Tear Sheet FY 2025

‌Tear Sheet | 4Q 2025

Blue Owl

Capital Corporation

Blue Owl Capital Corporation (NYSE: OBDC) is a top three publicly traded business development company1 (BDC) focused on providing direct lending solutions to U.S. upper middle-market companies.

OBDC's Investment Approach

Our approach is to construct a diversified, defensively positioned portfolio that performs across market cycles by leveraging the differentiated sourcing, underwriting and risk management capabilities across Blue Owl's $158 billion Credit platform.

The scale and flexibility of our capital base allows us to capitalize on attractive risk-adjusted return opportunities for our investors and be a preferred solutions provider for our sponsor partners.

PORTFOLIO SNAPSHOT

Top of the capital structure and floating rate oriented with borrower diversification:

79%

senior secured5

96%

floating rate6

234

borrowers

Focus on larger size businesses with consistent cash flow:

$1.0bn

weighted average revenue7

$237mm

1

weighted average EBITDA7

Strong equity cushion and interest coverage with strong sponsor support:

42% 1.9x

net LTV7,8 interest coverage

ratio7

89%

sponsored-backed9

NYSE:

OBDC

DIVERSIFIED PORTFOLIO

$16.5B5

Portfolio size across 234 borrowers

STRONG PERFORMANCE2

7.6%

Last twelve-month

total return

ATTRACTIVE DIVIDEND3

10.0%

Current annualized dividend

yield (on NAV)

AVERAGE ANNUAL NET

GAIN/(LOSS)4

29 bps

‌Well diversified across borrower and industry

DIVERSIFICATION BY BORROW ER DIVERSIFICATION BY INDUSTRY

Internet software and services

11.1%

Healthcare providers and services

9.0%

Asset based lending and fund finance

6.5%

Insurance

6.3%

Healthcare technology

6.3%

Manufacturing

5.3%

Food and beverage

5.0%

Buildings and real estate

4.6%

Healthcare equipment and services

4.4%

Financial services

3.8%

Other (20 Industries)

37.7%

Associa: 3.9%

Wingspire: 3.7%

BOC SLF: 2.5%

Fifth Season: 2.4%

Winland: 2.2%

Sonny's: 1.9%

OB Hospitalist: 1.9%

Recochem: 1.6%

%

Inspira Financial: 1.6

Top 10 positions represent 23% of the portfolio at fair value

Amergin: 1.5%

Track record of strong performance

TOTAL RETURN SINCE INCEPTION 10

+87%

$28.06

STRONG, WELL- COVERED DIVIDENDS

11.0%

10.0%

10.4%

9.9%

10.0%

$0.38 $0.39

$0.02

$0.37 $0.37

$0.37

$0.37

$0.01

$0.42 $15.00

NAV at Inception Q4 2025 NAV Plus Total

Dividends Since Inception

Q4'24 Q1'25 Q2'25 Q3'25 Q4'25

Regular Dividend Supplemental Dividend Dividend Yield (on NAV) 3

2

Blue Owl Capital Corporation

(NYSE: OBDC)

‌Blue Owl's Credit Platform

Blue Owl's Credit platform is one of the largest direct lenders in the United States with over $158 billion in assets under management.

The team is comprised of over 120 investment professionals with significant and diverse experience from some of the world's leading investment firms and financial institutions. Blue Owl's relationship-oriented approach

provides private companies and financial sponsors with sizeable commitments to facilitate transactions and support their growth needs with certainty, speed and transparency throughout the investment process.

By the numbers

$188B

in loans originated since inception across the credit platform

20+

global offices

120+

investment professionals

30+

average years of experience for senior management team

840+

sponsor relationships

805+

deals closed

Blue Owl's Direct Lending Platform loss rates meaningfully

outperform the market

AVERAGE ANNUAL NET GAIN/(LOSS) RATE11

We are lead /

co-lead on

90%

of our transactions

Seek to provide

enhanced downside protection during structuring and risk management process.

