Blue Owl Capital Corporation III Reports Third Quarter Net Investment Income Per Share of $0.41 and Net Asset Value Per Share of $15.49
Blue Owl Capital III (NYSE: OBDE) reported its Q3 2024 financial results with net investment income of $0.41 per share, maintaining the previous quarter's performance and exceeding the regular dividend of $0.35 by 17%. The company's NAV per share was $15.49, slightly down from $15.56 in Q2. Q3 originations were $575.1 million, with $649.1 million in sales and repayments. The portfolio showed strong credit quality with non-accrual investments decreasing to 0.2% of debt portfolio fair value.
The company announced a merger agreement with Blue Owl Capital (NYSE: OBDC), expected to close after special meetings scheduled for January 8, 2025. The Board declared a Q4 2024 dividend of $0.35 per share and confirmed the third special dividend of $0.06 per share.
Blue Owl Capital III (NYSE: OBDE) ha riportato i risultati finanziari del terzo trimestre 2024 con un reddito da investimenti netto di $0,41 per azione, mantenendo le prestazioni del trimestre precedente e superando il dividendo ordinario di $0,35 del 17%. Il valore netto degli attivi (NAV) per azione è stato di $15,49, leggermente in calo rispetto a $15,56 nel secondo trimestre. Le originazioni nel terzo trimestre sono state di $575,1 milioni, con $649,1 milioni in vendite e rimborsi. Il portafoglio ha mostrato una forte qualità creditizia, con investimenti non in accrescimento che sono diminuiti allo 0,2% del valore di mercato del portafoglio di debito.
L'azienda ha annunciato un accordo di fusione con Blue Owl Capital (NYSE: OBDC), che si prevede si chiuderà dopo le assemblee speciali programmate per l'8 gennaio 2025. Il Consiglio ha dichiarato un dividendo per il quarto trimestre 2024 di $0,35 per azione e ha confermato il terzo dividendo speciale di $0,06 per azione.
Blue Owl Capital III (NYSE: OBDE) informó sus resultados financieros del tercer trimestre de 2024, con un ingreso neto por inversión de $0,41 por acción, manteniendo el rendimiento del trimestre anterior y superando el dividendo regular de $0,35 en un 17%. El NAV por acción de la compañía fue de $15,49, ligeramente por debajo de los $15,56 del segundo trimestre. Las originaciones del tercer trimestre fueron de $575,1 millones, con $649,1 millones en ventas y reembolsos. La cartera mostró una fuerte calidad crediticia, con inversiones no acumuladas disminuyendo al 0,2% del valor justo del portafolio de deuda.
La empresa anunció un acuerdo de fusión con Blue Owl Capital (NYSE: OBDC), que se espera que se cierre después de las reuniones especiales programadas para el 8 de enero de 2025. La Junta declaró un dividendo para el cuarto trimestre de 2024 de $0,35 por acción y confirmó el tercer dividendo especial de $0,06 por acción.
블루 올 카피털 III (NYSE: OBDE)는 2024년 3분기 재무 결과를 발표하며 주당 순 투자 수익이 $0.41로 이전 분기의 성과를 유지하고 정기 배당금 $0.35를 17% 초과했다고 밝혔습니다. 회사의 주당 순 자산 가치(NAV)는 $15.49로 2분기의 $15.56에서 다소 하락했습니다. 3분기 원산물은 $575.1백만이며, 판매 및 상환액은 $649.1백만입니다. 포트폴리오는 부채 포트폴리오의 공정 가치의 0.2%로 감소한 비누적 투자로 강력한 신용 품질을 보여주었습니다.
회사는 2025년 1월 8일에 예정된 특별 회의 후에 종료될 것으로 예상되는 블루 올 카피털 (NYSE: OBDC)과의 합병 계약을 발표했습니다. 이사회는 2024년 4분기 분배금을 주당 $0.35로 선언하고 주당 $0.06의 세 번째 특별 배당금을 확인했습니다.
Blue Owl Capital III (NYSE: OBDE) a annoncé ses résultats financiers du troisième trimestre 2024 avec un revenu net d'investissement de 0,41 $ par action, maintenant la performance du trimestre précédent et dépassant le dividende ordinaire de 0,35 $ de 17 %. La valeur nette d'inventaire (NAV) par action de l'entreprise était de 15,49 $, légèrement en baisse par rapport à 15,56 $ au deuxième trimestre. Les origines du troisième trimestre se sont élevées à 575,1 millions de dollars, avec 649,1 millions de dollars de ventes et de remboursements. Le portefeuille a montré une forte qualité de crédit, avec des investissements non cumulés diminuant à 0,2 % de la juste valeur du portefeuille de dettes.
