Blue Owl Capital Corporation (OBDC) is a publicly traded Business Development Company (BDC) that lends to U.S. upper middle-market companies, primarily through first-lien and unitranche loans. OBDC targets companies with EBITDA generally above $50M, with a weighted average portfolio company EBITDA of roughly $237M. The company focuses on defensive, non-cyclical sectors — software, insurance brokerage, healthcare, and business services — and avoids cyclical industries like energy, retail, and autos. OBDC's core value proposition to borrowers is the ability to provide large, certain financing commitments as sole or lead lender, without the syndication risk or market flex provisions typical of bank-arranged loans. OBDC's ~$16.5B portfolio spans 234 companies and is predominantly floating-rate senior secured debt, making earnings highly sensitive to SOFR. The company earns net investment income (NII) on its loan portfolio, net of borrowing costs and management fees paid to its external manager, Blue Owl Credit Advisors. OBDC funds its portfolio with a mix of equity and leverage via revolving credit facilities, CLOs, and unsecured notes. A smaller portion of the portfolio consists of equity stakes in specialty finance platforms — including Wingspire Capital (asset-based lending), Amergin (equipment leasing), and Fifth Season (life insurance settlements) — which OBDC views as diversifying income streams. OBDC is structured as a Regulated Investment Company (RIC), requiring it to distribute at least 90% of income to shareholders, making it a pass-through income vehicle. OBDC's growth strategy centers on BDC consolidation through mergers with affiliated vehicles, platform expansion into asset-based and investment-grade credit, and growing its specialty finance investments toward 15%+ of the portfolio.