The stressed loans never left

OBDC II borrowers grouped by how Blue Owl marked them on Dec. 31, 2025. Each bar shows how much of that group’s year-end amortized cost was still in the fund on Sept. 30, 2026.

Bar chart: of loans marked at or above par at year-end, 31% of cost remains; 95-99%, 66%; 80-95%, 101%; below 80%, 47%.

(Please use a modern browser to see the interactive version of this visualization)

Above 100% reflects PIK interest added to principal. Grouped by issuer name in the schedule of investments; non-U.S. dollar positions at reported local amounts (about 2% of the portfolio).

Chart: Accredited InsightSource: Blue Owl Capital Corp. II Form 10-Q, Q3 2026; author’s calculations