Blue Owl Capital Inc. · NYSE:OWL
Blue Owl Capital — Blue Owl Capital Corporation II — Q1 2025 Earnings Presentation
15 slides from Blue Owl Capital's earnings presentation, May 2025
Slide 1: Blue Owl Capital Corporation II Quarterly Earnings Presentation
March 31, 2025 Blue Owl Capital Corporation II Quarterly Earnings Presentation FOR EXISTING INVESTORS ONLY. OBDC II IS CLOSED TO NEW INVESTMENTS. 1
Slide 2: Review of Q1 2025
Review of Q1 2025 • Net asset value per share of $8.72, down from $8.80 as of 12/31/2024 • Net investment income per share of $0.16, down from $0.22 as of 12/31/2024 • Net income per share of $0.11, down from $0.16 as of 12/31/2024 Earnings Summary • Annualized ROE on net investment income and net i
Slide 3: 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) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Net Investment Income Per Share $0.21 $0.20 $0.17 $0.22 $0.16 Net Realized an
Slide 4: Portfolio Highlights
Portfolio Highlights As of (Dollar amounts in thousands) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Investments at Fair Value $1,990,298 $2,047,602 $2,051,865 $1,935,392 $1,910,984 Number of Portfolio Companies 167 176 183 182 186 Average Investment Size of Our
Slide 5: Portfolio Highlights – New Portfolio Activity
Portfolio Highlights – New Portfolio Activity (Dollar amounts in thousands) For Three Months Ended March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Investment Activity at Par: New Investment Commitments (Net of Sell Downs) $198,690 $441,770 $163,595 $125,639 $33,339
Slide 6: Portfolio Highlights – Asset Mix
Portfolio Highlights – Asset Mix $1.9bn 186 30 $192mm 11.0% Portfolio Portfolio Portfolio Company Portfolio Size Debt Portfolio Yield2 Companies Industries EBITDA1 <1% Weighted Average Borrower Statistics1: 6% 3% Overall Q4 2024 Q1 2025 2% Revenue $875mm $883mm 10% EBITDA $186mm $192mm 89% Senior N
Slide 7: OBDC II Portfolio Highlights – Diversification
OBDC II Portfolio Highlights – Diversification Borrower Diversification Industry Diversification Internet software and services 10.7% Inovalon: 3.7% Associa: 3.6% Food and beverage 8.4% Weiman Products: 2.6% Sonny’s: 2.5% Moore: 2.4% Manufacturing 8.3% Winland Foods: 2.4% Healthcare technology 8.2%
Slide 8: Portfolio Highlights – Internal Portfolio Ratings
Portfolio Highlights – Internal Portfolio Ratings Non-accrual investments at 03/31/2025 as a percentage of total portfolio at cost and fair value were 2.2% and 1.3%, respectively. At quarter end 03/31/2025 there were 3 portfolio companies on non-accrual (Dollar amounts in thousands) Internal June 3
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 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 based period end shares, except as otherwise noted) Assets Investments at Fair Value $1,990,298 $2
Slide 10: Quarterly Operating Results Detail
Quarterly Operating Results Detail For the Three Months Ended (Dollar and share amounts in thousands) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Investment Income Interest Income $60,315 $59,299 $59,839 $56,437 $47,726 Dividend Income $5,140 $3,600 $3,718 $4,518
Slide 11: OBDC II Debt Obligations and Maturity Ladder
OBDC II Debt Obligations and Maturity Ladder Aggregate Principal Amount Principal Committed / Amount Outstanding Outstanding Interest Rate Maturity Date Debt Maturities ($mm)3 Revolving Credit $510 $250 million $71 million SOFR + 200 bps 1/12/2029 Facility SPV Asset Facility 1 $375 million $195 mill
Slide 12: OBDC II Dividend History
OBDC II Dividend History Total Dividend Per Total Dividend Per Date Declared Dividend Type Share Date Declared Dividend Type Share 11/1/2022 Additional Quarterly Distribution for Dec. 2022 $0.02 2/27/2019 Weekly Distributions for Aor. 2019 – Jun. 2019 $0.17 2/21/2023 Monthly Distributions for Apr. 2
Slide 13: Risk Factors
Risk Factors An investment in Blue Owl Capital Corporation II (“OBDC II”) is speculative and involves a high degree of risk, including the risk of a substantial loss of investment, as well as substantial fees and costs, all of which can impact an investor's return. The following are some of the risk
Slide 14: Important Information
Important Information Unless otherwise noted the Report Date referenced herein is as of 3/31/25. Past performance is not a guarantee of future results. The information contained in this presentation should be viewed in conjunction with the Company’s most recently-filed Quarterly Report on Form 10-Q
Slide 15: Slide 15
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