Blue Owl Capital Corporation · NYSE:OBDC
Blue Owl Capital — Q4 2023 Earnings Presentation
19 slides from Blue Owl Capital's earnings presentation, Feb 22, 2024
Slide 1: Blue Owl Capital Corporation Quarterly Earnings Presentation
December 31, 2023 Blue Owl Capital Corporation Quarterly Earnings Presentation 1 NYSE: OBDC
Slide 2: Review of Q4 2023
Review of Q4 2023 • Net asset value per share of $15.45, up from $15.40 as of 9/30/2023 – highest NAV per share since inception • Net investment income per share of $0.51, up from $0.49 as of 9/30/2023 – fourth consecutive quarter of record net investment income per share • Net income per share of $
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 #2 Public Market Player5 Well-Positioned in Current Environment Annualized Current Credit Ratings Market Cap5 Leverage4 Liquidity3 Dividend Yield2 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) Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Net Investment Income Per Share $0.41 $0.45 $0.48 $0.49 $0.51 Net Realized a
Slide 5: Portfolio Highlights - Selected Metrics
Portfolio Highlights - Selected Metrics As of and For Three Months Ended (Dollar amounts in thousands) Dec. 31, 2022 Mar. 31, 2023 Jun. 30, 2023 Sept. 30, 2023 Dec. 31, 2023 Investments at Fair Value $13,010,345 $13,157,251 $12,892,943 $12,896,158 $12,713,348 Number of Portfolio Companies 184 187 18
Slide 6: Portfolio Highlights – New Quarterly Portfolio Activity
Portfolio Highlights – New Quarterly Portfolio Activity For Three Months Ended (Dollar amounts in thousands) Dec. 31, 2022 Mar. 31, 2023 Jun. 30, 2023 Sept. 30, 2023 Dec. 31, 2023 Investment Activity at Par: New Investment Commitments (Net of Sell Downs) $211,162 $175,114 $182,955 $500,184 $1,296,8
Slide 7: Portfolio Highlights – Asset Mix
Portfolio Highlights – Asset Mix $12.7bn 193 29 $204mm 11.9% Portfolio Portfolio Portfolio Company Portfolio Size Portfolio Yield8 Companies Industries EBITDA7 3% Weighted Average Borrower Statistics7: 10% 3% Q3 2023 Q4 2023 2% Revenue $876mm $932mm 14% 82% Senior Secured EBITDA $196mm $204mm 68% Ne
Slide 8: Portfolio Highlights – Diversification
Portfolio Highlights – Diversification Borrower Diversification Industry Diversification Internet software and services 11.8% Associa: 3.8% Wingspire: 3.6% Insurance 9.9% Senior Loan Fund: 2.7% PCF Insurance Services: 2.6% Food and beverage 7.7% Inovalon: 2.3% PCI: 1.9% Asset Based Lending and Fund
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 Dec. 31, 2022 Mar. 31, 2023 Jun. 30, 2023 Sept. 30, 2023 Dec. 31, 2023 is based period end shares) Assets Investments at Fair Value $13,010,345 $13,157,251 $12,892,943 $12,896,158 $1
Slide 10: Quarterly Operating Results Detail
Quarterly Operating Results Detail For the Three Months Ended (Dollar and share amounts in thousands) December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Investment Income Interest From Investments – Interest Income18 $346,483 $373,901 $382,532 $392,574 $398,851 Inte
Slide 11: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge ($0.35) $0.51 $15.40 ($0.03) $15.45 ($0.08) 9/30/23 Q3'23 Q4'23 Q4'23 Realized & Change in 12/31/23 NAV per Share Supplemental Dividend Net Investment Regular Unrealized Gain (Loss) NAV per Share (Paid in Q4'23) Income Dividend and Other Past performance is not a gua
Slide 12: Portfolio Highlights - Net Interest Margin
Portfolio Highlights - Net Interest Margin 14.0% 12.2% 12.3% 12.4% 12.0% 12.0% 11.5% 10.0% 8.0% 6.7% 6.7% 6.7% 6.7% 6.7% 6.0% 5.4% 5.6% 5.6% 5.2% 4.7% 5.3% 5.4% 5.3% 4.0% 4.6% 4.9% 2.0% 0.0% Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Weighted Average Total Yield of Accruing Debt and Income Producing Securities 1
Slide 13: Portfolio Highlights – Internal Portfolio Ratings
Portfolio Highlights – Internal Portfolio Ratings Non-accrual investments at 12/31/23 as a percentage of total debt investments at cost and fair value were 1.3% and 1.1%, respectively. At quarter end 12/31/23, there were four portfolio companies on non-accrual. (Dollar amounts in thousands) 3/31/202
Slide 14: Debt Obligations and Maturity Ladder
Debt Obligations and Maturity Ladder Aggregate Principal Amount Principal Committed / Amount Outstanding Outstanding Interest Rate Maturity Date Debt Maturities23 ($mm) Revolving Credit Facility $1,895 million $419 million SOFR + 188 11/17/202824 SPV Asset Facility 2 $250 million $250 million SOFR +
Slide 15: Historical Dividend Yield
Historical Dividend Yield Dividends & Dividend Yield Based on NAV per Share28 $0.45 11.1% 12.0% 10.5% 10.7% 10.3% $0.40 9.9% $0.08 $0.07 $0.08 10.0% 9.2% $0.06 $0.35 8.6% $0.04 9.1% 8.3% $0.03 8.8% 8.7% 8.7% 8.6% $0.30 8.4% 8.0% $0.25 6.0% $0.20 $0.35 $0.33 $0.33 $0.33 $0.33 $0.31 $0.31 $0.31 $0.15
Slide 16: Historical Dividends Declared
Historical Dividends Declared Date Payment Dividend Per Dividend Per Record Date Dividend Type Date Declared Record Date Payment Date Dividend Type Declared Date Share Share 2/27/2019 3/31/2019 5/15/2019 Q1'19 Regular Dividend $0.33 8/3/2021 9/30/2021 11/15/2021 Q3’21 Regular Dividend $0.31 6/4/20
Slide 17: Endnotes
Endnotes Note: Figures are as of the quarter-ended 12/31/23 unless otherwise noted. Past performance is not a guarantee of future results. 1. Annualized quarterly net investment income or net income divided by average beginning and ending period net asset value. 2. Dividend yield based on annualized
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: Important Information
Important Information Unless otherwise noted the Report Date referenced herein is as of 12/31/2023. 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