Blue Owl Capital Corporation · NYSE:OBDC
Blue Owl Capital — Q2 2024 Earnings Presentation
19 slides from Blue Owl Capital's earnings presentation, Aug 8, 2024
Slide 1: Blue Owl Capital Corporation Quarterly Earnings Presentation
June 30, 2024 Blue Owl Capital Corporation Quarterly Earnings Presentation 1 NYSE: OBDC
Slide 2: Review of Q2 2024
Review of Q2 2024 • Net asset value per share of $15.36, down from $15.47 as of 3/31/2024 • Net investment income per share of $0.48, up from $0.47 as of 3/31/2024 • Net income per share of $0.31, down from $0.47 as of 3/31/2024 • Annualized ROE on both net investment income and net income of 12.6%1
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) Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Net Investment Income Per Share $0.48 $0.49 $0.51 $0.47 $0.48 Net Realized a
Slide 5: Portfolio Highlights - Selected Metrics
Portfolio Highlights - Selected Metrics As of and For Three Months Ended September 30, December 31, (Dollar amounts in thousands) June 30, 2023 March 31, 2024 June 30, 2024 2023 2023 Investments at Fair Value $12,892,943 $12,896,158 $12,713,348 $12,414,384 $13,341,982 Number of Portfolio Companies 1
Slide 6: Portfolio Highlights – New Quarterly Portfolio Activity
Portfolio Highlights – New Quarterly Portfolio Activity For Three Months Ended (Dollar amounts in thousands) June 30, 2023 September 30, December 31, March 31, 2024 June 30, 2024 2023 2023 Investment Activity at Par: New Investment Commitments (Net of Sell Downs) $182,955 $500,184 $1,296,854 $1,202
Slide 7: Portfolio Highlights – Asset Mix
Portfolio Highlights – Asset Mix $13.3bn 212 31 $195m m 11.4% Portfolio Portfolio Portfolio Company Portfolio Size20 Portfolio Yield2 Companies Industries EBITDA7 3% Weighted Average Borrower Statistics7: 10% 3% 2% Overall Q1 2024 Q2 2024 6% Revenue $852mm $876mm 82% Senior Secured EBITDA $182mm $1
Slide 8: Portfolio Highlights – Diversification
Portfolio Highlights – Diversification B or r ow er Diver sification In du str y Diver sification Internet software and services 11.4% Wingspire: 3.9% Associa: 3.7% Insurance 9.2% Senior Loan Fund: 2.9% PCF Insurance Services: 2.5% Food and beverage 7.6% Inovalon: 2.4% Fifth Season: 2.0% Healthcare
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 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 based period end shares, except as otherwise noted) Assets Investments at Fair Value $12,892,943 $1
Slide 10: Quarterly Operating Results Detail
Quarterly Operating Results Detail For the Three Months Ended (Dollar and share amounts in thousands) June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 Investment Income Interest From Investments – Interest Income17 $382,532 $392,574 $398,851 $383,443 $380,334 Interest
Slide 11: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge $0.48 ($0.37) $15.47 ($0.05) ($0.17) $15.36 3/31/24 Q1'24 Q2'24 Q2'24 Realized & Change in 6/30/24 NAV per Share Supplemental Dividend Net Investment Regular Unrealized Gain (Loss) NAV per Share (Paid in Q2'24) Income Dividend and Other Past performance is not a guar
Slide 12: Portfolio Highlights - Net Interest Margin
Portfolio Highlights - Net Interest Margin 14.0% 12.2% 12.3% 12.4% 12.1% 11.9% 12.0% 10.0% 8.0% 6.7% 6.7% 6.7% 6.6% 6.3% 6.0% 5.4% 5.6% 5.6% 5.8% 5.6% 5.3% 5.4% 5.3% 5.3% 5.3% 4.0% 2.0% 0.0% Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Weighted Average Total Yield of Accruing Debt and Income Producing Securities 1
Slide 13: Portfolio Highlights – Internal Portfolio Ratings
Portfolio Highlights – Internal Portfolio Ratings Non-accrual investments at 06/30/24 as a percentage of total debt investments at cost and fair value were 3.1% and 1.4% respectively. (Dollar amounts in thousands) Internal Performance September 30, 2023 December 31, 2023 March 31, 2024 June 30, 202
Slide 14: Debt Obligations and Maturity Ladder
Debt Obligations and Maturity Ladder Aggregate Principal Amount Principal Committed / Amount Outstanding Outstanding Interest Rate Maturity Date Debt Maturities22 ($mm) Secured Revolver $2,045 million $662 million SOFR + 188 11/17/202823 SPV Asset Facility 2 $300 million $300 million SOFR + 275 4/17
Slide 15: Historical Dividend Yield
Historical Dividend Yield Dividends & Dividend Yield Based on NAV per Share27 $0.45 11.2% 11.2% 12.0% 10.9% 10.5% 10.7% 10.3% $0.40 9.9% $0.08 $0.05 $0.06 $0.07 $0.08 10.0% 9.2% $0.06 9.6% 9.6% $0.35 8.6% $0.04 $0.03 9.1% 8.8% 8.7% 8.7% 8.6% $0.30 8.4% 8.0% $0.25 6.0% $0.20 $0.37 $0.37 $0.35 $0.33 $
Slide 16: Historical Dividends Declared
Historical Dividends Declared Dividend Per Date Dividend Per Date Declared Record Date Payment Date Dividend Type Share Declared Record Date Payment DateDividend Type Share 2/27/2019 3/31/2019 5/15/2019 Q1'19 Regular Dividend $0.33 5/3/2022 6/30/2022 8/15/2022 Q2’22 Regular Dividend $0.31 6/4/2019 6
Slide 17: Endnotes
Endnotes Note: Figures are as of the quarter-ended 6/30/24 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.) 25. 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 6/30/2024. 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-