L'entreprise a annoncé un accord de fusion avec Blue Owl Capital (NYSE: OBDC), dont la clôture est prévue après les assemblées spéciales programmées pour le 8 janvier 2025. Le Conseil a déclaré un dividende pour le quatrième trimestre 2024 de 0,35 $ par action et a confirmé le troisième dividende spécial de 0,06 $ par action.
Blue Owl Capital III (NYSE: OBDE) hat seine finanziellen Ergebnisse für das dritte Quartal 2024 mit einem Nettoinvestitionsergebnis von $0,41 pro Aktie bekannt gegeben, das die Leistung des Vorquartals hält und die reguläre Dividende von $0,35 um 17% übertrifft. Der NAV pro Aktie des Unternehmens betrug $15,49, wodurch er leicht von $15,56 im zweiten Quartal zurückging. Die Neuauflagen im dritten Quartal betrugen $575,1 Millionen, mit $649,1 Millionen an Verkäufen und Rückzahlungen. Das Portfolio wies eine starke Kreditqualität auf, wobei die nicht aufgelaufenen Investitionen auf 0,2% des Marktwerts des Schuldenportfolios gesenkt wurden.
Das Unternehmen gab eine Fusionsvereinbarung mit Blue Owl Capital (NYSE: OBDC) bekannt, die voraussichtlich nach den für den 8. Januar 2025 geplanten außerordentlichen Sitzungen abgeschlossen wird. Der Vorstand erklärte eine Dividende für das vierte Quartal 2024 von $0,35 pro Aktie und bestätigte die dritte Sonderdividende von $0,06 pro Aktie.
- Net investment income of $0.41 per share exceeded regular dividend by 17%
- Strong portfolio credit quality with non-accruals decreasing to 0.2% from 0.5%
- 10.6% annualized dividend yield based on NAV
- 97.3% of debt investments are floating rate
- Investment income increased to $129.0 million from $107.2 million year-over-year
- NAV per share declined to $15.49 from $15.56 in previous quarter
- Total expenses increased to $79.2 million from $37.9 million year-over-year
- Net debt-to-equity ratio at 1.21x
Insights
The Q3 2024 results demonstrate solid financial performance with several positive indicators. Net Investment Income (NII) of
The
The pending merger with OBDC could create significant scale benefits and improved market liquidity. The
THIRD QUARTER 2024 HIGHLIGHTS
- Third quarter net investment income ("NII") per share of
, in-line with the prior quarter and exceeding the regular dividend of$0.41 per share by$0.35 17% - As previously announced in January, the Board of Directors (the "Board") declared five special dividends of
per share; the third of which will be payable on or before December 13, 2024 to shareholders of record as of November 29, 2024$0.06 10.6% 1 annualized dividend yield based on third quarter net asset value ("NAV") per share- NAV per share of
, as compared with$15.49 as of June 30, 2024$15.56 - Originations for the third quarter were
, offset by$575.1 million of sales and repayments, as compared with$649.1 million of originations and$1.0 billion of sales and repayments for the three months ended June 30, 2024$338.3 million - Investments on non-accrual decreased to
0.2% of the total fair value of the debt portfolio, as compared with0.5% as of June 30, 2024
"We saw continued strong momentum in the third quarter, delivering stable portfolio performance to generate an attractive return on equity of
Merger Update
On August 7, 2024, OBDE entered into an agreement to merge with Blue Owl Capital Corporation (NYSE: OBDC), an affiliated business development company managed by Blue Owl Credit Advisors, LLC, with OBDC as the surviving entity.
On August 16, 2024, the Company filed a preliminary registration statement on Form N-14, which included a joint proxy statement of the Company and OBDC and the Company's prospectus. On October 11, 2024, the Company filed an amended registration statement on Form N-14. The registration statement was declared effective by the SEC on October 21, 2024, and the special meetings for each of the Company's and OBDC's shareholders are scheduled for January 8, 2025. The merger is expected to close shortly after the special meetings, subject to shareholder approvals and other customary closing conditions.
