Blue Owl Capital Corporation Announces June 30, 2025 Financial Results

About this update from Blue Owl Capital Corporation

NEW YORK , Aug. 6, 2025 /PRNewswire/ -- Blue Owl Capital Corporation (NYSE: OBDC) ("OBDC" or the "Company") today announced financial results for its second quarter ended June 30, 2025 . SECOND QUARTER 2025 HIGHLIGHTS "OBDC delivered another quarter of solid earnings and generated a 10.6% annualized return on adjusted net investment income," said Craig W. Packer , Chief Executive Officer. "The fundamental performance of the portfolio remains strong, driving our earnings power and positioning OBDC to generate attractive risk-adjusted returns across any economic environment." Dividend Declarations The Board declared a third quarter 2025 regular dividend of $0.37 per share for stockholders of record as of September 30, 2025 , payable on or before October 15, 2025 . The Board also declared a second quarter 2025 supplemental dividend of $0.02 per share, related to the Company's second quarter 2025 earnings, for stockholders of record as of August 29, 2025 , payable on or before September 15, 2025 .   PORTFOLIO COMPOSITION As of June 30, 2025 , the Company had investments in 233 portfolio companies across 30 industries, with an aggregate portfolio size of $16.9 billion at fair value and an average investment size of $72.4 million at fair value.   PORTFOLIO AND INVESTMENT ACTIVITY For the three months ended June 30, 2025 , new investment commitments totaled $1.1 billion across 6 new portfolio companies and 19 existing portfolio companies. For the three months ended March 31, 2025 , new investment commitments were $1.2 billion (1) across 12 new portfolio companies and 22 existing portfolio companies. For the three months ended June 30, 2025 , the principal amount of new investments funded totaled $906 million and aggregate principal amount of sales and repayments totaled $1.9 billion . For the three months ended March 31, 2025 , the principal amount of new investments funded was $913 million (1) and aggregate principal amount of sales and repayments was $1.1 billion .   RESULTS OF OPERATIONS FOR THE SECOND QUARTER ENDED JUNE 30, 2025 Investment Income Investment income increased to $485.8 million for the three months ended June 30, 2025 from $464.6 million for the three months ended March 31, 2025 , primarily due to an increase in prepayment related income and accelerated amortization of upfront fees from unscheduled paydowns, which are non-recurring in nature. Income associated with unscheduled paydowns increased to $32.1 million for the three months ended June 30, 2025 from $8.2 million for the same period in prior quarter due to an elevated level of repayment related activity. The Company expects that investment income will vary based on a variety of factors including the pace of originations and repayments. Expenses Total operating expenses increased to $266.8 million for the three months ended June 30, 2025 from $259.6 million for the three months ended March 31, 2025 , primarily due to an increase in interest expense, management fees and incentive fees resulting from the Merger. As a percentage of total assets, professional fees, directors' fees and other general and administrative expenses remained relatively consistent period-over-period. Liquidity and Capital Resources As of June 30, 2025 , the Company had $360.2 million in cash and restricted cash, $9.3 billion in total principal value of debt outstanding, including $3.7 billion of undrawn capacity (1) on the Company's credit facilities and $5.5 billion of unsecured notes. The funding mix was composed of 41% secured and 59% unsecured borrowings as of June 30, 2025 on an outstanding basis. The Company was in compliance with all financial covenants under its credit facilities as of June 30, 2025 . The Company has analyzed cash and cash equivalents, availability under its credit facilities, the ability to rotate out of certain assets and amounts of unfunded commitments that could be drawn and believes its liquidity and capital resources are sufficient to take advantage of market opportunities. CONFERENCE CALL AND WEBCAST INFORMATION Conference Call Information: The conference call will be broadcast live on August 7, 2025 at 10:00 a.m. Eastern Time on the News & Events section of OBDC's website at www.blueowlcapitalcorporation.com . Please visit the website to test your connection before the webcast. Participants are also invited to access the conference call by dialing one of the following numbers: All callers will need to reference "Blue Owl Capital Corporation" once connected with the operator. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected. Replay Information: An archived replay will be available for 14 days via a webcast link located on the News & Events section of OBDC's website, and via the dial-in numbers listed below: ABOUT BLUE OWL CAPITAL CORPORATION Blue Owl Capital Corporation (NYSE: OBDC) is a specialty finance company focused on lending to U.S. middle-market companies. As of June 30, 2025 , OBDC had investments in 233 portfolio companies with an aggregate fair value of $16.9 billion . OBDC has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. OBDC is externally managed by Blue Owl Credit Advisors LLC, an SEC-registered investment adviser that is an indirect affiliate of Blue Owl Capital Inc. ("Blue Owl") (NYSE: OWL) and part of Blue Owl's Credit platform. Certain information contained herein may constitute "forward-looking statements" that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about OBDC, its current and prospective portfolio investments, its industry, its beliefs and opinions, and its assumptions. