Blue Owl Capital Corporation · NYSE:OBDC
Blue Owl Capital — Q1 2026 Earnings Presentation
31 slides from Blue Owl Capital's earnings presentation, May 2026
Slide 1: Blue Owl Capital Corporation (NYSE: OBDC)
Blue Owl Capital Corporation (NYSE: OBDC) May 2026 FOR INSTITUTIONAL USE ONLY. NOT APPROVED FOR FURTHER DISTRIBUTION.
Slide 2: Blue Owl Capital Corporation (NYSE: OBDC)
Blue Owl Capital Corporation (NYSE: OBDC) Second largest publicly traded business development company (BDC) by total assets Focused investment approach OBDC snapshot • Upper middle-market: Debt and equity investments Investments at fair value $15.3 billion in U.S. upper middle-market companies only
Slide 3: Managed by Blue Owl Capital, a leading global alternative asset manager
Managed by Blue Owl Capital, A leading global alternative asset manager
Slide 4: Blue Owl is a leading asset manager redefining alternatives
Blue Owl is a A solutions provider leading asset Credit1 Our Credit platform serves as a $115.1B Direct Lending manager that is financing partner of choice for $14.7B Alternative Credit private companies, leveraging the expertise across both our direct $19.3B Investment Grade Credit redefining lendi
Slide 5: Blue Owl Credit offers complementary strategies
Blue Owl Credit offers complementary strategies Our BDCs make up approximately 80% of Blue Owl Credit’s AUM $159.2 billion AUM1 Direct Lending Adjacent Strategies Diversified Technology First Lien Opportunistic Alternative Investment Grade Liquid Lending Lending Lending Lending Credit Credit Credit
Slide 6: Blue Owl has extensive multi-channel sourcing capabilities
Blue Owl has extensive multi-channel sourcing capabilities Our BDCs leverage Blue Owl’s origination capabilities to generate robust deal flow and build a portfolio of high-quality credits Scaled Experienced Sponsor Incumbency Differentiated platform Team relationships advantage access 85+ ~120 850+
Slide 7: OBDC's portfolio & performance overview
OBDC’s portfolio & performance overview
Slide 8: Scaled and senior secured focused portfolio
Scaled and senior secured focused portfolio Diversification by the numbers $15.3bn 78% $1.0 bn $239mm 89% Portfolio Size1 Senior Secured Portfolio Company Portfolio Company Sponsor-Backed Revenue2 EBITDA2 Investments3 Assets by Type Portfolio Construction • Conservative portfolio with primarily firs
Slide 9: Well-diversified portfolio with high-quality borrowers
Well-diversified portfolio with high-quality borrowers Since inception, we have intentionally constructed OBDC’s portfolio to withstand economic cycles by focusing on non-cyclical, recession resistant businesses Diversification by the numbers 230 30 0.4% 47% 1.9x Average portfolio Interest Coverage
Slide 10: Debt capital markets access provides financing flexibility across market environments
Debt capital markets access provides financing flexibility across market environments Diverse capital structure anchored by permanent equity Ample available liquidity $455 Available Cash $3,627 Available Liquidity1 $4.1B 1.13x Available liquidity1 Net debt-to-equity ratio Excess Borrowing Capacity $
Slide 11: OBDC has generated attractive risk-adjusted returns
OBDC has generated attractive risk-adjusted returns Supported by our disciplined underwriting, high selectivity, and thoughtful portfolio construction Annualized total return1,2,3 3-Year 5-Year Since OBDC’s Inception 9.5% 9.1% 8.6% 8.6% 8.0% 7.9% 7.3% 7.0% 6.1% 5.9% 5.7% 4.2% OBDC BDC Peers US High
Slide 12: OBDC is well-positioned to deliver for investors
OBDC is well-positioned to deliver for investors Supported by Blue Owl Direct Lending’s scale, experience, and track record OBDC highlights #2 1 Scaled upper-middle market direct lender with ability to lead transactions Second largest publicly traded BDC by total assets 2 Focus on downside protectio
Slide 13: OBDC financial highlights
OBDC financial highlights
Slide 14: Review of Q1 2026
Review of Q1 2026 • Net asset value per share of $14.41 • Adjusted net investment income per share of $0.311 - GAAP net investment income per share of $0.32 Earnings Summary • Adjusted net income (loss) per share of $(0.05)1, primarily driven by unrealized losses from the impact of credit spread wid
Slide 15: 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) Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Net investment income per share $0.41 $0.42 $0.37 $0.38 $0.32 Adjusted net investment
Slide 16: Net asset value per share bridge
