On January 22, 2024, Blue Owl Capital Corporation (the ?Company?) and Deutsche Bank Trust Company Americas (the ?Trustee?), entered into an Eighth Supplemental Indenture (the ?Eighth Supplemental Indenture?) to the Indenture, dated as of April 10, 2019, between the Company and the Trustee (the ?Base Indenture?, and together with the Eighth Supplemental Indenture, the ?Indenture?), relating to the Company?s $600,000,000 aggregate principal amount of its 5.950% notes due 2029 (the ?Notes?). The Notes will mature on March 15, 2029, and prior to February 15, 2029 (one month prior to the maturity date of the Notes) (the ?Par Call Date?), the Company may redeem the Notes at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the treasury rate plus 35 basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date. On or after the Par Call Date, the Company may redeem the Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.

The Notes bear interest at a rate of 5.950% per year payable semiannually on March 15 and September 15 of each year, commencing on September 15, 2024. The Notes are direct, general unsecured obligations of the Company. The Company expects to use the net proceeds of this offering to pay down its existing outstanding indebtedness, including its unsecured Notes maturing in April 2024 (the ?2024 Notes?), its senior secured revolving credit facility (the ?Revolving Credit Facility?) and /or its special purpose vehicle asset credit facility (the ?SPV Asset Facility II?).

The 2024 Notes mature on April 15, 2024 and bear interest at a rate of 5.25% per year, payable semi-annually on April 15 and October 15 of each year. The Revolving Credit Facility matures on September 3, 2025 with respect to $15 million of commitments, will mature on August 26, 2027 with respect to $50 million of commitments and will mature on November 17, 2028 with respect to the remaining commitments. Amounts drawn under the Revolving Credit Facility with respect to certain ?extending commitments?

in U.S. dollars bear interest at either (i) term SOFR plus any applicable credit adjustment spread plus margin of either 1.875% per annum or, if the gross borrowing base is greater than or equal to the product of 1.60 and the combined debt amount, 1.75% per annum or (ii) the ?alternative base rate? (as defined in the agreements governing the Revolving Credit Facility) plus margin of either 0.875% per annum or, if the gross borrowing base is greater than or equal to the product of 1.60 and the combined debt amount, 0.75% per annum. Amounts drawn under the Revolving Credit Facility with respect to certain ?non-extending commitments?

in U.S. Dollars will bear interest at either (i) term SOFR plus any applicable credit adjustment spread plus margin of 2.00% per annum or (ii) the alternative base rate plus margin of 1.00% per annum. Amounts drawn under the Revolving Credit Facility with respect to the Extending Commitments in certain non-U.S. currencies will bear interest at the relevant rate specified therein (including any applicable credit adjustment spread) plus margin of either 1.875% per annum or, if the gross borrowing base is greater than or equal to the product of 1.60 and the combined debt amount, 1.75% per annum. Amounts drawn under the Revolving Credit Facility with respect to the non-extending commitments in other permitted currencies will bear interest at the relevant rate specified therein (including any applicable credit adjustment spread) plus margin of 2.00% per annum.

Unless otherwise terminated, the Company?s SPV Asset Facility II matures on April 17, 2033. With respect to revolving loans, amounts drawn under the SPV Asset Facility II bear interest at term SOFR (or, in the case of certain lenders that are commercial paper conduits, the lower of their cost of funds and term SOFR plus 0.40%) plus a spread of 2.75% during the period April 17, 2023 to the date on which the reinvestment period ends.