Blue Owl Capital Corporation · NYSE:OBDC
Blue Owl Capital — Q2 2025 Earnings Presentation
21 slides from Blue Owl Capital's earnings presentation, Jun 30, 2025
Slide 1: Blue Owl Capital Corporation Quarterly Earnings Presentation
June 30, 2025 Blue Owl Capital Corporation Quarterly Earnings Presentation 1 NYSE: OBDC
Slide 2: Review of Q2 2025
Review of Q2 2025 • Net asset value per share of $15.03, compared to $15.14 as of 3/31/2025 • Adjusted net investment income per share of $0.4030, up from $0.3930 as of 3/31/2025 - GAAP net investment income per share of $0.42 Earnings Summary • Adjusted net income per share of $0.2730, down from $0
Slide 3: Overview of Blue Owl Capital Corporation
Overview of Blue Owl Capital Corporation (NYSE: OBDC) Publicly traded specialty financing company focused on lending to upper middle-market companies #2 Public Market Player6 Well-Positioned in Current Environment Annualized Current Credit Ratings Market Cap6 Leverage5 Liquidity4 Dividend Yield3 Pro
Slide 4: Financial Highlights
Financial Highlights (Dollar amounts in thousands, except per share data; per share data is based on weighted average shares outstanding during the period, except as otherwise noted) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Net Investment Income Per Share $0.48 $0.47 $0.47 $0.41 $0.42 Adjusted Net I
Slide 5: Portfolio Highlights - Selected Metrics
Portfolio Highlights - Selected Metrics As of September 30, December 31, (Dollar amounts in thousands; dollar amounts and percentages at fair value) June 30, 2024 March 31, 2025 June 30, 2025 2024 2024 Investments at Fair Value2 $13,341,982 $13,447,536 $13,194,545 $17,692,006 $16,868,782 Number of P
Slide 6: Portfolio Highlights – New Quarterly Portfolio Activity
Portfolio Highlights – New Quarterly Portfolio Activity For Three Months Ended (Dollar amounts in thousands) June 30, 2024 September 30, December 31, March 31, 2025 June 30, 2025 2024 2024 Investment Activity at Par: New Investment Commitments (Net of Sell Downs) $3,296,799 $1,151,667 $1,679,673 $1
Slide 7: Portfolio Highlights – Asset Mix
Portfolio Highlights – Asset Mix $16.9bn 233 30 $222mm 10.6% Portfolio Portfolio Portfolio Company Debt Portfolio Portfolio Size21 Companies Industries EBITDA8 Yield14 2% Weighted Average Borrower Statistics8: 11% 3% Overall Q1 2025 Q2 2025 2% 5% Revenue $938mm $997mm 81% Senior Secured EBITDA $215
Slide 8: Portfolio Highlights – Diversification
Portfolio Highlights – Diversification Borrower Diversification Industry Diversification Internet software and services 10.9% Associa: 3.9% Wingspire: 3.3% Healthcare providers and services 8.3% BOC SLF: 2.3% Fifth Season: 2.2% Food and beverage 6.6% Winland: 2.1% Sonny’s: 1.8% Insurance 5.8% OB Hos
Slide 9: Quarterly Statements of Financial Condition
Quarterly Statements of Financial Condition As of (Dollar amounts in thousands, except per share data; per share data is June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 based period end shares) Assets Investments at Fair Value $13,341,982 $13,447,536 $13,194,545 $17,6
Slide 10: Quarterly Operating Results Detail
Quarterly Operating Results Detail For the Three Months Ended (Dollar and share amounts in thousands) September 30, June 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 2024 Investment Income Interest From Investments – Interest and Dividend Income18 $380,334 $394,214 $370,921 $450,781 $448