Net asset value per share bridge Adjusted NII Per Share1: $0.31 Adjusted Net Realized & Unrealized Gain/(Loss)1: ($0.36) 1 1 Note: Totals may not sum due to rounding. Per share data was derived using weighted average shares outstanding for the quarter, except for NAV per share which is based on shar
Slide 17: Portfolio highlights - selected metrics
Portfolio highlights - selected metrics As of (Dollar amounts in thousands; dollar amounts and percentages at fair September 30, December 31, March 31, 2025 June 30, 2025 March 31, 2026 value) 2025 2025 Investments at fair value $17,692,006 $16,868,782 $17,136,548 $16,470,893 $15,344,201 Number of p
Slide 18: Portfolio highlights – new quarterly portfolio activity
Portfolio highlights – new quarterly portfolio activity For Three Months Ended March 31, 2025 June 30, 2025 September 30, December 31, March 31, 2026 (Dollar amounts in thousands) 2025 2025 Investment Activity at Par: New investment commitments (net of sell downs) $1,158,874 $1,116,767 $1,338,001 $
Slide 19: Portfolio highlights – internal portfolio ratings
Portfolio highlights – internal portfolio ratings As of March 31, 2026, investments on non-accrual as a percentage of the total portfolio were 2.0% and 1.0% at cost and fair value, respectively (Dollar amounts in thousands) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Internal
Slide 20: Appendix
Appendix
Slide 21: Direct lending can offer a structural yield premium with lower realized losses
Direct lending can offer a structural yield premium with lower realized losses Yield premiums relative to public leveraged loans1 While delivering lower losses2 12% 1.40% 10.2% 10.0% 10% 260+ bp premium 0.74% 8% 8.1% 7.3% 0.34% 6% 4% 09/2022 03/2023 09/2023 03/2024 09/2024 03/2025 09/202 Senior Dire
Slide 22: OBDC has delivered compelling total value since inception
OBDC has delivered compelling total value since inception Stable NAV per share and attractive dividend income, supported by strong portfolio fundamentals NAV per share and cumulative dividends since OBDC’s inception $28.02 $13.61 $15.00 $14.41 03/17/16 03/31/16 06/30/16 09/30/16 12/31/16 03/31/17 06
Slide 23: Specialty finance equity and joint ventures
Specialty finance equity and joint ventures Leveraging Blue Owl’s scale and sponsor relationships enables sourcing of high-conviction opportunities that complement the core direct lending platform for a broader risk-return profile Joint ventures Strategic equity investments Credit Equipment Fifth Se
Slide 24: Endnotes
Endnotes Note: Figures are as of the quarter-ended 3/31/2026 at fair value unless otherwise noted. Totals may not sum due to rounding. Past performance is not a guarantee of future results. Page 2: Blue Owl Capital Corporation (NYSE: OBDC) 1. Total return is calculated as the change in net asset val
Slide 25: Endnotes
Endnotes Page 11: OBDC has generated attractive risk-adjusted returns 1. Total return is calculated as the change in net asset value (“NAV”) per share, plus any dividends and distributions paid in cash and not reinvested, divided by the beginning NAV per share.. Returns greater than one year are ann
Slide 26: Endnotes
Endnotes Page 21: Direct lending can offer structural yield premiums with lower realized losses 1. Source: Cliffwater, Pitchbook for the period 9/30/2015 to 9/30/2025. ‘Direct Lending’ and ‘directly originated loans’ represented by the Cliffwater Direct Lending Index (CDLI). “3-Year Takeout Yield” m
Slide 27: Non-GAAP Disclosures
Non-GAAP Disclosures On a supplemental basis, the Company is disclosing certain adjusted financial measures, each of which is calculated and presented on a basis of methodology other than in accordance with GAAP (“non-GAAP”). The Company's management utilizes these non-GAAP financial measures to int
Slide 28: 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 2025 2026 March 31 June 30 September 30 December 31 March 31 ($ in
Slide 29: Disclosures
Disclosures Forward-Looking Statements Certain statements made in this presentation are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 because they relate to future events, future performance or fi
Slide 30: Disclaimer
Disclaimer Past performance is not a guide to future results and is not indicative of expected realized returns. 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 info
Slide 31: For more information, please visit www.blueowlcapitalcorporation.com
For more information, please visit www.blueowlcapitalcorporation.com FOR INSTITUTIONAL USE ONLY. NOT APPROVED FOR FURTHER DISTRIBUTION. 8923477.2