured debt investments(1) $ (1,612,475) $ (872,157)Second-lien senior secured debt investments (178,056) (125,596)Unsecured debt investments (24,233) (118,699)Preferred equity investments (4,933) (30,321)Common equity investments (87,190) -Joint ventures – -Total principal amount of investments sold or repaid $ (1,906,887) $ (1,146,773)Number of new investment commitments in new portfolio companies(2) 6 25Average new investment commitment amount $ 92,279 $ 98,945Weighted average term for new debt investment commitments (in years) 5.9 5.7Percentage of new debt investment commitments at floating rates 99.0% 96.8%Percentage of new debt investment commitments at fixed rates 1.0% 3.2%Weighted average interest rate of new debt investment commitments(3) 9.7% 10.9%Weighted average spread over applicable base rate of new floating rate debt investment commitments 5.4% 5.4%

(1) Includes scheduled paydowns.(2) Number of new investment commitments represents commitments to a particular portfolio company.(3) For the three months ended June 30, 2025, assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 4.29% as of June 30, 2025. For the three months ended June 30, 2024, assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 5.32% as of June 30, 2024.

RESULTS OF OPERATIONS FOR THE SECOND QUARTER ENDED JUNE 30, 2025

Investment Income Investment income increased to $485.8 million for the three months ended June 30, 2025 from $464.6 million for the three months ended March 31, 2025, primarily due to an increase in prepayment related income and accelerated amortization of upfront fees from unscheduled paydowns, which are non-recurring in nature. Income associated with unscheduled paydowns increased to $32.1 million for the three months ended June 30, 2025 from $8.2 million for the same period in prior quarter due to an elevated level of repayment related activity. The Company expects that investment income will vary based on a variety of factors including the pace of originations and repayments.

Expenses Total operating expenses increased to $266.8 million for the three months ended June 30, 2025 from $259.6 million for the three months ended March 31, 2025, primarily due to an increase in interest expense, management fees and incentive fees resulting from the Merger. As a percentage of total assets, professional fees, directors' fees and other general and administrative expenses remained relatively consistent period-over-period.

Liquidity and Capital Resources As of June 30, 2025, the Company had $360.2 million in cash and restricted cash, $9.3 billion in total principal value of debt outstanding, including $3.7 billion of undrawn capacity(1) on the Company's credit facilities and $5.5 billion of unsecured notes. The funding mix was composed of 41% secured and 59% unsecured borrowings as of June 30, 2025 on an outstanding basis. The Company was in compliance with all financial covenants under its credit facilities as of June 30, 2025. The Company has analyzed cash and cash equivalents, availability under its credit facilities, the ability to rotate out of certain assets and amounts of unfunded commitments that could be drawn and believes its liquidity and capital resources are sufficient to take advantage of market opportunities.

CONFERENCE CALL AND WEBCAST INFORMATION

Conference Call Information: The conference call will be broadcast live on August 7, 2025 at 10:00 a.m. Eastern Time on the News & Events section of OBDC's website at www.blueowlcapitalcorporation.com. Please visit the website to test your connection before the webcast.

Participants are also invited to access the conference call by dialing one of the following numbers:

— Domestic: (877) 737-7048

— International: +1 (201) 689-8523

All callers will need to reference “Blue Owl Capital Corporation” once connected with the operator. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected.

Replay Information: An archived replay will be available for 14 days via a webcast link located on the News & Events section of OBDC's website, and via the dial-in numbers listed below:

— Domestic: (877) 660-6853

— International: +1 (201) 612-7415

— Conference ID: 13754256

(1) Reflects availability based on limitations related to each credit facility's borrowing base.

ABOUT BLUE OWL CAPITAL CORPORATION

Blue Owl Capital Corporation (NYSE: OBDC) is a specialty finance company focused on lending to U.S. middle-market companies. As of June 30, 2025, OBDC had investments in 233 portfolio companies with an aggregate fair value of $16.9 billion. OBDC has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. OBDC is externally managed by Blue Owl Credit Advisors LLC, an SEC-registered investment adviser that is an indirect affiliate of Blue Owl Capital Inc. (“Blue Owl”) (NYSE: OWL) and part of Blue Owl's Credit platform.

Certain information contained herein may constitute “forward-looking statements” that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about OBDC, its current and prospective portfolio investments, its industry, its beliefs and opinions, and its assumptions. 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 similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond OBDC's control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors identified in OBDC's filings with the SEC. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date on which OBDC makes them. OBDC does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.

