Blue Owl Capital Corporation (OBDC)

Blue Owl Capital Corporation Announces March 31, 2026 Financial ResultsMay 6, 2026 4:15 PM
PR Newswire (US) NEW YORK, May 6, 2026 /PRNewswire/ -- Blue Owl Capital Corporation (NYSE: OBDC) ("OBDC" or the "Company") today announced financial results for its first quarter ended  March 31, 2026.FIRST QUARTER 2026 HIGHLIGHTSFirst quarter GAAP net investment income ("NII") per share of $0.32First quarter adjusted NII per share(1) of $0.31, as compared with the prior quarter of $0.36Net asset value per share of $14.41, as compared with $14.81 as of December 31, 2025, primarily reflecting the impact of credit spread widening on the portfolioNew investment commitments for the first quarter were $676 million and sales and repayments were $1.5 billion, as compared with $684 million of new investment commitments and $1.4 billion of sales and repayments for the three months ended December 31, 2025Investments on non-accrual represented 2.0% and 1.0% of the portfolio at cost and fair value, respectively, as compared with 2.3% and 1.1% as of December 31, 2025In January, Moody's upgraded OBDC to Baa2 given their view on OBDC's credit profile and liability management"OBDC's credit performance remains strong, with no new non-accruals and steady borrower performance," said Craig W. Packer, Chief Executive Officer. "While the quarter reflected a more challenging earnings environment driven by lower base rates and tighter spreads, our portfolio is delivering solid performance, and our balance sheet is strong. With healthy repayments, lower leverage and approximately $4 billion of available liquidity, we have the flexibility to capitalize on an increasingly attractive deployment environment at wider spreads."Stock Repurchases
On February 17, 2026, the Board of Directors (the "Board") approved a $300 million stock repurchase program, for which purchases may be made at management's discretion from time to time in open market transactions, replacing the prior $200 million authorization. As of March 31, 2026, the Company repurchased approximately $35 million of OBDC common stock, accretive to net asset value per share in the first quarter.Dividend Declaration
The Board declared a second quarter 2026 base dividend of $0.31 per share for stockholders of record as of June 30, 2026, payable on or before July 15, 2026, reflecting the Board's decision to adjust the Company's base dividend given the current operating environment and to align with the portfolio's go-forward earnings power following an extended period of declining base rates and spread compression. The supplemental dividend framework remains in place.______________________(1) See Non-GAAP Financial Measures for a description of the non-GAAP measures and the reconciliations from the most comparable GAAP financial measures to the Company's non-GAAP measures, including on a per share basis. 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 between the Company and Blue Owl Capital Corp. III ("OBDE") (such merger, the "OBDE Merger"), which closed on January 13, 2025. 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.
SELECT FINANCIAL HIGHLIGHTS

As of and for the Three Months Ended($ in thousands, except per share amounts)March 31, 2026
December 31,
2025
March 31, 2025GAAP results:




Net investment income per share$               0.32
$               0.38
$                 0.41Net realized and unrealized gains (losses) per share$              (0.37)
$              (0.14)
$                 0.08Net increase (decrease) in net assets resulting from operations per share$              (0.05)
$               0.23
$                 0.49





Non-GAAP financial measures(1):




Adjusted net investment income per share$               0.31
$               0.36
$                 0.39Adjusted net realized and unrealized gains (losses) per share$              (0.36)
$              (0.13)
$                (0.07)Adjusted net increase (decrease) in net assets resulting from operations per share$              (0.05)
$               0.23
$                 0.32





Base dividend declared per share$                0.37
$               0.37
$                 0.37Supplemental dividend declared per share$                   —
$                   —
$                 0.01





