Blue Owl Capital Corporation · NYSE:OBDC
Blue Owl Capital — Q1 2025 Earnings Presentation
22 slides from Blue Owl Capital's earnings presentation, May 8, 2025
Slide 1: Blue Owl Capital Corporation Quarterly Earnings Presentation
May 8, 2025 Blue Owl Capital Corporation Quarterly Earnings Presentation 1 NYSE: OBDC
Slide 2: Review of Q1 2025
Review of Q1 2025 • Net asset value per share of $15.14, compared to $15.26 as of 12/31/2024 • Adjusted net investment income per share of $0.3931 as of 3/31/2025 • GAAP net investment income per share of $0.41, down from $0.47 as of 12/31/2024 Earnings Summary • Adjusted net income per share of $0.
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 Player6 Well-Positioned in Current Environment Annualized Current Credit Ratings Market Cap6 Leverage5 Liquidity4 Dividend Yield3 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) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Net Investment Income Per Share $0.47 $0.48 $0.47 $0.47 $0.41 Adjusted Net I
Slide 5: Portfolio Highlights - Selected Metrics
Portfolio Highlights - Selected Metrics As of September 30, December 31, (Dollar amounts in thousands) March 31, 2024 June 30, 2024 March 31, 2025 2024 2024 Investments at Fair Value $12,414,384 $13,341,982 $13,447,536 $13,194,545 $17,692,006 Number of Portfolio Companies 198 212 219 227 236 Average
Slide 6: Portfolio Highlights – New Quarterly Portfolio Activity
Portfolio Highlights – New Quarterly Portfolio Activity For Three Months Ended (Dollar amounts in thousands) March 31, 2024 June 30, 2024 September 30, December 31, March 31, 2025 2024 2024 Investment Activity at Par: New Investment Commitments (Net of Sell Downs)2 $1,202,698 $3,296,799 $1,151,667
Slide 7: Portfolio Highlights – Asset Mix
Portfolio Highlights – Asset Mix $17.7bn 236 30 $215mm 10.7% Portfolio Portfolio Portfolio Company Debt Portfolio Portfolio Size21 Companies Industries EBITDA8 Yield14 2% Weighted Average Borrower Statistics8: 10% 3% 2% Overall Q4 2024 Q1 2025 5% Revenue $913mm $938mm 82% Senior Secured EBITDA $202
Slide 8: Portfolio Highlights – Diversification
Portfolio Highlights – Diversification Borrower Diversification Industry Diversification Internet software and services 10.9% Associa: 3.6% Wingspire: 3.0% Healthcare providers and services 7.6% PCF: 2.6% Inovalon: 2.5% Insurance 7.5% BOC SLF: 2.1% Winland: 2.0% Fifth Season: 1.8% Food and beverage
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) Assets Investments at Fair Value $12,414,384 $13,341,982 $13,447,536 $13,
Slide 10: Quarterly Operating Results Detail
Quarterly Operating Results Detail For the Three Months Ended (Dollar and share amounts in thousands) September 30, March 31, 2024 June 30, 2024 December 31, 2024 March 31, 2025 2024 Investment Income Interest From Investments – Interest Income18 $383,443 $380,334 $394,214 $370,921 $450,781 19 Inte
Slide 11: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge $0.41 ($0.02) ($0.05) $0.08 $15.26 ($0.37) $15.14 ($0.15) Adjusted NII Per Share31: $0.39 Total Dividends: ($0.42) Adjusted Net Realized & Unrealized Gain31: ($0.07) Q4'24 Q1'25 Q1'25 Q4'24 Q1'25 Q1'25 Q1'25 Q1'25 NAV Per Share Net Investment Reversal of Supplemental
Slide 12: Portfolio Highlights - Net Interest Margin
Portfolio Highlights - Net Interest Margin 14.0% 12.4% 12.1% 11.9% 12.0% 11.5% 11.1% 10.7% 10.0% 8.0% 6.7% 6.6% 6.3% 6.2% 6.0% 5.9% 5.6% 5.8% 6.0% 5.6% 5.8% 5.8% 5.6% 5.3% 5.3% 5.3% 4.0% 4.6% 4.3% 4.3% 2.0% 0.0% Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Weighted Average Total Yield of Accruing Debt and In
