OCIC is a perpetual-life, non-traded BDC that lends mainly to U.S. upper middle market companies, both sponsor-backed and not. The portfolio is dominated by floating rate first lien senior secured loans, many of them unitranche, with smaller second lien, unsecured, equity and specialty finance positions. Blue Owl often leads or agents the deals. Borrowers are large and concentrated in non-cyclical service sectors such as healthcare, software, business services and insurance brokerage. The fund also invests through joint ventures and Blue Owl specialty finance companies, and uses leverage targeted around one times equity.