Total investments at fair value$     15,344,201
$     16,470,893
$      17,692,006Total debt outstanding (net of unamortized debt issuance costs)$       8,454,559
$       9,300,076
$      10,160,729Net assets$       7,154,000
$       7,397,279
$        7,739,089Net asset value per share$              14.41
$              14.81
$               15.14Net debt-to-equity1.13x
1.19x
1.26x______________________(1) See Non-GAAP Financial Measures for a description of the non-GAAP measures and the reconciliations from the most comparable GAAP financial measures to the Company's non-GAAP measures, including on a per share basis. 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 OBDE 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.PORTFOLIO COMPOSITION As of March 31, 2026, the Company had investments in 230 portfolio companies across 30 industries, with an aggregate portfolio size of $15.3 billion at fair value and an average investment size of $66.7 million at fair value.
March 31, 2026
December 31, 2025($ in thousands)Fair Value% of Total
Fair Value% of TotalPortfolio composition:




First-lien senior secured debt investments1$     11,035,40372.1 %
$  12,048,93473.1 %Second-lien senior secured debt investments                                        773,3575.0 %
848,5755.2 %Unsecured debt investments 369,3742.4 %
399,9622.4 %Specialty finance debt investments159,5981.0 %
157,2971.0 %Preferred equity investments536,8533.5 %
568,9773.5 %Common equity investments665,7464.3 %
644,3043.9 %Specialty finance equity1,414,9879.2 %
1,386,7398.4 %Joint ventures388,8832.5 %
416,1052.5 %Total investments$     15,344,201100.0 %
$  16,470,893100.0 %______________________(1) The Company considers 51% and 50% of first-lien senior secured debt investments to be unitranche loans as of March 31, 2026 and December 31, 2025, respectively.

March 31, 2026
December 31, 2025Number of portfolio companies230
234Percentage of debt investments at floating rates96.1 %
96.4 %Percentage of senior secured debt investments78.1 %
79.3 %Weighted average spread over base rate of all floating rate debt investments5.6 %
5.7 %Weighted average total yield of accruing debt and income-producing securities at fair value10.0 %
10.0 %Weighted average total yield of accruing debt and income-producing securities at cost10.0 %
10.1 %Percentage of investments on non-accrual of the portfolio at fair value1.0 %
1.1 %PORTFOLIO AND INVESTMENT ACTIVITYFor the three months ended March 31, 2026, new investment commitments totaled $676 million across 7 new portfolio companies and 16 existing portfolio companies. For the three months ended December 31, 2025, new investment commitments were $684 million across 12 new portfolio companies and 17 existing portfolio companies.For the three months ended March 31, 2026, the principal amount funded totaled $430 million and aggregate principal amount of sales and repayments totaled $1.5 billion. For the three months ended December 31, 2025, the principal amount of new investments funded was $521 million and aggregate principal amount of sales and repayments was $1.4 billion.

For the Three Months Ended March 31,($ in thousands)
2026
2025New investment commitments:



Gross originations
$             682,018
$          1,162,632Less: Sell downs
(5,640)
(3,758)Total new investment commitments
$             676,378
$          1,158,874Principal amount of new investments funded:



First-lien senior secured debt investments
$             277,315
$             672,387Unsecured debt investments
—
55,808Specialty finance debt investments
—
15,780Preferred equity investments
976
45,329Common equity investments
10,936
7,986Specialty finance equity investments
135,219
30,151Joint venture investments
5,736
85,418Total principal amount of new investments funded
$             430,182
$             912,859




Drawdowns (repayments) on revolvers and delayed draw term loans, net
$               94,565
$             179,113




Principal amount of investments sold or repaid:



First-lien senior secured debt investments(1)
$         (1,283,682)
$            (768,128)Second-lien senior secured debt investments
(16,725)
(185,478)Unsecured debt investments
(39,867)
(62,343)Preferred equity investments
(30,260)
(10,376)Common equity investments
(1,488)
(652)Specialty finance equity investments
(105,369)
(51,469)Total principal amount of investments sold or repaid
$         (1,477,391)
$         (1,078,446)




