Blue Owl Capital Corporation · NYSE:OBDC
Blue Owl Capital — Q3 2025 Earnings Presentation
21 slides from Blue Owl Capital's earnings presentation, Sep 30, 2025
Slide 1: Blue Owl Capital Corporation Quarterly Earnings Presentation
September 30, 2025 Blue Owl Capital Corporation Quarterly Earnings Presentation Proprietary and Confidential 1 NYSE: OBDC
Slide 2: Review of Q3 2025
Review of Q3 2025 • Net asset value per share of $14.89, compared to $15.03 as of 6/30/2025 • Adjusted net investment income per share of $0.361, compared to $0.401 as of 6/30/2025 - GAAP net investment income per share of $0.37 Earnings Summary • Adjusted net income per share of $0.251, compared to
Slide 3: Overview of Blue Owl Capital Corporation (NYSE: OBDC)
Overview of Blue Owl Capital Corporation (NYSE: OBDC) Publicly traded specialty financing company focused on lending to upper middle-market companies Top 3 Public Market Player7 Well-Positioned in Current Environment Annualized Current Credit Ratings Market Cap7 Leverage5 Liquidity4 Dividend Yield6
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) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net Investment Income Per Share $0.47 $0.47 $0.41 $0.42 $0.37 Adjusted Net In
Slide 5: Portfolio Highlights - Selected Metrics
Portfolio Highlights - Selected Metrics As of September 30, December 31, September 30, March 31, 2025 June 30, 2025 (Dollar amounts in thousands; dollar amounts and percentages at fair value) 2024 2024 2025 Investments at Fair Value $13,447,536 $13,194,545 $17,692,006 $16,868,782 $17,136,548 Number
Slide 6: Portfolio Highlights – New Quarterly Portfolio Activity
Portfolio Highlights – New Quarterly Portfolio Activity For Three Months Ended September 30, December 31, March 31, 2025 June 30, 2025 September 30, (Dollar amounts in thousands) 2024 2024 2025 Investment Activity at Par: New Investment Commitments (Net of Sell Downs) $1,151,667 $1,679,673 $1,158,87
Slide 7: Portfolio Highlights - Asset Mix
Portfolio Highlights - Asset Mix $17.1bn 238 30 $229mm 10.3% Portfolio Portfolio Portfolio Company Debt Portfolio Portfolio Size9 Companies Industries EBITDA10 Yield11 2% 8% 4% Weighted Average Borrower Statistics10: 3% 2% 1% Overall Q2'25 Q3'25 5% 80% Senior Secured Revenue $997mm $1,024mm EBITDA $
Slide 8: Portfolio Highlights - Diversification
Portfolio Highlights - Diversification Borrower Diversification Industry Diversification Internet software and services 11.5% Associa: 3.7% Healthcare providers and services 8.3% Wingspire: 3.3% BOC SLF: 2.3% Fifth Season: 2.3% Food and beverage 6.2% Winland: 2.1% Sonny’s: 1.8% Insurance 6.0% 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 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 based period end shares) Assets Investments at Fair Value $13,447,536 $13,194,545 $17,692,006
Slide 10: Quarterly Operating Results Detail
Quarterly Operating Results Detail For the Three Months Ended September 30, December 31, September 30, March 31, 2025 June 30, 2025 (Dollar and share amounts in thousands) 2024 2024 2025 Investment Income Interest From Investments – Interest and Dividend Income20 $394,214 $370,921 $450,781 $448,402
Slide 11: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge $0.37 $(0.01) $(0.02) $15.03 $0.01 $14.89 $(0.37) $(0.12) Adjusted NII Per Share1: $0.36 Total Dividends: $0.39 Adjusted Net Realized & Unrealized Gain/(Loss)1: $(0.11) Q2'25 Q3'25 Q3'25 Q2'25 Q3'25 Q3'25 Q3'25 Q3'25 NAV Per Share Net Investment Reversal of Supplemen
Slide 12: Portfolio Highlights - Net Interest Margin
Portfolio Highlights - Net Interest Margin 14% 12% 11.5% 11.1% 10.7% 10.6% 10.3% 10% 8% 6.2% 6.0% 5.9% 5.8% 5.8% 6% 5.8% 5.8% 5.7% 5.6% 5.5% 4% 4.6% 4.3% 4.3% 4.3% 4.0% 2% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Weighted Average Total Yield of Accruing Debt and Income Producing Securities11 Weighted Average S
Slide 13: Portfolio Highlights - Internal Ratings
Portfolio Highlights - Internal Ratings As of September 30, 2025, non-accrual investments as a percentage of the total portfolio were 2.7% and 1.3% at cost and fair value, respectively (Dollar amounts in thousands) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Internal Performanc
Slide 14: Diverse Financing Profile
Diverse Financing Profile Funding Sources Principal Principal Debt Maturities24 ($mm) Amount Amount Interest Rate Maturity Date Committed Outstanding Based on Committed Debt $5,650 Secured Revolver $3,900 million $1,222 million SOFR + 153 - 20025 11/22/202926 SPV Asset Facility II $300 million $162
Slide 15: Historic Dividend Yield
Historic Dividend Yield Dividends & Dividend Yield Based on NAV per Share31 11.2% 11.2% 10.9% 11.0% 11.0% 10.7% 10.5% 10.4% 10.3% $0.06 9.9% $0.08 $0.05 $0.05 $0.05 10.0% 9.9% $0.01 $0.02 9.2% $0.07 $0.08 $0.06 9.9% $0.04 9.7% 9.7% 9.8% 9.8% 9.6% 9.6% $0.03 9.1% 8.8% 8.7% 8.7% 8.6% 8.4% $0.37 $0.37
Slide 16: Historic Dividends Declared
Historic Dividends Declared Date Payment Dividend Date Payment Dividend Record Date Dividend Type Record Date Dividend Type Declared Date Per Share Declared Date Per 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 $0.33 5/28/2019
Slide 17: Endnotes
Endnotes Note: Figures are as of the quarter-ended 9/30/2025 unless otherwise noted. Past performance is not a guarantee of future results. 1. Please see non-GAAP disclosures on pages 19 and 20 for reconciliations. 2. Annualized quarterly net investment income or net income per share divided by begi
Slide 18: Endnotes (Cont'd.)
Endnotes (Cont'd.) 27. Interest rates represent the weighted average spread over 3-month or 6-month SOFR for the various floating rate tranches of issued notes within each CLO, excluding tranches retained by the company in each respective CLO. The weighted average interest rate for each CLO excludes
Slide 19: Non-GAAP Disclosures
Non-GAAP Disclosures On a supplemental basis, the Company is disclosing certain adjusted financial measures, each of which is calculated and presented on a basis of methodology other than in accordance with GAAP (“non-GAAP”). The Company's management utilizes these non-GAAP financial measures to int
Slide 20: Non-GAAP Reconciliation Tables
Non-GAAP Reconciliation Tables The following table provides a reconciliation of total investment income (the most comparable U.S. GAAP measure) to adjusted total investment income for the periods presented: For the Three Months Ended ($ in millions, except per share amounts) September 30, 2025 June
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-