Credit Quality and Portfolio Performance Risk: Investments are primarily in privately held, middle-market companies that may have limited operating histories and are subject to greater financial risks, potentially leading to defaults and principal losses.

Interest Rate Fluctuation Risk: As a lender, OBDC is sensitive to changes in interest rates. Significant increases in borrowing costs or reductions in portfolio companies' ability to service floating-rate debt could negatively impact net investment income.

Economic Downturn Impact Risk: A general economic recession or significant market disruption could adversely affect the financial condition of OBDC's portfolio companies, leading to lower valuations, increased defaults, and reduced income.