Blue Owl Capital Corporation · NYSE:OBDC
Blue Owl Capital — Q4 2024 Earnings Presentation
23 slides from Blue Owl Capital's earnings presentation, Feb 20, 2025
Slide 1: Blue Owl Capital Corporation Quarterly Earnings Presentation
February 19, 2025 Blue Owl Capital Corporation Quarterly Earnings Presentation 1 NYSE: OBDC
Slide 2: Review of Q4 2024
Review of Q4 2024 • Net asset value per share of $15.26, down from $15.28 as of 9/30/2024 • Net investment income per share of $0.47, flat to $0.47 as of 9/30/2024 Earnings Summary • Net income per share of $0.40, up from $0.35 as of 9/30/2024 • Annualized ROE on net investment income and net income
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) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Net Investment Income Per Share $0.51 $0.47 $0.48 $0.47 $0.47 Net Realized a
Slide 5: Portfolio Highlights - Selected Metrics
Portfolio Highlights - Selected Metrics As of December 31, September 30, December 31, (Dollar amounts in thousands) March 31, 2024 June 30, 2024 2023 2024 2024 Investments at Fair Value $12,713,348 $12,414,384 $13,341,982 $13,447,536 $13,194,545 Number of Portfolio Companies 193 198 212 219 227 Aver
Slide 6: Portfolio Highlights – New Quarterly Portfolio Activity
Portfolio Highlights – New Quarterly Portfolio Activity For Three Months Ended (Dollar amounts in thousands) December 31, March 31, 2024 June 30, 2024 September 30, December 31, 2023 2024 2024 Investment Activity at Par: New Investment Commitments (Net of Sell Downs) $1,296,854 $1,202,698 $3,296,79
Slide 7: Portfolio Highlights – Asset Mix
Portfolio Highlights – Asset Mix $13.2bn 227 30 $202mm 11.1% Portfolio Portfolio Portfolio Company Debt Portfolio Portfolio Size20 Companies Industries EBITDA7 Yield8,13 2% Weighted Average Borrower Statistics7: 12% 3% Overall Q3 2024 Q4 2024 2% 5% Revenue $875mm $913mm 81% Senior Secured EBITDA $1
Slide 8: Portfolio Highlights – Diversification
Portfolio Highlights – Diversification Borrower Diversification Industry Diversification Internet software and services 10.5% Associa: 3.9% Wingspire: 3.9% Insurance 7.6% PCF: 2.7% Inovalon: 2.5% Food and beverage 7.3% BOC SLF: 2.2% Winland: 2.1% Healthcare providers and services 6.3% Sonny’s: 1.8%
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 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 based period end shares) Assets Investments at Fair Value $12,713,348 $12,414,384 $13,341,982 $
Slide 10: Quarterly Operating Results Detail
Quarterly Operating Results Detail For the Three Months Ended (Dollar and share amounts in thousands) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 Investment Income Interest From Investments – Interest Income17 $398,851 $383,443 $380,334 $394,214 $370,921 Inte
Slide 11: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge $0.47 ($0.37) $15.28 ($0.05) ($0.08) $15.26 Q3'24 Q3'24 Q4'24 Q4'24 Q4'24 Q4'24 NAV per Share Supplemental Dividend Net Investment Regular Realized & Change in NAV per Share (Paid in Q4'24) Income Dividend Unrealized Gain (Loss) and Other Past performance is not a gu
Slide 12: Portfolio Highlights - Net Interest Margin
Portfolio Highlights - Net Interest Margin 14.0% 12.4% 12.1% 11.9% 12.0% 11.5% 11.1% 10.0% 8.0% 6.7% 6.6% 6.3% 6.2% 5.6% 6.0% 6.0% 5.8% 5.6% 5.8% 5.3% 5.4% 5.3% 5.3% 4.0% 4.6% 4.3% 2.0% 0.0% Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Weighted Average Total Yield of Accruing Debt and Income Producing Securities 1