Dividend Declarations
The Company's Board declared a fourth quarter 2024 dividend of
In addition, and as previously announced, the Board declared a series of five special dividends of
PORTFOLIO AND INVESTING ACTIVITY
For the three months ended September 30, 2024, new investment commitments totaled
For the three months ended September 30, 2024, the principal amount of new investments funded was
For the three months ended June 30, 2024, the principal amount of new investments funded was
As of September 30, 2024 and June 30, 2024, the Company had investments in 185 and 207 portfolio companies with an aggregate fair value of
As of September 30, 2024, based on fair value, the portfolio consisted of
As of June 30, 2024, based on fair value, the portfolio consisted of
As of September 30, 2024 and June 30, 2024, approximately
As of September 30, 2024 and June 30, 2024, the weighted average total yield of accruing debt and income-producing securities at fair value (which includes interest income and amortization of fees and discounts) was
As of September 30, 2024, loans on non-accrual represented
RESULTS OF OPERATIONS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2024
Investment Income
Investment income increased to
Expenses
Total expenses increased to
Liquidity and Capital Resources
As of September 30, 2024, the Company had
CONFERENCE CALL AND WEBCAST INFORMATION
Conference Call Information:
The conference call will be broadcast live on November 7, 2024 at 11:00 a.m. Eastern Time on the Events section of OBDE's website at www.BlueOwlCapitalCorporationIII.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) 407-9714
- International: +1 (201) 689-8865
All callers will need to reference "Blue Owl Capital Corporation III" 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 Events section of OBDE's website, and via the dial-in numbers listed below:
- Domestic: (877) 660-6853
- International: +1 (201) 612-7415
- Conference ID: 13748670
ABOUT BLUE OWL CAPITAL CORPORATION III
Blue Owl Capital Corporation III (NYSE: OBDE) is a specialty finance company focused on lending to
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 OBDE, 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 OBDE'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 OBDE'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 OBDE makes them. OBDE 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
pro-blueowl@prosek.com
FINANCIAL HIGHLIGHTS | ||||||
For the Three Months Ended | ||||||
($ in thousands, except per share amounts) | September 30, 2024 | June 30, 2024 | September 30, 2023 | |||
Investments at Fair Value | $ 4,249,075 | $ 4,346,302 | $ 3,565,615 | |||
Total Assets | $ 4,464,334 | $ 4,502,757 | $ 3,672,136 | |||
Net Asset Value Per Share | $ 15.49 | $ 15.56 | $ 15.40 | |||
Investment Income | $ 129,042 | $ 123,175 | $ 107,216 | |||
Net Investment Income | $ 50,493 | $ 50,381 | $ 69,083 | |||
Net Income | $ 42,161 | $ 39,615 | $ 73,493 | |||
Net Investment Income Per Share | $ 0.41 | $ 0.41 | $ 0.56 | |||
Net Realized and Unrealized Gains (and | $ (0.07) | $ (0.09) | $ 0.04 | |||
Net Income Per Share | $ 0.34 | $ 0.32 | $ 0.60 | |||
Distributions Declared from Net | $ 0.35 | $ 0.35 | $ 0.48 | |||
Weighted Average Yield of Accruing Debt | 11.1 % | 11.5 % | 12.0 % | |||
Weighted Average Yield of Accruing Debt | 11.1 % | 11.5 % | 12.0 % | |||
Percentage of Debt Investments at Floating | 97.3 % | 97.5 % | 97.9 % |
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Amounts in thousands, except share and per share amounts) | ||||
September 30, 2024 (Unaudited) | December 31, 2023 | |||
Assets | ||||
Investments at fair value | ||||
Non-controlled, non-affiliated investments (amortized cost of | $ 4,122,000 | $ 3,498,800 | ||
Non-controlled, affiliated investments (amortized cost of | 121,608 | 91,901 | ||
Controlled, affiliated investments (amortized cost of | 5,467 | — | ||
Total investments at fair value (amortized cost of | 4,249,075 | 3,590,701 | ||
Cash | 151,341 | 141,448 | ||
Interest receivable | 37,585 | 25,147 | ||
Receivable for investments sold | 22,288 | — | ||
Prepaid expenses and other assets | 4,045 | 3,801 | ||
Total Assets | $ 4,464,334 | $ 3,761,097 | ||
Liabilities | ||||
Debt (net of unamortized debt issuance costs of | $ 2,444,152 | $ 1,754,496 | ||
Distribution payable | 43,175 | 60,779 | ||
Management fee payable | 15,813 | 4,517 | ||
Incentive fee payable | 10,711 | — | ||
Payables to affiliates | 5,398 | 896 | ||
Payable for investments purchased | 4,908 | — | ||
Accrued expenses and other liabilities | 29,432 | 29,297 | ||
Total Liabilities | $ 2,553,589 | $ 1,849,985 | ||
Commitments and contingencies (Note 7) | ||||