Number of new investment commitments in new portfolio companies(2)
7
12Average new investment commitment amount in new portfolio companies
54,575
43,509Weighted average term for new investment commitments (in years)
6.8
6.0Percentage of new debt investment commitments at   floating rates
100.0 %
100.0 %Percentage of new debt investment commitments at   fixed rates
— %
— %Weighted average interest rate of new investment commitments(3)
8.7 %
9.5 %Weighted average spread over applicable base rate of new debt investment
    commitments at floating rates
5.1 %
5.2 %_____________________  (1)Includes scheduled paydowns.(2)Number of new investment commitments represents commitments to a particular portfolio company.(3)Assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 3.68% and 4.29% as of March 31, 2026 and 2025, respectively.RESULTS OF OPERATIONS FOR THE FIRST QUARTER ENDED MARCH 31, 2026 Investment Income
Investment income decreased to $397 million for the three months ended March 31, 2026 from $448 million for the three months ended December 31, 2025, primarily driven by the impact of lower base rates on floating-rate assets and a reduction in the Company's portfolio size from net repayments of approximately $1 billion. Income associated with unscheduled paydowns decreased to $7.8 million for the three months ended March 31, 2026 from $16.0 million for the same period in prior quarter due to a lower level of unscheduled repayment activity. The Company expects that investment income will vary based on a variety of factors including the pace of originations and repayments.Expenses
Total expenses decreased to $235 million for the three months ended March 31, 2026 from $253 million for the three months ended December 31, 2025, primarily driven by decreases in interest expense and performance based incentive fees. Interest expense decreased due to a decrease in daily average borrowings from $9.8 billion to $9.3 billion, as well as a decrease in the average interest rate from 5.6% to 5.2% quarter-over-quarter. 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 March 31, 2026, the Company had $455 million in cash and restricted cash, $8.5 billion in total principal value of debt outstanding, including $3.6 billion of undrawn capacity(1) on the Company's credit facilities and $4.5 billion of unsecured notes. The funding mix was composed of 47.0% secured and 53.0% unsecured borrowings as of March 31, 2026 on an outstanding basis. The Company was in compliance with all financial covenants under its credit facilities as of March 31, 2026. 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 INFORMATIONConference Call Information:
The conference call will be broadcast live on May 7, 2026 at 10:00 a.m. Eastern Time on the News & Events section of OBDC's website at www.blueowlcapitalcorporation.com. To pre-register for the call, please use the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=VvSmOSPV. 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:Domestic: (877) 737-7048International: +1 (201) 689-8523All 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:Domestic: (877) 660-6853International: +1 (201) 612-7415Access Code: 13759511_____________________(1) Reflects undrawn debt which is based on committed debt less debt outstanding as of March 31, 2026, and may not reflect the amount currently available due to borrowing base restrictions.ABOUT BLUE OWL CAPITAL CORPORATIONBlue Owl Capital Corporation (NYSE: OBDC) is a specialty finance company focused on lending to U.S. middle-market companies. As of March 31, 2026, OBDC had investments in 230 portfolio companies with an aggregate fair value of $15.3 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 CONTACTSInvestor Contact:
BDC Investor Relations
Michael Mosticchio
credit-ir@blueowl.com Media Contact:
media@blueowl.com FINANCIAL HIGHLIGHTS

For the Three Months Ended($ in thousands, except per share amounts)March 31, 2026
December 31,
2025
March 31, 2025Investments at fair value$     15,344,201
$     16,470,893
$     17,692,006Total assets$     16,018,541
$     17,186,365
$     18,375,681Net asset value per share$              14.41
$              14.81
$              15.14





GAAP results:




Total investment income$          396,774
$          447,750
$          464,646Net investment income$          159,170
$          192,260
$          201,302Net increase (decrease) in net assets resulting from operations$           (24,382)
$          119,085
$          242,635





GAAP per share results:




Net investment income $                0.32
$                0.38
$                0.41Net realized and unrealized gains (losses) $               (0.37)
$               (0.14)
$                0.08Net increase (decrease) in net assets resulting from operations(1)$               (0.05)
$                0.23
$                0.49





Non-GAAP financial measures(2):




Adjusted total investment income$          390,564
$          439,500
$          456,816Adjusted net investment income$          152,960
$          184,010
$          193,472Adjusted net increase (decrease) in net assets resulting from operations$           (24,382)
$          119,086
$          159,713





Non-GAAP per share financial measures(2):




Adjusted net investment income$                0.31
$                0.36
$                0.39Adjusted net realized and unrealized gains (losses)$               (0.36)
$               (0.13)
$               (0.07)Adjusted net increase (decrease) in net assets resulting from operations(1)$               (0.05)
$                0.23
$                0.32





Base dividend declared per share$                0.37
$                0.37
$                0.37Supplemental dividend declared per share$                   —
$                   —
$                0.01





Weighted average yield of accruing debt and income producing securities at fair value10.0 %
10.0 %
10.7 %Weighted average yield of accruing debt and income producing securities at amortized cost10.0 %
10.1 %
10.8 %Percentage of debt investments at floating rates96.1 %
96.4 %
96.5 %______________________(1) Totals may not sum due to rounding. (2) See Non-GAAP Financial Measures for a description of the non-GAAP measures and the reconciliations from the most comparable GAAP financial measures to the Company's non-GAAP measures, including on a per share basis. 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 OBDE 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. CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES(Amounts in thousands, except share and per share amounts)


As of March 31, 2026
(Unaudited)
As of December 31,
2025Assets



Investments at fair value:



Non-controlled, non-affiliated investments (amortized cost of $13,091,070
     and $14,060,097, respectively)
$          12,850,691
$          13,995,055Non-controlled, affiliated investments (amortized cost of $188,128 and
     $176,078, respectively)
150,003
114,192Controlled, affiliated investments (amortized cost of $2,121,032, and
     $2,181,604, respectively)
2,343,507
2,361,646Total investments at fair value (amortized cost of $15,400,230 and
      $16,417,779, respectively)
15,344,201
16,470,893Cash (restricted cash of $13,519 and $47,448, respectively)
416,109
558,703Foreign cash (cost of $39,615 and $9,722, respectively)
39,291
9,839Interest and dividend receivable
100,467
104,576Receivable from a controlled affiliate
25,172
26,846Prepaid expenses and other assets
93,301
15,508Total Assets
$          16,018,541
$          17,186,365Liabilities



Debt (net of unamortized debt issuance costs of $95,244 and $93,186,
respectively)
$            8,454,559
$            9,300,076Distribution payable
183,707
184,877Management fee payable
60,695
63,145Incentive fee payable
32,411
38,899Payables to affiliates
10,318
12,572Accrued expenses and other liabilities
122,851
189,517Total Liabilities
$            8,864,541
$            9,789,086Commitments and contingencies (Note 8)



Net Assets



Common shares $0.01 par value, 1,000,000,000 shares authorized;
     496,305,391 and 499,448,499 shares issued and outstanding,
     respectively
4,963
4,994Additional paid-in-capital
7,477,075
7,512,234Accumulated undistributed (overdistributed) earnings
(328,038)
(119,949)Total Net Assets
$            7,154,000
$            7,397,279Total Liabilities and Net Assets
$          16,018,541
$          17,186,365Net Asset Value Per Share
$                   14.41
$                   14.81 CONSOLIDATED STATEMENTS OF OPERATIONS(Amounts in thousands, except share and per share amounts)(Unaudited)


For the Three Months Ended March 31,

2026
2025Investment Income



Investment income from non-controlled, non-affiliated investments:



Interest income
$           291,924
$           356,463Payment-in-kind ("PIK") interest income
27,234
35,392Dividend income
20,209
21,531Other income
3,158
5,590Total investment income from non-controlled, non-affiliated investments
342,525
418,976Investment income from non-controlled, affiliated investments:



