Blue Owl Capital Corporation · NYSE:OBDC
Blue Owl Capital — Investor Presentation (January 2025)
21 slides from Blue Owl Capital's investor presentation, January 2025
Slide 1: Blue Owl Capital Corporation (NYSE: OBDC) January 2025 Update
Blue Owl Capital Corporation (NYSE: OBDC) January 2025 Update
Slide 2: Blue Owl Platform Overview
Blue Owl Platform Overview
Slide 3: Managed by Blue Owl, A Leading Alternative Asset Manager
Managed by Blue Owl, A Leading Alternative Firm Overview Asset Manager • We offer investors differentiated Our scale and size provide private investment opportunities that aim to companies with investment solutions deliver strong performance, risk- adjusted returns and capital to help drive long-ter
Slide 4: Blue Owl's Extensive Credit Platform
Blue Owl’s Extensive Credit Platform Our Credit Business Today - $128B AUM Strategic Diversified Technology First Lien Opportunistic Alternative Investment Equity, Lending Lending Lending Lending Credit Grade Credit CLOs Healthcare Opportunities Strategy Commenced 2016 2018 2018 2020 2024 2024 20151
Slide 5: Blue Owl's Scale and Adjacent Credit Strategies Can Drive Origination Opportunities
Blue Owl’s Scale and Adjacent Credit Strategies Can Drive Attractive Origination Opportunities and Significant Deal Flow • Real Estate – Triple Net Lease Broader • Real Estate – Data Centers Blue Owl Platform • GP Strategic Capital • Alternative Credit Adjacent Credit • Liquid Credit Strategies • Fi
Slide 6: Our Investment Philosophy
Our Investment Philosophy Regardless of the industry in which a borrower operates, we underwrite to a set of core attributes which are imperative to, and evidenced by, the strong credit quality of our portfolio • Ability to move quickly and with transparency provides certainty of execution to sponso
Slide 7: OBDC Overview
OBDC Overview
Slide 8: Blue Owl Capital Corporation (NYSE: OBDC)
Blue Owl Capital Corporation (NYSE: OBDC) Second largest publicly traded business development company (BDC) by market capitalization Investment Approach OBDC Highlights • Primarily focused on senior secured loan solutions for U.S. middle market companies PORTFOLIO $17.4 billion across 236 portfolio
Slide 9: OBDC's Track Record of Attractive Performance
OBDC’s Track Record of Attractive Performance Return on Equity on NII1 Credit Quality Proven ability to deliver attractive, risk- Non-accruals as a percentage of total adjusted returns across all rate environments investments were 0.3% at fair value as of $2.50 12/31/24, demonstrating the quality of
Slide 10: Merger with OBDE Has Created the Second Largest Publicly Traded BDC
Merger with OBDE Has Created the Second Largest Publicly Traded BDC by Total Assets The merger with OBDE closed on January 13, 2025, which we expect can improve trading liquidity, drive lower costs of funds and generate meaningful operational synergies Seamless portfolio integration and stronger com
Slide 11: Select Fourth Quarter 2024 Financial Results
Select Fourth Quarter 2024 Financial Results OBDC OBDE Total Investment Income Per Share $1.01 $1.05 Net Investment Income Per Share $0.47 $0.43 Net Realized/Unrealized Gain/(Loss) Per Share $(0.08) $(0.08) Earnings Gain/(Loss) Per Share $0.39 $0.35 Net Asset Value Per Share $15.26 $14.91 Return on
Slide 12: Combination of OBDC and OBDE Has Created the Second Largest Publicly Traded BDC
Combination of OBDC and OBDE Has Created the Second Largest Publicly Traded BDC by Total Assets $27.1 ($ Billions) $27.1 $18.3 $15.1 $12.4 $8.7 $7.6 $5.1 $3.8 $3.7 $3.5 $3.5 $3.4 $3.2 $3.2 $2.6 $2.5 $2.4 $2.1 $2.1 $2.0 1 NCDL OBDC FSK NMFC MFIC OCSL BXSL GBDC PSEC TCPC PFLT ARCC HTGC TSLX GSBD SLRC
Slide 13: Combined Company Has Enhanced Portfolio Diversification
Combined Company Has Enhanced Portfolio Diversification OBDC’s go-forward portfolio is significantly diversified by borrower, industry and asset class, which combined with its scale, positions the company for strong credit performance in 2025 OBDC OBDE Combined OBDC1 Investments at Fair Value (in Mi
Slide 14: Combined Company Has a Diverse and Flexible Capital Structure
Combined Company Has a Diverse and Flexible Capital Structure Select Balance Sheet Data OBDC OBDE Combined OBDC1 42% ($ in Millions) Total Outstanding Debt $7,579 $2,503 $10,082 Unsecured Total Committed Debt $10,271 $3,102 $13,373 Borrowings Total Assets $13,852 $4,485 $18,337 Cash & Cash Equivalen
Slide 15: Opportunities to Optimize OBDC and Improve Return on Equity
Opportunities to Optimize OBDC and Improve Return on Equity 1 Cost Savings • Operational synergies totaling more than $5 million in year one through the elimination of expenses post-merger close Cost Savings from Merger from Merger • Longer-term cost savings through increased scale from merger 2 Enh
Slide 16: OBDC is Well-Positioned to Deliver for Investors
OBDC is Well- The combined company will continue to benefit from the breadth and depth of Blue Owl’s BDC platform Positioned to Market Leader in Deliver for Upper-Middle Market 83% Senior Direct Lending Secured, First- Lien Focused Investors Deep, 86% Total Diversified Return Financing Since Sources
Slide 17: Appendix
Appendix
Slide 18: Blue Owl's BDCs - Overview
Blue Owl’s BDCs - Overview Diversified Strategy Technology Strategy Blue Owl Blue Owl Technology Blue Owl Blue Owl Capital Blue Owl Capital Blue Owl Credit Technology Finance Technology Corp. Corp. II Income Corp. Finance Corp. Corp. II Income Corp. (NYSE: OBDC) (“OBDC II”) (“OCIC”) (“OTF”) (“OTF II
Slide 19: Disclosures
Disclosures Forward-Looking Statements Certain statements made in this presentation are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 because they relate to future events, future performance or fi
Slide 20: Disclaimer
Disclaimer Past performance is not a guide to future results and is not indicative of expected realized returns. Based on unaudited preliminary financial results as of December 31, 2024 on a pro forma combined basis for OBDC and OBDE unless otherwise noted. The preliminary financial estimates provid
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