Net Assets | ||||
Common shares | $ 1,234 | $ 1,228 | ||
Additional paid-in-capital | 1,837,067 | 1,829,029 | ||
Accumulated undistributed (overdistributed) earnings | 72,444 | 80,855 | ||
Total Net Assets | $ 1,910,745 | $ 1,911,112 | ||
Total Liabilities and Net Assets | $ 4,464,334 | $ 3,761,097 | ||
Net Asset Value Per Share | $ 15.49 | $ 15.56 |
CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except share and per share amounts) (Unaudited) | ||||||
For the Three Months | For the Nine Months | |||||
2024 | 2023 | 2024 | 2023 | |||
Investment Income | ||||||
Investment income from non-controlled, non-affiliated investments: | ||||||
Interest income (excluding payment-in-kind ("PIK") interest income) | $ 110,102 | $ 89,904 | $ 309,664 | $ 253,929 | ||
PIK interest income | 10,749 | 10,249 | 31,568 | 35,121 | ||
Dividend income | 4,321 | 4,937 | 14,352 | 16,311 | ||
Other income | 1,683 | 1,545 | 4,379 | 4,850 | ||
Total investment income from non-controlled, non-affiliated investments | 126,855 | 106,635 | 359,963 | 310,211 | ||
Investment income from non-controlled, affiliated investments: | ||||||
Interest income (excluding PIK interest income) | 353 | — | 1,142 | — | ||
PIK interest income | 60 | 129 | 89 | 129 | ||
Dividend income | 1,774 | 444 | 4,463 | 939 | ||
Other income | — | 8 | 5 | 8 | ||
Total investment income from non-controlled, affiliated investments | 2,187 | 581 | 5,699 | 1,076 | ||
Total Investment Income | 129,042 | 107,216 | 365,662 | 311,287 | ||
Expenses | ||||||
Interest expense | 48,490 | 31,104 | 126,975 | 89,356 | ||
Management fee | 15,813 | 4,490 | 43,155 | 13,346 | ||
Performance based incentive fees | 10,710 | — | 28,537 | — | ||
Professional fees | 2,463 | 1,186 | 5,657 | 3,761 | ||
Directors' fees | 228 | 289 | 683 | 682 | ||
Listing advisory fees | — | — | 6,040 | — | ||
Other general and administrative | 1,579 | 838 | 5,486 | 2,209 | ||
Total Expenses | 79,283 | 37,907 | 216,533 | 109,354 | ||
Net Investment Income (Loss) Before Taxes | 49,759 | 69,309 | 149,129 | 201,933 | ||
Income tax expense (benefit), including excise tax expense (benefit) | (734) | 226 | (20) | 1,619 | ||
Net Investment Income (Loss) After Taxes | $ 50,493 | $ 69,083 | $ 149,149 | $ 200,314 | ||
Net Realized and Change in Unrealized Gain (Loss) | ||||||
Net change in unrealized gain (loss): | ||||||
Non-controlled, non-affiliated investments | $ 2,170 | $ 6,057 | $ (646) | $ 30,028 | ||
Non-controlled, affiliated investments | (2,153) | (1,672) | (464) | (2,048) | ||
Controlled, affiliated investments | (6) | — | (6) | — | ||
Translation of assets and liabilities in foreign currencies | 284 | (168) | 552 | (1) | ||
Income tax (provision) benefit | (154) | 1 | (153) | — | ||
Total Net Change in Unrealized Gain (Loss) | 141 | 4,218 | (717) | 27,979 | ||
Net realized gain (loss): | ||||||
Non-controlled, non-affiliated investments | $ (8,401) | $ 216 | $ (11,653) | $ (11,249) | ||
Foreign currency transactions | (72) | (24) | (942) | (45) | ||
Total Net Realized Gain (Loss) | (8,473) | 192 | (12,595) | (11,294) | ||
Total Net Realized and Change in Unrealized Gain (Loss) | (8,332) | 4,410 | (13,312) | 16,685 | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ 42,161 | $ 73,493 | $ 135,837 | $ 216,999 | ||
Earnings (Loss) Per Share - Basic and Diluted | $ 0.34 | $ 0.60 | $ 1.10 | $ 1.78 | ||
Weighted Average Shares Outstanding - Basic and Diluted | 123,356,823 | 122,405,716 | 123,236,215 | 121,831,273 |
PORTFOLIO AND INVESTMENT ACTIVITY | |||
For the Three Months Ended | |||
($ in thousands) | 2024 | 2023 | |
New investment commitments | |||
Gross originations | $ 575,130 | $ 78,516 | |
Less: Sell downs | — | (1,454) | |
Total new investment commitments | $ 575,130 | $ 77,062 | |
Principal amount of investments funded: | |||
First-lien senior secured debt investments | $ 526,490 | $ 53,404 | |
Second-lien senior secured debt investments | — | — | |
Unsecured debt investments | — | — | |
Preferred equity investments | 732 | — | |
Common equity investments | 3,729 | 10,934 | |
Joint ventures | 5,469 | — | |
Total principal amount of investments funded | $ 536,420 | $ 64,338 | |
Principal amount of investments sold or repaid: | |||
First-lien senior secured debt investments | $ (624,503) | $ (50,755) | |
Second-lien senior secured debt investments | (5,883) | (6,068) | |
Unsecured debt investments | — | — | |
Preferred equity investments | (18,667) | (4,462) | |
Common equity investments | (15) | — | |
Joint ventures | — | — | |
Total principal amount of investments sold or repaid | $ (649,068) | $ (61,285) | |
Number of new investment commitments in new portfolio | 21 | 7 | |
