Blue Owl Capital Corporation · NYSE:OBDC
Blue Owl Capital — Q4 2025 Earnings Presentation
27 slides from Blue Owl Capital's earnings presentation, February 2026
Slide 1: Blue Owl Capital Corporation (NYSE: OBDC)
Blue Owl Capital Corporation (NYSE: OBDC) February 2026
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 Investment Approach OBDC Highlights • Primarily focused making debt and equity investments in U.S. upper PORTFOLIO2 $16.5 billion across 234 portfolio middle-market companies c
Slide 3: Managed by Blue Owl, A Leading Alternative Asset Manager
Managed by Blue Owl, A Leading Alternative Firm Overview Asset Manager • Blue Owl offers investors differentiated investment opportunities that aim to Blue Owl’s scale and size deliver strong performance, risk- provide private companies with adjusted returns and capital investment solutions to help
Slide 4: Blue Owl Manages a Market Leading Credit Business
Blue Owl Manages a Market Leading Credit Business BDCs make up more than half of Blue Owl’s Credit platform AUM and diversified lending represents a meaningful segment of that AUM Our Credit Business Today - $158bn AUM Diversified Technology First Lien Opportunistic Alternative Investment Liquid Cre
Slide 5: Scale and Adjacent Credit Strategies Can Drive Origination Opportunities
Blue Owl’s Scale and Adjacent Credit Strategies Can Drive Attractive Origination Opportunities and Significant Deal Flow • Real Assets – Triple Net Lease Broader • Real Assets – Data Centers Blue Owl Platform • GP Strategic Capital • Alternative Credit Adjacent Credit • Liquid Credit • First Lien Le
Slide 6: Why Sponsors and Companies Like To Work With Us
Why Sponsors and Companies Like To Work With Us Our team, scale and approach are competitive advantages in our ability to partner with high-quality sponsors and select the deals we want at the terms we like Why do sponsors like working with Blue Owl? Team Team Team Scale Approach • Deeply experience
Slide 7: Our Investment Philosophy
Our Investment Philosophy Regardless of the industry in which a borrower operates, we underwrite to a set of core attributes which are imperative to, and evidenced by, the strong credit quality of our portfolio • Strong customer retention and pricing power due to relative scale and importance within
Slide 8: OBDC Highlights
OBDC Highlights
Slide 9: Scaled and Senior Secured Focused Portfolio
Scaled and Senior Secured Focused Portfolio $16.5bn 79% $1.0 bn $237mm 89% Portfolio Company Portfolio Company Sponsor-Backed Portfolio Size1 Senior Secured Revenue2 EBITDA2 Investments3 Assets By Type Portfolio Construction • Conservative portfolio with primarily first- Predominantly lien and unitr
Slide 10: 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 234 30 0.4% 42% 1.9x Average Portfolio Interest Coverage Portfolio Companies Portfolio I
Slide 11: Diverse and Flexible Capital Structure
Diverse and Flexible Capital Structure Low-cost flexible funding sources allow us to invest across all market environments Funding Mix (Outstanding Basis) Debt Maturities1 (Committed Basis) $5,775 $1,000 11% $800 $3,623 11% $500 54% $3,975 Unsecured 54% Borrowings $2,298 $1,500 $1,125 24% $950 $1,50
Slide 12: Attractive Total Returns
Attractive Total Returns OBDC has delivered compelling returns since inception, with stable net asset value and strong portfolio fundamentals NAV and Cumulative Dividends Paid Since OBDC Inception $28.06 $13.25 $15.00 $14.81 03/13/16 03/31/16 06/30/16 09/30/16 12/31/16 03/31/17 06/30/17 09/30/17 12/
Slide 13: OBDC is Well-Positioned to Deliver for Investors
OBDC is Well-Positioned to Deliver for Investors The combined company will continue to benefit from the breadth and depth of Blue Owl’s BDC platform Focus on downside OBDC Highlights Market leader in protection through Second largest publicly upper-middle primarily senior traded BDC by total assets
Slide 14: OBDC Financial Highlights
OBDC Financial Highlights
Slide 15: Review of Q4 2025
Review of Q4 2025 • Net asset value per share of $14.81, compared to $14.89 as of 9/30/2025 • Adjusted net investment income per share of $0.361, compared to $0.361 as of 9/30/2025 - GAAP net investment income per share of $0.38 Earnings Summary • Adjusted net income per share of $0.231, compared to
Slide 16: 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) Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Net Investment Income Per Share $0.47 $0.41 $0.42 $0.37 $0.38 Adjusted Net Investment
Slide 17: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge Adjusted NII Per Share1: $0.36 Adjusted Net Realized & Unrealized Gain/(Loss)1: ($0.13) 1 1 Past performance is not a guarantee of future results. See endnotes for additional information and non-GAAP disclosures. Note: Totals may not sum due to rounding. Per share da
Slide 18: Portfolio Highlights - Selected Metrics
Portfolio Highlights - Selected Metrics As of (Dollar amounts in thousands; dollar amounts and percentages at fair December 31, September 30, December 31, March 31, 2025 June 30, 2025 value) 2024 2025 2025 Investments at Fair Value $13,194,545 $17,692,006 $16,868,782 $17,136,548 $16,470,893 Number o
Slide 19: Portfolio Highlights – New Quarterly Portfolio Activity
Portfolio Highlights – New Quarterly Portfolio Activity For Three Months Ended December 31, March 31, 2025 June 30, 2025 September 30, December 31, (Dollar amounts in thousands) 2024 2025 2025 Investment Activity at Par: New Investment Commitments (Net of Sell Downs) $1,679,673 $1,158,874 $1,116,76
Slide 20: Portfolio Highlights – Internal Portfolio Ratings
Portfolio Highlights – Internal Portfolio Ratings As of December 31, 2025, investments on non-accrual as a percentage of the total portfolio were 2.3% and 1.1% at cost and fair value, respectively (Dollar amounts in thousands) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Intern
Slide 21: Endnotes
Endnotes Note: Figures are as of the quarter-ended December 31, 2025 at fair value unless otherwise noted. Past performance is not a guarantee of future results. Page 2: Blue Owl Capital Corporation (NYSE: OBDC) 1. Average of the annual net gain/loss rate since inception (where the annual total net
Slide 22: Endnotes
Endnotes Page 15: Review of Q4 2025 1. Please see non-GAAP disclosures on page 23 and 24 for reconciliations. 2. Annualized quarterly net investment income or net income per share divided by beginning period net asset value per share. 3. Net funded investment activity excludes net drawdown (repaymen
Slide 23: 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 24: 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 2024 2025 December 31, March 31, June 30, September 30, December 3
Slide 25: 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 26: 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
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