INVESTOR CONTACTS

Investor Contact: BDC Investor Relations Michael Mosticchio credit-ir@blueowl.com

Media Contact: Prosek Partners Josh Clarkson pro-blueowl@prosek.com

FINANCIAL HIGHLIGHTS For the Three Months Ended($ in thousands, except per share amounts) June 30, 2025 March 31, 2025 June 30, 2024Investments at fair value $ 16,868,782 $ 17,692,006 $ 13,341,982Total assets $ 17,398,476 $ 18,375,681 $ 13,866,620Net asset value per share $ 15.03 $ 15.14 $ 15.36GAAP results:Total investment income $ 485,843 $ 464,646 $ 396,760Net investment income $ 216,708 $ 201,302 $ 189,134Net increase (decrease) in net assets resulting from operations $ 137,506 $ 242,635 $ 122,220GAAP per share results:Net investment income $ 0.42 $ 0.41 $ 0.48Net realized and unrealized gains (losses) $ (0.15) $ 0.08 $ (0.17)Net increase (decrease) in net assets resulting from operations $ 0.27 $ 0.49 $ 0.31Non-GAAP financial measures(1):Adjusted total investment income $ 474,907 $ 456,816 $ 396,760Adjusted net investment income $ 205,772 $ 193,472 $ 189,134Adjusted net increase (decrease) in net assets resulting from operations $ 137,506 $ 159,713 $ 122,220Non-GAAP per share financial measures(1):Adjusted net investment income $ 0.40 $ 0.39 $ 0.48Adjusted net realized and unrealized gains (losses) $ (0.13) $ (0.07) $ (0.17)Adjusted net increase (decrease) in net assets resulting from operations $ 0.27 $ 0.32 $ 0.31Regular dividend declared per share $ 0.37 $ 0.37 $ 0.37Supplemental dividend declared per share $ 0.02 $ 0.01 $ 0.06Weighted average yield of accruing debt and income producing securities at fair value 10.6% 10.7% 11.9%Weighted average yield of accruing debt and income producing securities at amortized cost 10.7% 10.8% 12.0%Percentage of debt investments at floating rates 97.6% 96.5% 96.5%

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES(Amounts in thousands, except share and per share amounts) June 30, 2025 December 31, 2024 (Unaudited)AssetsInvestments at fair valueNon-controlled, non-affiliated investments (amortized cost of $14,675,062 and $11,511,987, respectively) $ 14,726,112 $ 11,451,457Non-controlled, affiliated investments (amortized cost of $108,141 and $233,105, respectively) 91,866 235,060Controlled, affiliated investments (amortized cost of $1,930,161 and $1,424,298, respectively) 2,050,804 1,508,028Total investments at fair value (amortized cost of $16,713,364 and $13,169,390, respectively) 16,868,782 13,194,545Cash (restricted cash of $64,405 and $82,387, respectively) 359,470 505,692Foreign cash (cost of $680 and $8,539, respectively) 719 8,464Interest receivable 112,742 105,881Receivable from a controlled affiliate 26,230 16,970Prepaid expenses and other assets 30,533 34,012Total Assets $ 17,398,476 $ 13,865,564LiabilitiesDebt (net of unamortized debt issuance costs of $114,407 and $84,363, respectively) $ 9,225,817 $ 7,457,702Distribution payable 189,088 144,381Management fee payable 64,587 49,058Incentive fee payable 43,649 39,082Payables to affiliates 10,066 6,083Payable for investments purchased 802 -Accrued expenses and other liabilities 182,070 216,417Total Liabilities 9,716,079 7,912,723Commitments and contingenciesNet AssetsCommon shares $0.01 par value, 1,000,000,000 shares authorized; 511,048,237 and 390,217,304 shares issued and outstanding, respectively 5,111 3,902Additional paid-in-capital 7,673,114 5,919,539Accumulated undistributed (overdistributed) earnings 4,172 29,400Total Net Assets 7,682,397 5,952,841Total Liabilities and Net Assets $ 17,398,476 $ 13,865,564Net Asset Value Per Share $ 15.03 $ 15.26

