Blue Owl Capital Corporation · NYSE:OBDC
Blue Owl Capital — Q3 2023 Earnings Presentation
18 slides from Blue Owl Capital's earnings presentation, Nov 2, 2023
Slide 1: Blue Owl Capital Corporation Quarterly Earnings Presentation
September 30, 2023 Blue Owl Capital Corporation Quarterly Earnings Presentation 1 NYSE: OBDC
Slide 2: Review of Q3 2023
Review of Q3 2023 • Net asset value per share of $15.40, up from $15.26 as of 6/30/23 • Net investment income per share of $0.49, up from $0.48 as of 6/30/23 Earnings Summary • Net income per share of $0.53, up from $0.50 as of 6/30/23 • Annualized ROE on net investment income and net income of 12.7
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 #3 Public Market Player4 Well-Positioned in Current Environment Annualized Current Credit Ratings Market Cap4 Leverage3 Liquidity Dividend Yield2 Prof
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) Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Net Investment Income Per Share $0.37 $0.41 $0.45 $0.48 $0.49 Net Realized an
Slide 5: Portfolio Highlights - Selected Metrics
Portfolio Highlights - Selected Metrics As of and For Three Months Ended Sept. 30, 2022 Dec. 31, 2022 Mar. 31, 2023 Jun. 30, 2023 Sept. 30, 2023 (Dollar amounts in thousands) Investments at Fair Value $12,835,918 $13,010,345 $13,157,251 $12,892,943 $12,896,158 Number of Portfolio Companies 180 184 1
Slide 6: Portfolio Highlights – New Quarterly Portfolio Activity
Portfolio Highlights – New Quarterly Portfolio Activity For Three Months Ended Sept. 30, 2022 Dec. 31, 2022 Mar. 31, 2023 Jun. 30, 2023 Sept. 30, 2023 (Dollar amounts in thousands) Investment Activity at Par: New Investment Commitments (Net of Sell Downs) $427,436 $211,162 $175,114 $182,955 $500,184
Slide 7: Portfolio Highlights – Asset Mix
Portfolio Highlights – Asset Mix $12.9bn 187 29 $196mm 11.8% Portfolio Portfolio Portfolio Company Portfolio Size Portfolio Yield7 Companies Industries EBITDA6 3% Weighted Average Borrower Statistics6: 9% 3% 2% Q3 2022 Q3 2023 Revenue $737mm $876mm 14% 83% Senior Secured EBITDA $159mm $196mm 69% Net
Slide 8: Portfolio Highlights – Diversification
Portfolio Highlights – Diversification Borrower Diversification Industry Diversification Internet software and services 12.7% Wingspire: 3.7% Associa: 3.6% Insurance 9.6% Senior Loan Fund: 2.9% PCF Insurance Services: 2.6% Food and beverage 6.4% Inovalon: 2.2% Troon Golf: 1.8% Asset based lending an
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 based period end shares, except as otherwise noted) September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 Assets Investments at Fair Value $12,835,9
Slide 10: Quarterly Operating Results Detail
Quarterly Operating Results Detail For the Three Months Ended (Dollar and share amounts in thousands) September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 Investment Income Interest From Investments – Interest Income17 $306,331 $346,483 $373,901 $382,532 $392,574 Inte
Slide 11: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge ($0.33) $0.04 $0.49 $15.40 $15.26 ($0.07) 6/30/23 Q2'23 Q3'23 Q3'23 Realized & Change in 9/30/23 NAV per Share Supplemental Dividend Net Investment Regular Unrealized Gain (Loss) NAV per Share (Paid in Q3'23) Income Dividend and Other Past performance is not a guaran
Slide 12: Portfolio Highlights - Net Interest Margin
Portfolio Highlights - Net Interest Margin 14.0% 12.2% 12.3% 12.0% 12.0% 11.5% 10.2% 10.0% 8.0% 6.7% 6.7% 6.7% 6.7% 6.7% 6.0% 5.2% 5.4% 5.6% 4.7% 5.4% 3.9% 5.3% 4.0% 4.9% 4.6% 3.6% 2.0% 0.0% Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Weighted Average Total Yield of Accruing Debt and Income Producing Securities 1
Slide 13: Portfolio Highlights – Internal Portfolio Ratings
Portfolio Highlights – Internal Portfolio Ratings Non-accrual investments at 9/30/23 as a percentage of total debt investments at cost and fair value were 1.1% and 0.9%, respectively. At quarter end 9/30/23, there were 3 portfolio companies on non-accrual. (Dollar amounts in thousands) December 31,
Slide 14: Diverse Access to Financing With Well Laddered Maturities
Diverse Access to Financing With Well Laddered Maturities Aggregate Principal Amount Principal Committed / Amount Maturity Debt Maturities23 ($mm) Outstanding Outstanding Interest Rate Date Secured Revolver $1,795 million $421 million SOFR + 188.1 08/26/27 23 SPV Asset Facility 2 $250 million $140 m
Slide 15: Dividend Summary
Dividend Summary Dividends & Dividend Yield Based on NAV per Share 27 $0.45 12.0% 10.5% 10.7% 10.3% $0.40 9.9% $0.08 10.0% 9.2% $0.06 $0.07 $0.35 8.6% $0.04 8.3% $0.03 8.8% 8.7% 8.7% 8.6% $0.30 8.4% 8.0% $0.25 6.0% $0.20 $0.33 $0.33 $0.33 $0.33 $0.15 $0.31 $0.31 $0.31 4.0% $0.10 2.0% $0.05 $0.00 0.0
Slide 16: Dividend Summary
Dividend Summary Date Record Payment Dividend Per Date Record Payment Dividend Per Declared Date Date Dividend Type Share Declared Date Date Dividend Type Share 02/27/2019 03/31/2019 05/15/2019 Q1'19 Regular Dividend $0.33 08/03/2021 09/30/2021 11/15/2021 Q3’21 Regular Dividend $0.31 06/04/2019 06/1
Slide 17: Endnotes
Endnotes Note: Figures are as of the quarter-ended 9/30/23 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: Important Information
Important Information Unless otherwise noted the Report Date referenced herein is as of 09/30/2023. 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