Slide 11: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge $0.42 ($0.02) ($0.01) $15.14 ($0.37) $0.02 $15.03 ($0.15) Adjusted NII Per Share30: $0.40 Total Dividends: ($0.38) Adjusted Net Realized & Unrealized Gain/(Loss)30: ($0.13) Q1'25 Q2'25 Q2'25 Q1'25 Q2'25 Q2'25 Q2'25 Q2'25 NAV Per Share Net Investment Reversal of Suppl
Slide 12: Portfolio Highlights - Net Interest Margin
Portfolio Highlights - Net Interest Margin 14.0% 11.9% 12.0% 11.5% 11.1% 10.7% 10.6% 10.0% 8.0% 6.3% 6.2% 6.0% 5.9% 5.8% 6.0% 5.6% 5.8% 5.8% 5.6% 5.5% 5.3% 4.0% 4.6% 4.3% 4.3% 4.3% 2.0% 0.0% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Weighted Average Total Yield of Accruing Debt and Income Producing Securities 1
Slide 13: Portfolio Highlights – Internal Portfolio Ratings
Portfolio Highlights – Internal Portfolio Ratings As of June 30, 2025, non-accrual investments as a percentage of total debt investments were 1.6% and 0.7% at cost and fair value, respectively (Dollar amounts in thousands) Internal Performance September 30, 2024 December 31, 2024 March 31, 2025 Jun
Slide 14: Diverse Financing Profile
Diverse Financing Profile Funding Sources Debt Maturities23 ($mm) Principal Principal Based on Committed Debt Amount Amount Committed Outstanding Interest Rate Maturity Date Secured Revolver $3,810 million $172 million SOFR + 153 - 20029 11/22/202924 34 $9,460 SPV Asset Facility II $300 million $164
Slide 15: Historical Dividend Yield
Historical Dividend Yield Dividends & Dividend Yield Based on NAV per Share28 $0.45 11.2% 12.0% 11.2% 11.0% 11.0% 10.9% 10.5% 10.7% 10.3% 10.4% $0.40 9.9% $0.08 $0.05 $0.06 $0.05 $0.05 10.0% $0.07 $0.08 $0.01 $0.02 10.0% 9.2% $0.06 9.8% $0.35 8.6% $0.04 9.6% 9.6% 9.7% 9.7% 9.8% $0.03 9.1% 8.8% 8.7%
Slide 16: Historical Dividends Declared
Historical Dividends Declared Dividend Per Dividend Per Date Declared Record Date Payment DateDividend Type Date Declared Record Date Payment DateDividend Type Share Share 6/4/2019 6/14/2019 8/15/2019 Q2'19 Regular Dividend $0.44 11/1/2022 12/30/2022 1/13/2023 Q4’22 Regular Dividend $0.33 5/28/2019
Slide 17: Endnotes
Endnotes Note: Figures are as of the quarter-ended 6/30/2025 unless otherwise noted. Past performance is not a guarantee of future results. 1. Annualized quarterly net investment income or net income per share divided by beginning period net asset value per share. 2. On January 13, 2025, in connecti
Slide 18: Endnotes (Cont’d.)
Endnotes (Cont’d.) 26. In connection with the note offering, OBDC entered into an interest rate swap to continue to align the interest rates of our liabilities with our investment portfolio, which consists of predominately floating rate loans. As a result of the swap, our effective interest rate on
Slide 19: Non-GAAP Disclosures
Non-GAAP Disclosures On a supplemental basis, the Company is disclosing certain adjusted financial measures, each of which is calculated and presented on a basis of methodology other than in accordance with GAAP (“non-GAAP”). The Company's management utilizes these non-GAAP financial measures to int
Slide 20: Non-GAAP Reconciliation Tables
Non-GAAP Reconciliation Tables The following table provides a reconciliation of total investment income (the most comparable U.S. GAAP measure) to adjusted total investment income for the periods presented: For the Three Months Ended ($ in millions, except per share amounts) June 30, 2025 March 31,
Slide 21: Important Information
Important Information Past performance is not a guide to future results and is not indicative of expected realized returns. The information contained in this presentation should be viewed in conjunction with the Company’s most recently-filed Quarterly Report on Form 10-Q or Annual Report on Form 10-