Interest income
392
615PIK interest income
88
1,039Dividend income
3,195
—Other income
26
36Total investment income from non-controlled, affiliated investments
3,701
1,690Investment income from controlled, affiliated investments:



Interest income
7,997
8,952PIK interest income
4,159
—Dividend income
38,189
35,005Other income
203
23Total investment income from controlled, affiliated investments
50,548
43,980Total Investment Income
396,774
464,646Operating Expenses



Interest expense
134,316
148,532Management fees, net(1)
60,693
62,158Performance based incentive fees
32,412
41,029Professional fees
4,206
3,532Directors' fees
445
320Other general and administrative
3,085
4,027Total Operating Expenses
235,157
259,598Net Investment Income (Loss) Before Taxes
161,617
205,048Income tax expense (benefit), including excise tax expense (benefit)
2,447
3,746Net Investment Income (Loss) After Taxes
$           159,170
$           201,302Net Realized and Change in Unrealized Gain (Loss)



Net change in unrealized gain (loss):



Non-controlled, non-affiliated investments
$          (164,425)
$           196,524Non-controlled, affiliated investments
23,764
(700)Controlled, affiliated investments
42,430
(3,390)Translation of assets and liabilities in foreign currencies and other transactions
(3,269)
4,012Income tax (provision) benefit
707
(1,562)Total Net Change in Unrealized Gain (Loss)
(100,793)
194,884Net realized gain (loss):



Non-controlled, non-affiliated investments
10,673
(151,932)Non-controlled, affiliated investments
(39,222)
—Controlled, affiliated investments
(56,356)
—Foreign currency transactions
2,146
(1,619)Total Net Realized Gain (Loss)
(82,759)
(153,551)Total Net Realized and Change in Unrealized Gain (Loss)
(183,552)
41,333Net Increase (Decrease) in Net Assets Resulting from Operations
$           (24,382)
$           242,635Earnings Per Share - Basic and Diluted
$               (0.05)
$                 0.49Weighted Average Shares Outstanding - Basic and Diluted
498,903,632
494,825,717______________________(1) Refer to 10-K Note 3 "Agreements and Related Party Transactions" for additional details on management fee waiver. NON-GAAP FINANCIAL MEASURESOn 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 OBDE 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 OBDE 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 OBDE 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 OBDE 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 OBDE 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 OBDE Merger. Additionally, immediately following the completion of the OBDE 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 OBDE 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 OBDE 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:
For the Three Months Ended($ in millions, except per share amounts)March 31, 2026
December 31, 2025
March 31, 2025
AmountPer Share
AmountPer Share
AmountPer ShareTotal investment income$       397$       0.80
$       448$       0.88
$       465$       0.94Less: purchase discount amortization(6)(0.01)
(8)(0.02)
(8)(0.02)Adjusted total investment income(1)$       391$       0.78
$       440$       0.87
$       457$       0.92The 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:
For the Three Months Ended($ in millions, except per share amounts)March 31, 2026
December 31, 2025
March 31, 2025
AmountPer Share
AmountPer Share
AmountPer ShareNet investment income$       159$       0.32
$       192$       0.38
$       201$       0.41Less: purchase discount amortization(6)(0.01)
(8)(0.02)
(8)(0.02)Adjusted net investment income(1)$       153$       0.31
$       184$       0.36
$       193$       0.39