8 bps

Blue Owl Capital Corporation

(NYSE: OBDC)

‌Endnotes

Note: Figures are as of the quarter-ended December 31, 2025 unless otherwise noted. Past performance is not indicative of future results. All investments are subject to risk, including the loss of the principal amount invested. This information is being provided for illustrative/informational purposes only and is not indicative of actual client results. Diversification does not guarantee a profit or protect against a loss in a declining financial market.

1. Source: Bloomberg as of 1/31/2026. Based on market capitalization.

2. Unless otherwise indicated, total return is calculated as the change in net asset value ("NAV") per share (assuming dividends and distributions, if any, are

   reinvested in accordance with the Company's dividend reinvestment plan at the latest reported NAV per share), if any, divided by the beginning NAV per share.

3. Dividend yield based on annualized Q4 2025 regular dividend of $0.37 per share payable to shareholders of record as of 12/31/2025 and Q4 2025 net asset value per share of $14.81.

4. Average annual net gain/loss rate is calculated by averaging the 'annual total net realized gain/loss rate' since the fund's inception through 4Q25. 'Annual total net realized gain/loss rate' is defined as the total net realized gain or loss for a given year, divided by the average quarterly investments at amortized cost for that year. Results are calculated at the portfolio level and do not reflect the deduction of management fees, incentive fees, financing costs, or expenses. This metric reflects realized activity only and does not include unrealized gains or losses; it is not a measure of total return.

5. Based on fair value.

6. Based on fair value of debt investments.

7. Borrower financials are derived from the most recently available portfolio company financial statements, typically a quarter in arrears, have not been independently verified by Blue Owl, and may reflect a normalized or adjusted amount. Accordingly, Blue Owl makes no representation or warranty in respect of this information. This represents 92.9% of our total debt portfolio based on fair value as of 12/31/2025 (and 94.4% of our total debt portfolio based on fair value as of 9/30/2025) and excludes certain investments that fall outside of our typical borrower profile.

8. Net LTV" represents the net ratio of "loan to value" for each portfolio company, weighted based on the fair value of OBDC's loan investment. The "attachment point" is the principal amount of debt that is senior to OBDC's loan investment, and that amount plus the principal amount of the loan in which OBDC invested and other equally ranked debt is the "last dollar" amount. "Value" represents an estimate of enterprise value of each portfolio company, a calculation that will vary by portfolio company..

9. Excludes joint ventures (Blue Owl Credit SLF LLC and Blue Owl Cross-Strategy Opportunities LLC) and equity investments in Wingspire, Amergin AssetCo, LSI and Fifth Season.

10. Total return since inception is calculated as the change in quarterly net asset value per share plus total dividends per share divided by net asset value per share at inception.

11. Average annual net gain/loss rate is calculated by averaging the 'annual total net realized gain/loss rate', aggregated across all Blue Owl Direct Lending funds from inception in 2016 through 4Q25. 'Annual total net realized gain/loss rate' is defined as the total net realized gain or loss for a given year, divided by the average quarterly investments at amortized cost for that year. Results are calculated at the portfolio level and do not reflect the deduction of management fees, incentive fees, financing costs, or expenses. This metric reflects realized activity only and does not include unrealized gains or losses; it is not a measure of total return. Annual total net gain/loss rates by BDC are as follows, with private funds not publicly reporting: OBDC (-0.29%), OBDC II (-0.27%), OCIC (-0.14%), OTF (0.23%), and OTIC (0.03%).

12. Amounts round to less than $1 million and per share amounts round to less than $0.01.

    PROPRIETARY AND CONFIDENTIAL 4

    ‌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 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.

    • "Adjusted Total Investment Income" and "Adjusted Total Investment Income Per Share": represents total investment income excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the Merger.

    • "Adjusted Net Investment Income" and "Adjusted Net Investment Income Per Share": represents net investment income, excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the Merger.

    • "Adjusted Net Realized and Unrealized Gains (Losses)" and "Adjusted Net Realized and Unrealized Gains (Losses) Per Share": represents net realized and unrealized gains (losses) excluding any net realized and unrealized gains (losses) resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the Merger.