Slide 13: Portfolio Highlights – Internal Portfolio Ratings
Portfolio Highlights – Internal Portfolio Ratings Non-accrual investments at 12/31/2024 as a percentage of the total portfolio at cost and fair value were 1.9% and 0.4% respectively (Dollar amounts in thousands) Internal Performance March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
Slide 14: Diverse Financing Profile
Diverse Financing Profile Funding Sources Debt Maturities22 ($mm) Principal Principal $6,447 Amount Amount Maturity ($ in millions) Committed Outstanding Interest Rate Date Secured Revolver $2,985 $292 SOFR + 153 – 178 bps29 11/22/202923 SPV Asset Facility $300 $300 SOFR + 275 bps 4/17/2033 CLO I $3
Slide 15: Historical Dividend Yield
Historical Dividend Yield Dividends & Dividend Yield Based on NAV per Share27 $0.45 11.2% 12.0% 11.2% 11.0% 11.0% 10.9% 10.5% 10.7% 10.3% $0.40 9.9% $0.08 $0.05 $0.06 $0.05 $0.05 $0.07 $0.08 10.0% 9.2% $0.06 $0.35 $0.04 9.6% 9.6% 9.7% 9.7% 8.6% 8.3% $0.03 9.1% 8.8% 8.7% 8.7% 8.6% $0.30 8.4% 8.0% $0.
Slide 16: Historical Dividends Declared
Historical Dividends Declared Dividend Per Dividend Per Date Declared Record Date Payment DateDividend Type Date Declared Record Date Payment Date Dividend Type Share Share 2/27/2019 3/31/2019 5/15/2019 Q1'19 Regular Dividend $0.33 8/2/2022 9/30/2022 11/15/2022 Q3’22 Regular Dividend $0.31 6/4/2019
Slide 17: Post-Merger Portfolio Composition - OBDC and OBDE
Post-Merger Portfolio Composition - OBDC and OBDE $ in Millions OBDC OBDE Combined OBDC Total Investments – Fair Value $13,195 $4,223 $17,417 Number of Portfolio Companies 227 189 236 Asset Type % First Lien 76% 85% 78% % Second Lien 5% 5% 5% % Unsecured 2% 2% 2% % Preferred Equity 3% 3% 3% % Common
Slide 18: Post-Merger Portfolio Composition - OBDC and OBDE (Cont’d.)
Post-Merger Portfolio Composition - OBDC and OBDE (Cont’d.) $ in Millions OBDC OBDE Combined OBDC Balance Sheet Total Assets $13,866 $4,485 $18,351 Net Assets $5,953 $1,839 $7,792 Cash $514 $210 $725 Total Debt Outstanding $7,579 $2,503 $10,082 Total Debt Committed $10,271 $3,102 $13,373 Net Leverag
Slide 19: Endnotes
Endnotes Note: Figures are as of the quarter-ended 12/31/2024 unless otherwise noted. Past performance is not a guarantee of future results. 1. Annualized quarterly net investment income or net income divided by beginning period net asset value. 2. Dividend yield based on annualized Q4 2024 regular
Slide 20: 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 21: Important Information
Important Information Past performance is not a guide to future results and is not indicative of expected realized returns. As of December 31, 2024. Pro forma is defined as OBDC and OBDE metrics on a combined basis. The information contained in this presentation should be viewed in conjunction with
Slide 22: Disclosures
Disclosures Forward-Looking Statements Some of the statements in this presentation constitute forward-looking statements because they relate to future events, future performance or financial condition of OBDC or OBDE or the two-step merger (collectively, the “Mergers”) of OBDE with and into OBDC. Th
Slide 23: Disclosures
Disclosures Important Notice; No Offer or Solicitation No representations or warranties, express or implied are given in, or in respect of, this presentation. To the fullest extent permitted by law, in no circumstances will OBDC, OBDE or any of their respective subsidiaries, shareholders, affiliates