Blue Owl Capital Corporation · NYSE:OBDC
Blue Owl Capital — Q2 2023 Earnings Presentation
18 slides from Blue Owl Capital's earnings presentation, August 2023
Slide 1: Blue Owl Capital Corporation Quarterly Earnings Presentation
June 30, 2023 Blue Owl Capital Corporation Quarterly Earnings Presentation NYSE: OBDC
Slide 2: Review of Q2 2023
Review of Q2 2023 • Net asset value per share of $15.26, up from $15.15 as of 3/31/23 • Net investment income per share of $0.48, up from $0.45 as of 3/31/23 • Net income per share of $0.50, down from $0.52 as of 3/31/23 Earnings Summary • Q2’23 total dividends per share of $0.40 and annualized divi
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 #3 Public Market Player1 Well-Positioned in Current Environment Annualized Current Credit Ratings Market Cap1 Leverage11 Liquidity Dividend Yield7 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 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Net investment income per share $0.32 $0.37 $0.41 $0.45 $0.48 Net realized an
Slide 5: Portfolio Highlights - Selected Metrics
Portfolio Highlights - Selected Metrics As of and For Three Months Ended (Dollar amounts in thousands) September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 Investments at Fair Value $12,835,918 $13,010,345 $13,157,251 $12,892,943 Number of Portfolio Companies 180 184 187 187 Average Inv
Slide 6: Quarterly Statements of Financial Condition
Quarterly Statements of Financial Condition As of (Dollar amounts in thousands, except per share data; per share data is based period end shares, except as otherwise noted) September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 Assets Investments at Fair Value $12,835,918 $13,010,345 $13,
Slide 7: Quarterly Operating Results Detail
Quarterly Operating Results Detail For the Three Months Ended (Dollar amounts in thousands) September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 Investment Income Interest From Investments – Interest Income14 $306,331 $346,483 $373,901 $382,532 Interest From Investments – Other Fees15 $
Slide 8: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge ($0.33) $0.02 $0.48 $15.26 $15.15 ($0.06) 3/31/23 Q1'23 Q2'23 Q2'23 Realized & Change in 6/30/23 NAV per Share Supplemental Net Investment Regular Unrealized Gain (Loss) NAV per Share Dividend Income Dividend and Other (Paid in Q2'23) Note: Per share data was derived
Slide 9: Portfolio Highlights - Originations
Portfolio Highlights - Originations Originations and Net Funds Growth17 • New investment commitments and fundings totaled $183 million and $170 million respectively, for the quarter. The commitments were distributed across 13 investments in 11 portfolio companies, 5 of which were new portfolio compa
Slide 10: Portfolio Highlights - Asset Mix
Portfolio Highlights - Asset Mix New Investment Fundings End of Period Investments (At par value, Dollar amounts in millions) (At fair value, Dollar amounts in millions) $13,010 $13,157 $12,893 $12,648 $12,836 2% 2% 3% 2% 2% $342 8% 8% 6% 7% 9% 6% 2% 3% 3% 3% $303 2% 2% 2% 2% 3% 4% 2% 14% 14% 14% 14
Slide 11: Portfolio Highlights - Asset Mix
Portfolio Highlights - Asset Mix Borrower Diversification Industry Diversification Internet software and services 13.4% Top 10 positions represent 24% of Insurance 9.8% the portfolio at FV Food and beverage 6.4% Asset based lending and fund finance 5.7% Manufacturing 5.7% Healthcare technology 4.7%
Slide 12: Portfolio Highlights - Net Interest Margin
Portfolio Highlights - Net Interest Margin 14.0% 12.0% 12.2% 12.0% 11.5% 10.2% 10.0% 8.9% 8.0% 6.6% 6.7% 6.7% 6.7% 6.7% 6.0% 5.2% 5.4% 4.7% 3.9% 5.3% 4.9% 4.0% 3.2% 4.6% 3.6% 2.0% 2.1% 0.0% Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Weighted Average Total Yield of Accruing Debt and Income Producing Securities 5,
Slide 13: Portfolio Highlights - Internal Portfolio Ratings
Portfolio Highlights - Internal Portfolio Ratings Non-accrual investments at 6/30/23 as a percentage of total debt investments at cost and fair value were 1.1% and 0.9%, respectively. At quarter end 6/30/23, there were 4 investments in 3 portfolio companies on non-accrual. (Dollar amounts in thousan
Slide 14: Diverse Access to Financing With Well Laddered Maturities
Diverse Access to Financing With Well Laddered Maturities Aggregate Principal Amount Principal Committed / Amount Maturity Outstanding Outstanding Interest Rate Date Debt Maturities23 ($mm) 23 Secured Revolver $1,795 million $390 million SOFR + 188.1 08/26/27 SPV Asset Facility 2 $250 million $140 m
Slide 15: Distribution Information
Distribution Information Dividend Yield Based on NAV per Share24 7 9.9% 10.3% 10.5% 8.6% 9.2% 8.3% $0.04 $0.06 $0.07 $0.03 $0.31 $0.31 $0.31 $0.33 $0.33 $0.33 Quarterly Dividend Supplemental Dividend Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Distribution Data Total Total Date Record Payment Dividend Distr
Slide 16: Endnotes
Endnotes Note: Figures are as of the quarter-ended 6/30/23 unless otherwise noted. Past performance is not a guarantee of future results. 1. Source: S&P Market Intelligence as of 8/7/23. 2. Borrower financials are derived from the most recently available portfolio company financial statements, have
Slide 17: Important Information
Important Information 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-K. The information contained herein may not be used, reproduced or distributed to others, in whole or
Slide 18: NYSE: OBDC
NYSE: OBDC