Blue Owl Capital Corporation · NYSE:OBDC
Blue Owl Capital — Q1 2026 Earnings Presentation
21 slides from Blue Owl Capital's earnings presentation, May 7, 2026
Slide 1: Blue Owl Capital Corporation Quarterly Earnings Presentation
March 31, 2026 Blue Owl Capital Corporation Quarterly Earnings Presentation Proprietary and Confidential 1 NYSE: OBDC
Slide 2: Review of Q1'26
Review of Q1'26 • 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 widen
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 Top 3 Public Market Player7 Well-Positioned in Current Environment Annualized Current Credit Ratings Market Cap7 Leverage5 Liquidity4 Dividend Yield6
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) Q1'25 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 I
Slide 5: 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 6: 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 $6
Slide 7: Portfolio Highlights - Asset Mix
Portfolio Highlights - Asset Mix $15.3bn 230 30 $239mm 10.0% Portfolio Portfolio Portfolio Company Debt Portfolio Portfolio Size9 Companies Industries EBITDA10 Yield11 3% 9% Weighted Average Borrower Statistics10: 4% 4% 2% Overall Q4'25 Q1'26 1% 78% Senior 5% Secured Revenue $1.0bn $1.0bn EBITDA $23
Slide 8: Portfolio Highlights - Diversification
Portfolio Highlights - Diversification Borrower Diversification Industry Diversification Associa, 4.1% Internet software and 10.3% Wingspire, 4.0% services Blue Owl Credit SLF, 2.5% Healthcare providers and Winland Foods, 2.2% 9.1% services Fifth Season, 2.0% Asset based lending and Sonny's, 2.0% 7.
Slide 9: Quarterly Statements of Financial Condition
Quarterly Statements of Financial Condition As of (Dollar amounts in thousands, except per share data; per September 30, December 31, March 31, 2025 June 30, 2025 March 31, 2026 share data is based period end shares) 2025 2025 Assets Investments at Fair Value $17,692,006 $16,868,782 $17,136,548 $16,
Slide 10: Quarterly Operating Results Detail
Quarterly Operating Results Detail For the Three Months Ended September 30, December 31, March 31, 2025 June 30, 2025 March 31, 2026 (Dollar and share amounts in thousands) 2025 2025 Investment Income Interest From Investments – Interest and Dividend Income20 $450,781 $448,401 $437,883 $426,796 $385
Slide 11: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge $0.32 ($0.01) $14.81 $0.02 ($0.37) Adjusted NII Per Share1: $0.31 $0.01 $14.41 ($0.37) Adjusted Net Realized & Unrealized Gain/(Loss)1: ($0.36) Q4'25 NAV Per Q1'26 Net Q1'26 Reversal of Q1'26 Base Dividend Q1'26 Per Share Q1'26 Realized & Q1'26 Reversal of Q1'26 NAV
Slide 12: Portfolio Highlights - Net Interest Margin
Portfolio Highlights - Net Interest Margin 14% 12% 10.7% 10.6% 10.3% 10.0% 10.0% 10% 8% 5.9% 5.9% 5.7% 6% 5.7% 5.6% 5.8% 5.6% 5.5% 5.6% 5.2% 4% 4.3% 4.3% 4.0% 3.7% 3.7% 2% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Weighted Average Total Yield of Accruing Debt and Income Producing Securities11 Weighted Average S
Slide 13: Portfolio Highlights - Internal Ratings
Portfolio Highlights - Internal Ratings As of March 31, 2026, investments on non-accrual as a percentage of the total portfolio were 2.0% and 1.0% at cost and fair value, respectively (Dollar amounts in thousands) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Internal Performance
Slide 14: Diverse Financing Profile
Diverse Financing Profile Funding Sources Principal Principal Debt Maturities24 ($mm) Amount Amount Based on Committed Debt Committed Outstanding Interest Rate Maturity Date $5,775 Revolving Credit Facility $4,025 million $516 million S + 1.53%-2.00%25 11/22/202926 SPV Asset Facility II $300 million
Slide 15: Historic Dividend Yield
Historic Dividend Yield Dividends & Dividend Yield Based on NAV per Share31 11.2% 11.2% 10.9% 11.0% 11.0% 10.7% 10.5% 10.4% 10.3% $0.06 10.3% $0.05 $0.05 $0.05 10.0% 9.9% 10.0% $0.08 $0.01 $0.02 $0.07 $0.08 $0.06 $0.37 $0.37 $0.37 $0.37 $0.37 $0.37 $0.37 $0.37 $0.37 $0.35 $0.33 $0.33 $0.33 Q1'23 Q2'
Slide 16: Historic Dividends Declared
Historic Dividends Declared Declaration Payment Dividend Declaration Record Payment Dividend Date Record Date Date Dividend Type Per Share Date Date Date Dividend Type Per Share 5/5/2020 6/30/2020 8/14/2020 Q2'20 Base Dividend $0.31 8/8/2023 9/29/2023 10/13/2023 Q3'23 Base Dividend $0.33 5/28/2019 6
Slide 17: Endnotes
Endnotes Note: Figures are as of the quarter-ended March 31, 2026 unless otherwise noted. Past performance is not a guarantee of future results. Totals may not sum due to rounding. 1. Please see non-GAAP disclosures on pages 19 and 20 for reconciliations. 2. Annualized quarterly net investment incom
Slide 18: Endnotes (Cont'd.)
Endnotes (Cont'd.) 27. Interest rates represent the weighted average spread over 3-month or 6-month SOFR for the various floating rate tranches of issued notes within each CLO, excluding tranches retained by the company in each respective CLO. The weighted average interest rate for each CLO excludes
Slide 19: Non-GAAP Disclosures
Non-GAAP Disclosures On a supplemental basis, the Company is disclosing certain adjusted financial measures, each of which is calculated and presented on a basis of methodology other than in accordance with GAAP (“non-GAAP”). The Company's management utilizes these non-GAAP financial measures to int
Slide 20: Non-GAAP Reconciliation Tables
Non-GAAP Reconciliation Tables The following table provides a reconciliation of total investment income (the most comparable U.S. GAAP measure) to adjusted total investment income for the periods presented: For the Three Months Ended 2025 2026 March 31 June 30 September 30 December 31 March 31 ($ in
Slide 21: Important Information
Important Information 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-