This report evaluates the Shariah compliance of OWL, a business development company in alternative asset management with a focus on debt financing. Key concerns include a high interest income ratio of 9.73%, exceeding the 5% threshold, and core business involvement in riba-based lending. While debt and liquidity ratios are compliant, the overall status is determined by index exclusion. Purification is required for non-compliant income, and investors should monitor business evolution risks.