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:
For the Three Months Ended($ in millions, except per share amounts)March 31, 2026
December 31, 2025
March 31, 2025
AmountPer Share
AmountPer Share
AmountPer ShareNet realized and unrealized gains (losses)$      (184)$     (0.37)
$        (73)$     (0.14)
$         41$       0.08Net change in unrealized (appreciation) depreciation due to the purchase discount50.01
100.02
(75)(0.15)Realized gain (loss) due to the purchase discount(2)1—
(2)—
——Adjusted net realized and unrealized gains (losses)(1)$      (177)$     (0.36)
$        (65)$     (0.13)
$        (34)$     (0.07)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:
For the Three Months Ended($ in millions, except per share amounts)March 31, 2026
December 31, 2025
March 31, 2025
AmountPer Share
AmountPer Share
AmountPer ShareNet increase (decrease) in net assets resulting from operations$        (24)$     (0.05)
$       119$       0.23
$       243$       0.49Less: purchase discount amortization(6)(0.01)
(8)(0.02)
(8)(0.02)Net change in unrealized (appreciation) depreciation due to the purchase discount50.01
100.02
(75)(0.15)Realized gain (loss) due to the purchase discount(2)1—
(2)—
——Adjusted net increase (decrease) in net assets resulting from operations(1)$        (24)$     (0.05)
$       119$       0.23
$       160$       0.32______________________(1) Totals may not sum due to rounding.(2) Per share amounts round down to less than $0.01.  View original content:https://www.prnewswire.com/news-releases/blue-owl-capital-corporation-announces-march-31-2026-financial-results-302764665.htmlSOURCE Blue Owl Capital Corporation Original: Blue Owl Capital Corporation Announces March 31, 2026 Financial Results

Blue Owl Capital Corporation Schedules Earnings Release and Quarterly Earnings Call to Discuss its First Quarter Ended March 31, 2026 Financial ResultsApril 1, 2026 4:15 PM
PR Newswire (US)

NEW YORK, April 1, 2026 /PRNewswire/ -- Blue Owl Capital Corporation (NYSE: OBDC) ("OBDC") today announced it will release its financial results for the first quarter ended March 31, 2026 on Wednesday, May 6, 2026 after market close. OBDC invites all interested persons to its webcast / conference call on Thursday, May 7, 2026 at 10:00 a.m. Eastern Time to discuss its first quarter ended March 31, 2026 financial results.Conference Call Information:The conference call will be broadcast live at 10:00 a.m. Eastern Time on the News & Events section of OBDC's website at www.blueowlcapitalcorporation.com. To pre-register for the call, please click here. 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:Domestic: (877) 737-7048
International: +1 (201) 689-8523All 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 via a webcast link located on the News & Events section of OBDC's website for one year, and via the dial-in numbers listed below for 14 days:Domestic: (877) 660-6853
International: +1 (201) 612-7415
Access Code: 13759511About Blue Owl Capital CorporationBlue Owl Capital Corporation (NYSE: OBDC) is a specialty finance company focused on lending to U.S. middle-market companies. As of December 31, 2025, OBDC had investments in 234 portfolio companies with an aggregate fair value of $16.5 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 is a 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 Contact:
BDC Investor Relations
Michael Mosticchio
credit-ir@blueowl.com Media Contact:
media@blueowl.com  



View original content:https://www.prnewswire.com/news-releases/blue-owl-capital-corporation-schedules-earnings-release-and-quarterly-earnings-call-to-discuss-its-first-quarter-ended-march-31-2026-financial-results-302731761.htmlSOURCE Blue Owl Capital Corporation

Original: Blue Owl Capital Corporation Schedules Earnings Release and Quarterly Earnings Call to Discuss its First Quarter Ended March 31, 2026 Financial Results

Certain Blue Owl BDCs to Sell $1.4 Billion of Assets to Institutional InvestorsFebruary 18, 2026 4:14 PM
PR Newswire (US)