CONSOLIDATED STATEMENTS OF OPERATIONS(Amounts in thousands, except share and per share amounts)(Unaudited) For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024Investment IncomeInvestment income from non-controlled, non-affiliated investments:Interest income $ 384,762 $ 287,360 $ 741,225 $ 581,810Payment-in-kind (“PIK”) interest income 29,581 44,272 64,973 85,507Dividend income 20,810 16,313 42,341 37,649Other income 5,268 5,988 10,858 11,301Total investment income from non-controlled, non-affiliated investments 440,421 353,933 859,397 716,267Investment income from non-controlled, affiliated investments:Interest income 219 40 834 108Payment-in-kind (“PIK”) interest income 865 132 1,904 132Dividend income 555 46 555 62Other income 34 – 70 -Total investment income from non-controlled, affiliated investments: 1,673 218 3,363 302Investment income from controlled, affiliated investments:Interest income 9,847 7,169 18,799 15,171Payment-in-kind (“PIK”) interest income – 527 – 703Dividend income 33,869 34,735 68,874 63,524Other income 33 178 56 370Total investment income from controlled, affiliated investments 43,749 42,609 87,729 79,768Total Investment Income 485,843 396,760 950,489 796,337ExpensesInterest expense 151,571 109,125 300,103 228,254Management fees, net(1) 64,586 48,005 126,744 95,248Performance based incentive fees 43,649 40,119 84,678 78,887Professional fees 3,538 4,113 7,070 7,709Directors' fees 320 320 640 640Other general and administrative 3,185 3,534 7,212 6,050Total Operating Expenses 266,849 205,216 526,447 416,788Net Investment Income (Loss) Before Taxes 218,994 191,544 424,042 379,549Income tax expense (benefit) 2,286 2,410 6,032 7,650Net Investment Income (Loss) After Taxes $ 216,708 $ 189,134 $ 418,010 $ 371,899Net Realized and Change in Unrealized Gain (Loss)Net change in unrealized gain (loss):Non-controlled, non-affiliated investments $ (125,752) $ (64,868) $ 70,764 $ (65,819)Non-controlled, affiliated investments (14,711) 180 (15,411) 394Controlled, affiliated investments 37,485 (7,393) 34,095 1,945Translation of assets and liabilities in foreign currencies and other transactions 13,351 12,184 17,367 10,238Income tax (provision) benefit (200) – (1,762) (10)Total Net Change in Unrealized Gain (Loss) (89,827) (59,897) 105,053 (53,252)Net realized gain (loss):Non-controlled, non-affiliated investments $ 20,834 $ 153 $ (131,098) $ (5,040)Foreign currency transactions (10,209) (7,170) (11,828) (8,870)Total Net Realized Gain (Loss) 10,625 (7,017) (142,926) (13,910)Total Net Realized and Change in Unrealized Gain (Loss) (79,202) (66,914) (37,873) (67,162)Net Increase (Decrease) in Net Assets Resulting from Operations $ 137,506 $ 122,220 $ 380,137 $ 304,737Earnings Per Share – Basic and Diluted $ 0.27 $ 0.31 $ 0.76 $ 0.78Weighted Average Shares Outstanding – Basic and Diluted 511,048,237 390,103,640 502,981,791 389,918,254

(1) Refer to 10-Q Note 3 “Agreements and Related Party Transactions” for additional details on management fee waiver.

NON-GAAP FINANCIAL MEASURES

On a supplemental basis, the Company is disclosing certain adjusted financial measures, each of which is calculated and presented on a basis of methodology other than in accordance with GAAP (“non-GAAP”). The Company's management utilizes these non-GAAP financial measures to internally analyze and assess financial results and performance. These measures are also considered useful by management as an additional resource for investors to evaluate the Company's ongoing results and trends, as well as its performance, excluding non-cash income or gains related to the Merger. The presentation of non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.

— “Adjusted Total Investment Income” and “Adjusted Total Investment Income Per Share”: represents total investment income excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the Merger.

— “Adjusted Net Investment Income” and “Adjusted Net Investment Income Per Share”: represents net investment income, excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the Merger.

— “Adjusted Net Realized and Unrealized Gains (Losses)” and “Adjusted Net Realized and Unrealized Gains (Losses) Per Share”: represents net realized and unrealized gains (losses) excluding any net realized and unrealized gains (losses) resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the Merger.

— “Adjusted Net Increase (Decrease) in Net Assets Resulting from Operations” and “Adjusted Net Increase (Decrease) in Net Assets Resulting from Operations Per Share”: represents the sum of (i) Adjusted Net Investment Income and (ii) Adjusted Net Realized and Unrealized Gains (Losses).

The Merger was accounted for as an asset acquisition in accordance with the asset acquisition method of accounting as detailed in ASC 805-50, Business Combinations-Related Issues (“ASC 805”). The consideration paid to the stockholders of OBDE was allocated to the individual assets acquired and liabilities assumed based on the relative fair values of the net identifiable assets acquired other than “non-qualifying” assets, which established a new cost basis for the acquired investments under ASC 805 that, in aggregate, was different than the historical cost basis of the acquired investments prior to the Merger. Additionally, immediately following the completion of the Merger, the acquired investments were marked to their respective fair values under ASC 820, Fair Value Measurements, which resulted in unrealized appreciation/depreciation. The new cost basis established by ASC 805 on debt investments acquired will accrete/amortize over the life of each respective debt investment through interest income, with a corresponding adjustment recorded to unrealized appreciation/depreciation on such investment acquired through its ultimate disposition. The new cost basis established by ASC 805 on equity investments acquired will not accrete/amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, the Company will recognize a realized gain/loss with a corresponding reversal of the unrealized appreciation/depreciation on disposition of such equity investments acquired.