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "outlook," "potential," "predicts" and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond OBDC's control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors identified in OBDC's filings with the SEC. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date on which OBDC makes them. OBDC does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. INVESTOR CONTACTS Investor Contact: BDC Investor Relations Michael Mosticchio [email protected] Media Contact: Prosek Partners Josh Clarkson [email protected]       NON-GAAP FINANCIAL MEASURES 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 internally analyze and assess financial results and performance. These measures are also considered useful by management as an additional resource for investors to evaluate the Company's ongoing results and trends, as well as its performance, excluding non-cash income or gains related to the Merger. The presentation of non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation. The Merger was accounted for as an asset acquisition in accordance with the asset acquisition method of accounting as detailed in ASC 805-50, Business Combinations—Related Issues ("ASC 805"). The consideration paid to the stockholders of OBDE was allocated to the individual assets acquired and liabilities assumed based on the relative fair values of the net identifiable assets acquired other than "non-qualifying" assets, which established a new cost basis for the acquired investments under ASC 805 that, in aggregate, was different than the historical cost basis of the acquired investments prior to the Merger. Additionally, immediately following the completion of the Merger, the acquired investments were marked to their respective fair values under ASC 820, Fair Value Measurements, which resulted in unrealized appreciation/depreciation. The new cost basis established by ASC 805 on debt investments acquired will accrete/amortize over the life of each respective debt investment through interest income, with a corresponding adjustment recorded to unrealized appreciation/depreciation on such investment acquired through its ultimate disposition. The new cost basis established by ASC 805 on equity investments acquired will not accrete/amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, the Company will recognize a realized gain/loss with a corresponding reversal of the unrealized appreciation/depreciation on disposition of such equity investments acquired. The Company's management uses the non-GAAP financial measures described above internally to analyze and evaluate financial results and performance and to compare its financial results with those of other business development companies that have not adjusted the cost basis of certain investments pursuant to ASC 805. The Company's management believes "Adjusted Total Investment Income", "Adjusted Total Investment Income Per Share", "Adjusted Net Investment Income" and "Adjusted Net Investment Income Per Share" are useful to investors as an additional tool to evaluate ongoing results and trends for the Company without giving effect to the income resulting from the new cost basis of the investments acquired in the Merger because these amounts do not impact the fees payable to Blue Owl Credit Advisors LLC (the "Adviser") under the fourth amended and restated investment advisory agreement (the "Investment Advisory Agreement") between the Company and the Adviser, and specifically as its relates to "Adjusted Net Investment Income" and "Adjusted Net Investment Income Per Share". In addition, the Company's management believes that "Adjusted Net Realized and Unrealized Gains (Losses)", "Adjusted Net Realized and Unrealized Gains (Losses) Per Share", "Adjusted Net Increase (Decrease) in Net Assets Resulting from Operations" and "Adjusted Net Increase (Decrease) in Net Assets Resulting from Operations Per Share" are useful to investors as they exclude the non-cash income and gain/loss resulting from the Merger and are used by management to evaluate the economic earnings of its investment portfolio. Moreover, these metrics more closely align the Company's key financial measures with the calculation of incentive fees payable to the Adviser under the Investment Advisory Agreement (i.e., excluding amounts resulting solely from the lower cost basis of the acquired investments established by ASC 805 that would have been to the benefit of the Adviser absent such exclusion). 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: The following table provides a reconciliation of net investment income (the most comparable U.S. GAAP measure) to adjusted net investment income for the periods presented: The following table provides a reconciliation of net realized and unrealized gains (losses) (the most comparable U.S. GAAP measure) to adjusted net realized and unrealized gains (losses) for the periods presented: The following table provides a reconciliation of net increase (decrease) in net assets resulting from operations (the most comparable U.S. GAAP measure) to adjusted net increase (decrease) in net assets resulting from operations for the periods presented:   View original content: https://www.prnewswire.com/news-releases/blue-owl-capital-corporation-announces-june-30-2025-financial-results-302523624.html SOURCE Blue Owl Capital Corporation

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