Blue Owl Capital Corporation

Latest Results (02.04.2026):

Blue Owl Capital Corporation (OBDC) reported results for the fourth quarter of 2025. GAAP net investment income per share was $0.38 (adjusted NII per share $0.36), dividends declared for Q4 were $0.37 per share and NAV per share was $14.81 as of December 31, 2025 (down from $14.89 on September 30, 2025), with credit-related markdowns partially offset by accretive share repurchases.

Earnings

Q4 2025 GAAP net investment income (NII) per share: $0.38; adjusted NII per share: $0.36 (consistent with prior quarter). Total investment income for the quarter was $447.8 million, slightly down from $453.1 million quarter-over-quarter, primarily due to lower base rates on floating-rate assets.

Dividend

The Board declared a regular dividend of $0.37 per share for Q4 2025 and also declared a $0.37 regular dividend for Q1 2026 (record March 31, payable on or before April 15, 2026), implying an annualized Q4 dividend yield of about 10.0% based on Q4 NAV.

NAV and Share Repurchases

NAV per share was $14.81 at 12/31/2025 (versus $14.89 at 9/30/2025). OBDC repurchased about $148 million of common stock in Q4 at ~86% price-to-book (largest quarterly repurchase in its history). The Board approved a new $300 million repurchase authorization replacing the prior $200 million program.

Portfolio Credit Quality

Investments on non-accrual were 2.3% of the portfolio at cost and 1.1% at fair value (versus 2.7% and 1.3% at 9/30/2025), with NAV decline driven primarily by credit-related markdowns on a small number of names.

Investment Activity and Asset Sale

Q4 new investment commitments totaled $684 million (vs. $1.3 billion in Q3); sales and repayments were $1.4 billion (vs. $797 million in Q3). OBDC and affiliated BDCs agreed to sell $1.4 billion of direct lending investments to institutional investors, including $400 million from OBDC, at fair value (~99.8% of par as of 2/12/2026), spanning 74 portfolio companies.

Balance Sheet, Liquidity & Leverage

Total investments at fair value: $16.47 billion. Total debt outstanding (net) $9.30 billion; net assets $7.397 billion. Net debt-to-equity was 1.19x (vs. 1.22x at 9/30/2025). Cash and restricted cash totaled $569 million, with ~$3.6 billion of undrawn committed capacity on credit facilities; the company was in compliance with covenants.

Ratings and Funding Mix

In January 2026 Moody's upgraded OBDC to Baa2, citing credit profile and liability management. Funding mix as of 12/31/2025 was ~46.5% secured and 53.5% unsecured borrowings on an outstanding basis, including $5.0 billion of unsecured notes.

Portfolio Yield & Composition

Weighted average total yield of accruing debt and income-producing securities at fair value was 10.0% (10.1% at cost). The portfolio consisted of 234 companies across 30 industries; ~96.4% of debt investments are floating-rate and ~79.3% are senior secured, with first-lien senior secured debt representing ~73.1% of portfolio fair value.