Investments sold at fair value, representing 99.7% of par valueTransaction provides significant return of capital distribution to OBDC II shareholdersNEW YORK, Feb. 18, 2026 /PRNewswire/ -- Certain Blue Owl BDCs today announced that they have entered into separate definitive agreements with four leading North American public pension and insurance investors to opportunistically sell $1.4 billion of direct lending investments at 99.7% of par value as of February 12, 2026."We saw strong demand to purchase these investments at fair value from highly sophisticated institutional investors, with interest far exceeding the value of the investments we ultimately chose to sell," said Craig W. Packer, Chief Executive Officer of Blue Owl's BDCs. "This transaction underscores the confidence that large, experienced buyers have in our direct lending platform and has meaningful benefits for all shareholders of these funds."Transaction DetailsThese sales include debt investment commitments of $600 million from Blue Owl Capital Corporation II ("OBDC II"), $400 million from Blue Owl Technology Income Corp. ("OTIC") and $400 million from Blue Owl Capital Corporation ("OBDC" and together with OBDC II and OTIC, the "Blue Owl BDCs"), representing approximately 34%, 6% and 2% of total investment commitments, including unfunded commitments, at each BDC respectively. Each investment to be sold represents a partial amount of each Blue Owl BDC's exposure to the respective portfolio company. These sales consist of 97% senior secured debt investments with an average size of $5 million and include investments in 128 distinct portfolio companies across 27 industries. The largest industry represented is internet software and services at 13%, generally consistent with the industry composition of Blue Owl's overall direct lending strategy and reflecting continued confidence in the quality and valuations of these software investments.The investments will be sold at fair value, which is equivalent to 99.7% of par value as of February 12, 2026.OBDC II intends to use the proceeds to pay a return of capital distribution ratably to all shareholders, subject to Board approval, and to pay down debt. OTIC and OBDC also intend to use the proceeds from the sales to pay down debt.This transaction positions OBDC II to provide substantial liquidity to its shareholders. It also provides OTIC and OBDC with greater flexibility to deploy capital into what we believe will be an attractive direct lending environment and modestly increases portfolio diversification. Pro forma for the transaction, OTIC is expected to have cash, undrawn debt capacity and liquid loans in excess of $1.6 billion as of January 31, 2026.Kroll, LLC provided fairness opinions associated with the transaction to the boards of directors of each of the Blue Owl BDCs.The settlement of the sales is expected to be completed in the first quarter of 2026.Blue Owl Capital Corporation II UpdatesOBDC II intends to use the proceeds to pay a return of capital distribution ratably to all of its shareholders and to pay down debt. The return of capital distribution is expected to be paid on or before March 31, 2026, and to be up to $2.35 per share or approximately 30% of OBDC II's net asset value as of December 31, 2025."Today's announcement reinforces the rigor of our valuation process and the quality of our direct lending investments. It also demonstrates our ability to opportunistically deliver value to our shareholders. At this stage for OBDC II, we are pleased to provide a significant liquidity event at fair value while still maintaining a diversified portfolio with strong earnings potential," commented Logan Nicholson, President of OBDC II and OBDC.In conjunction with the announcement, the Board of Directors of OBDC II also declared monthly distributions of $0.0533 per share for February and March 2026, consistent with the monthly distribution paid in January 2026.After accounting for the distributions declared today and before the anticipated return of capital distribution, OBDC II will have paid $6.14 per share in cumulative distributions since inception.At approximately 30% of net asset value, the first quarter return of capital distribution is expected to be six times the size of the 5% tender offer previously planned for the quarter. Going forward, the OBDC II Board intends to prioritize delivering liquidity ratably to all shareholders through quarterly return of capital distributions, which are intended to replace future quarterly tender offers and may be funded by earnings, repayments, other asset sale opportunities or strategic transactions.About Blue Owl Capital Corporation IIBlue Owl Capital Corporation II ("OBDC II") is a specialty finance company focused on lending to U.S. middle-market companies. As of December 31, 2025, OBDC II had investments in 183 portfolio companies with an aggregate fair value of $1.6 billion. OBDC II has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended ("1940 Act"). OBDC II 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.About Blue Owl Technology Income Corp.Blue Owl Technology Income Corp. ("OTIC") is a specialty finance company focused on lending to U.S. middle-market companies. As of December 31, 2025, OTIC had investments in 190 portfolio companies with an aggregate fair value of $6.2 billion. OTIC has elected to be regulated as a business development company under the 1940 Act. OTIC is externally managed by Blue Owl Technology Credit Advisors II 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.About Blue Owl Capital CorporationBlue Owl Capital Corporation (NYSE: OBDC) is a specialty finance company focused on lending to U.S. middle-market companies. As of December 31, 2025, OBDC had investments in 234 portfolio companies with an aggregate fair value of $16.5 billion. OBDC has elected to be regulated as a business development company under the 1940 Act. 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 the Blue Owl BDCs, 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 each Blue Owl BDC'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 each Blue Owl BDC'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 each Blue Owl BDC makes them. The Blue Owl BDCs do 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 Contact:
BDC Investor Relations
Michael Mosticchio
credit-ir@blueowl.com  Media Contact:
Nick Theccanat
Managing Director, Communications & Public Affairs
nick.theccanat@blueowl.com