    • "Adjusted Net Increase (Decrease) in Net Assets Resulting from Operations" and "Adjusted Net Increase (Decrease) in Net Assets Resulting from

Operations Per Share": represents the sum of (i) Adjusted Net Investment Income and (ii) Adjusted Net Realized and Unrealized Gains (Losses).

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).

PROPRIETARY AND CONFIDENTIAL 5

‌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:

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, or net income) to adjusted net increase (decrease) in net assets resulting from operations (or adjusted net income) for the periods presented:

Note: Numbers may not sum due to rounding.

PROPRIETARY AND CONFIDENTIAL 6

‌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-K. The information contained herein may not be used, reproduced or distributed to others, in whole or in part, for any other purpose without the prior written consent of the Company.

This presentation contains proprietary information regarding Blue Owl Capital Inc. ("Blue Owl"), its affiliates and investment program, funds sponsored by Blue Owl, including the Credit Funds, the GP Strategic Capital Funds and the Real Assets (collectively the "Blue Owl Funds") as well as investment held by the Blue Owl Funds. This presentation and the information contained in this presentation may not be reproduced or distributed to persons other than the recipient or its advisors.

This investor presentation may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "project," "target," "estimate," "intend," "continue," or "believe" or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. These statements represent the Company's belief regarding certain future events that, by their nature, are uncertain and outside of the Company's control. Any forward-looking statement made by us in this presentation speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ, possibly materially from our expectations, include, but are not limited to, the risks, uncertainties and other factors we identify in the sections entitled "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements" in filings we make with the Securities and Exchange Commission, and it is not possible for us to predict or identify all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

The views expressed and, except as otherwise indicated, the information provided are as of the Report Date and are subject to change, update, revision, verification, and amendment, materially or otherwise, without notice, as market or other conditions change. Since these conditions can change frequently, there can be no assurance that the trends described herein will continue or that any forecasts are accurate.

This presentation contains information from third party sources which Blue Owl has not verified. No representation or warranty, express or implied, is given by or on behalf of the Blue Owl Entities as to the accuracy, fairness, correctness or completeness of the information or opinions contained in this presentation and no liability whatsoever (in negligence or otherwise) is accepted by the Blue Owl Entities for any loss howsoever arising, directly or indirectly, from any use of this presentation or its contents, or otherwise arising in connection therewith.

Performance Information: Where performance returns have been included in this presentation, Blue Owl has included herein important information relating to the calculation of these returns as well as other pertinent performance related definitions.

All investments are subject to risk, including the loss of the principal amount invested. These risks may include limited operating history, uncertain distributions, inconsistent valuation of the portfolio, changing interest rates, leveraging of assets, reliance on the investment advisor, potential conflicts of interest, payment of substantial fees to the investment advisor and the dealer manager, potential illiquidity, and liquidation at more or less than the original amount invested. Diversification will not guarantee profitability or protection against loss. Performance may be volatile, and the NAV may fluctuate.

This material is for informational purposes only and is not an offer or a solicitation to sell or subscribe for any fund and does not constitute investment, legal, regulatory, business, tax, financial, accounting, or other advice or a recommendation regarding any securities of Blue Owl, of any fund or vehicle managed by Blue Owl, or of any other issuer of securities. Only a definitive offering document (i.e.: Prospectus or Private Placement Memorandum) can make such an offer. Neither the Securities and Exchange Commission, the Attorney General of the State of New York nor any state securities commission has approved or disapproved of these securities or determined if the Prospectus or Private Placement Memorandum is truthful or complete. Any representation to the contrary is a criminal offense. Within the United States and Canada, securities are offered through Blue Owl Securities LLC, member of FINRA/SIPC, as Dealer Manager.

Copyright© Blue Owl Capital Inc. 2026. All rights reserved. This investor presentation is proprietary and may not be reproduced, transferred, or distributed in any form without prior written permission from Blue Owl. It is delivered on an "as is" basis without warranty or liability by accepting the information, you agree to abide by all applicable copyright and other laws, as well as any additional copyright notices or restrictions contained in the information.

PROPRIETARY AND CONFIDENTIAL 7