Slide 13: Portfolio Highlights – Internal Portfolio Ratings
Portfolio Highlights – Internal Portfolio Ratings As of March 31, 2025, non-accrual investments as a percentage of total debt investments were 1.4% and 0.8% at cost and fair value, respectively. As of March 31, 2025, there were 4 portfolio companies on non-accrual. (Dollar amounts in thousands) Int
Slide 14: Diverse Financing Profile
Diverse Financing Profile Funding Sources Debt Maturities23 ($mm) Principal Principal Amount Amount $8,274 ($ in millions) Committed Outstanding Interest Rate Maturity Date Secured Revolver $3,660 $1,337 SOFR + 153 – 200 bps30 11/22/202924 SPV Asset Facility II $300 $224 SOFR + 195 bps 4/17/2036 SPV
Slide 15: Historical Dividend Yield
Historical Dividend Yield Dividends & Dividend Yield Based on NAV per Share28 $0.45 11.2% 12.0% 11.2% 11.0% 11.0% 10.9% 10.5% 10.7% 10.3% $0.40 9.9% $0.08 $0.05 $0.06 $0.05 $0.05 10.0% $0.07 $0.08 $0.01 10.0% 9.2% $0.06 9.8% $0.35 8.6% $0.04 9.6% 9.6% 9.7% 9.7% 8.3% $0.03 9.1% 8.8% 8.7% 8.7% 8.6% $0
Slide 16: Historical Dividends Declared
Historical Dividends Declared Dividend Per Dividend Date Declared Record Date Payment Date Dividend Type Date Declared Record Date Payment Date Dividend Type Share Per Share 2/27/2019 3/31/2019 5/15/2019 Q1'19 Regular Dividend $0.33 8/2/2022 9/30/2022 11/15/2022 Q3’22 Regular Dividend $0.31 11/1/202
Slide 17: Endnotes
Endnotes Note: Figures are as of the quarter-ended 3/31/2025 unless otherwise noted. Past performance is not a guarantee of future results. 1. Annualized quarterly net investment income or net income per share divided by beginning period net asset value per share. 2. On January 13, 2025, in connecti
Slide 18: Endnotes (Cont’d.)
Endnotes (Cont’d.) 26. In connection with the note offering, OBDC entered into an interest rate swap to continue to align the interest rates of our liabilities with our investment portfolio, which consists of predominately floating rate loans. As a result of the swap, our effective interest rate on
Slide 19: Non-GAAP Disclosures
Non-GAAP Disclosures On January 13, 2025, the Company completed the merger with Blue Owl Capital Corporation III (“OBDE” and the “Merger”). The Merger was accounted for as an asset acquisition in accordance with the asset acquisition method of accounting as detailed in ASC 805-50, Business Combinati
Slide 20: Non-GAAP Reconciliation Tables
Non-GAAP Reconciliation Tables The following table provides a reconciliation of total investment income (the most comparable U.S. GAAP measure) to adjusted total investment income for the periods presented: For the Three Months Ended ($ in millions, except per share amounts) March 31, 2025 December
Slide 21: Important Information
Important Information Past performance is not a guide to future results and is not indicative of expected realized returns. As of March 31, 2025. Pro forma is defined as OBDC and OBDE metrics on a combined basis. The information contained in this presentation should be viewed in conjunction with the
Slide 22: Disclosures
Disclosures Forward-Looking Statements Some of the statements in this presentation constitute forward-looking statements because they relate to future events, future performance or financial condition of OBDC or OBDE or the two-step merger (collectively, the “Mergers”) of OBDE with and into OBDC. Th