Average new investment commitment amount | $ 23,815 | $ 5,762 | |
Weighted average term for new debt investment commitments (in | 4.6 | 5.8 | |
Percentage of new debt investment commitments at floating rates | 99.6 % | 90.5 % | |
Percentage of new debt investment commitments at fixed rates | 0.4 % | 9.5 % | |
Weighted average interest rate of new debt investment commitments(2) | 9.6 % | 11.8 % | |
Weighted average spread over applicable base rate of new floating | 5.0 % | 6.4 % |
________________ |
(1) Number of new investment commitments represents commitments to a particular portfolio company. |
(2) For the three months ended September 30, 2024 and 2023, assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was |
Forward-Looking Statements
Some of the statements in this press release constitute forward-looking statements because they relate to future events, future performance or financial condition of OBDC or OBDE or the two-step merger (collectively, the "Mergers") of OBDE with and into OBDC. The forward-looking statements may include statements as to: future operating results of OBDC and OBDE and distribution projections; business prospects of OBDC and OBDE and the prospects of their portfolio companies; and the impact of the investments that OBDC and OBDE expect to make. In addition, words such as "anticipate," "believe," "expect," "seek," "plan," "should," "estimate," "project" and "intend" indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this press release involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with (i) the timing or likelihood of the Mergers closing; (ii) the expected synergies and savings associated with the Mergers; (iii) the ability to realize the anticipated benefits of the Mergers, including the expected accretion to net investment income and the elimination or reduction of certain expenses and costs due to the Mergers; (iv) the percentage of OBDC and OBDE shareholders voting in favor of the proposals submitted for their approval; (v) the possibility that competing offers or acquisition proposals will be made; (vi) the possibility that any or all of the various conditions to the consummation of the Mergers may not be satisfied or waived; (vii) risks related to diverting management's attention from ongoing business operations; (viii) the risk that shareholder litigation in connection with the Mergers may result in significant costs of defense and liability; (ix) changes in the economy, financial markets and political environment; (x) the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing war between
Additional Information and Where to Find It
In connection with the Merger, OBDC and OBDE have filed with the SEC and intend to mail to their respective shareholders a joint proxy statement/prospectus (the "Joint Proxy Statement") and OBDC has filed with the SEC a registration statement on Form N-14 (the "Registration Statement") that includes the Joint Proxy Statement and a prospectus of OBDC. The Joint Proxy Statement and the Registration Statement contains important information about OBDC, OBDE, the Merger and related matters. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. SHAREHOLDERS OF OBDC AND OBDE ARE URGED TO READ THE JOINT PROXY STATEMENT AND THE REGISTRATION STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT OBDC, OBDE, THE MERGER AND RELATED MATTERS. Investors and security holders will be able to obtain the documentation filed with the SEC free of charge at the SEC's website, http://www.sec.gov and for documents filed by OBDC, from OBDC's website at https://www.blueowlcapitalcorporation.com and for documents filed by OBDE, from OBDE's website at https://www.blueowlcapitalcorporationiii.com.
Participation in the Solicitation
OBDC, its directors, certain of its executive officers and certain employees and officers of the Adviser and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Merger. Information about directors and executive officers of OBDC is set forth in the Joint Proxy Statement. OBDE, its directors, certain of its executive officers and certain employees and officers of Blue Owl Diversified Credit Advisors LLC and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Merger. Information about directors and executive officers of OBDE is set forth in the Joint Proxy Statement. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the OBDC and OBDE shareholders in connection with the Merger is contained in the Joint Proxy Statement. These documents may be obtained free of charge from the sources indicated above.
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SOURCE Blue Owl Capital Corporation III
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