The Company's management uses the non-GAAP financial measures described above internally to analyze and evaluate financial results and performance and to compare its financial results with those of other business development companies that have not adjusted the cost basis of certain investments pursuant to ASC 805. The Company's management believes “Adjusted Total Investment Income”, “Adjusted Total Investment Income Per Share”, “Adjusted Net Investment Income” and “Adjusted Net Investment Income Per Share” are useful to investors as an additional tool to evaluate ongoing results and trends for the Company without giving effect to the income resulting from the new cost basis of the investments acquired in the Merger because these amounts do not impact the fees payable to Blue Owl Credit Advisors LLC (the “Adviser”) under the fourth amended and restated investment advisory agreement (the “Investment Advisory Agreement”) between the Company and the Adviser, and specifically as its relates to “Adjusted Net Investment Income” and “Adjusted Net Investment Income Per Share”. In addition, the Company's management believes that “Adjusted Net Realized and Unrealized Gains (Losses)”, “Adjusted Net Realized and Unrealized Gains (Losses) Per Share”, “Adjusted Net Increase (Decrease) in Net Assets Resulting from Operations” and “Adjusted Net Increase (Decrease) in Net Assets Resulting from Operations Per Share” are useful to investors as they exclude the non-cash income and gain/loss resulting from the Merger and are used by management to evaluate the economic earnings of its investment portfolio. Moreover, these metrics more closely align the Company's key financial measures with the calculation of incentive fees payable to the Adviser under the Investment Advisory Agreement (i.e., excluding amounts resulting solely from the lower cost basis of the acquired investments established by ASC 805 that would have been to the benefit of the Adviser absent such exclusion).

The following table provides a reconciliation of total investment income (the most comparable U.S. GAAP measure) to adjusted total investment income for the periods presented:

For the Three Months Ended($ in millions, except per share amounts) June 30, 2025 March 31, 2025 June 30, 2024 Amount Per Share Amount Per Share Amount Per ShareTotal investment income $ 486 $ 0.95 $ 465 $ 0.94 $ 397 $ 1.02Less: purchase discount amortization $ (11) $ (0.02) $ (8) $ (0.02) $ – $ -Adjusted total investment income $ 475 $ 0.93 $ 457 $ 0.92 $ 397 $ 1.02

The following table provides a reconciliation of net investment income (the most comparable U.S. GAAP measure) to adjusted net investment income for the periods presented:

For the Three Months Ended($ in millions, except per share amounts) June 30, 2025 March 31, 2025 June 30, 2024 Amount Per Share Amount Per Share Amount Per ShareNet investment income $ 217 $ 0.42 $ 201 $ 0.41 $ 189 $ 0.48Less: purchase discount amortization $ (11) $ (0.02) $ (8) $ (0.02) $ – $ -Adjusted net investment income $ 206 $ 0.40 $ 193 $ 0.39 $ 189 $ 0.48

The following table provides a reconciliation of net realized and unrealized gains (losses) (the most comparable U.S. GAAP measure) to adjusted net realized and unrealized gains (losses) for the periods presented:

For the Three Months Ended($ in millions, except per share amounts) June 30, 2025 March 31, 2025 June 30, 2024 Amount Per Share Amount Per Share Amount Per ShareNet realized and unrealized gains (losses) $ (79) $ (0.15) $ 41 $ 0.08 $ (67) $ (0.17)Net change in unrealized (appreciation) depreciation due to the purchase discount $ 11 $ 0.02 $ (75) $ (0.15) $ – $ -Realized gain (loss) due to the purchase discount $ (0) $ (0.00) $ (0) $ (0.00) $ – $ -Adjusted net realized and unrealized gains (losses) $ (68) $ (0.13) $ (34) $ (0.07) $ (67) $ (0.17)

The following table provides a reconciliation of net increase (decrease) in net assets resulting from operations (the most comparable U.S. GAAP measure) to adjusted net increase (decrease) in net assets resulting from operations for the periods presented:

For the Three Months Ended($ in millions, except per share amounts) June 30, 2025 March 31, 2025 June 30, 2024 Amount Per Share Amount Per Share Amount Per ShareNet increase (decrease) in net assets resulting from operations $ 138 $ 0.27 $ 243 $ 0.49 $ 122 $ 0.31Less: purchase discount amortization $ (11) $ (0.02) $ (8) $ (0.02) $ – $ -Net change in unrealized (appreciation) depreciation due to the purchase discount $ 11 $ 0.02 $ (75) $ (0.15) $ – $ -Realized gain (loss) due to the purchase discount $ (0) $ (0.00) $ (0) $ (0.00) $ – $ -Adjusted net increase (decrease) in net assets resulting from operations $ 138 $ 0.27 $ 160 $ 0.32 $ 122 $ 0.31

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