1. Blue Owl Capital Corp III reported a good Q2 performance and announced a merger with its sister company, which is expected to benefit OBDE in terms of valuation uplift and higher net investment income. 2. The merger could also eliminate the last lock-up expiry, potentially supporting the stock price. 3. Portfolio quality remains strong with low non-accruals, and the merger is expected to save around $5m in expenses, boosting net investment income by roughly 2%.