View original content:https://www.prnewswire.com/news-releases/certain-blue-owl-bdcs-to-sell-1-4-billion-of-assets-to-institutional-investors-302692003.htmlSOURCE Blue Owl Capital Corporation II; Blue Owl Technology Income Corp.; Blue Owl Capital Corporation

Original: Certain Blue Owl BDCs to Sell $1.4 Billion of Assets to Institutional Investors

Blue Owl Capital Corporation Announces December 31, 2025 Financial ResultsFebruary 18, 2026 4:19 PM
PR Newswire (US)

NEW YORK, Feb. 18, 2026 /PRNewswire/ -- Blue Owl Capital Corporation (NYSE: OBDC) ("OBDC" or the "Company") today announced financial results for its fourth quarter and year ended December 31, 2025.FOURTH QUARTER 2025 HIGHLIGHTS Fourth quarter GAAP net investment income ("NII") per share of $0.38Fourth quarter adjusted NII per share(1) of $0.36, consistent with the prior quarter of $0.36Dividends declared for the fourth quarter were $0.37 per share, representing an annualized dividend yield of 10.0%(2)Net asset value ("NAV") per share of $14.81, as compared with $14.89 as of September 30, 2025, driven primarily by credit-related markdowns on a small number of names, partially offset by accretive share repurchasesNew investment commitments for the fourth quarter were $684 million and sales and repayments were $1.4 billion, as compared with $1.3 billion of new investment commitments and $797 million of sales and repayments for the three months ended September 30, 2025Investments on non-accrual represented 2.3% and 1.1% of the portfolio at cost and fair value, respectively, as compared with 2.7% and 1.3% as of September 30, 2025OBDC repurchased approximately $148 million of OBDC common stock at 86% price-to-book valueThe Board of Directors (the "Board") approved a new $300 million share repurchase program, replacing the prior $200 million authorizationIn January 2026, received Moody's upgrade to Baa2 given view on credit profile and liability managementAnnounced today that OBDC and certain other Blue Owl BDCs entered into agreements to sell $1.4 billion of investments to institutional investors, including $400 million of investments from OBDC"OBDC closed the year with strong fourth quarter earnings and credit performance, reflecting the health of our borrowers and our defensive, senior secured strategy focused on the upper middle market," said Craig W. Packer, Chief Executive Officer. "Demonstrating our conviction in OBDC's strategy and long-term value, we repurchased approximately $148 million of OBDC's common stock during the quarter, accretive to NAV per share and the largest quarterly repurchase activity in our history."Mr. Packer continued, "Today we announced the sale of $1.4 billion of direct lending investments at book value across three Blue Owl BDCs, including $400 million from OBDC consisting of partial sales across existing portfolio companies. What began as a targeted transaction to provide liquidity to OBDC II shareholders attracted significant interest from sophisticated institutional investors, allowing us to opportunistically extend the sale to OBDC. We expect this transaction to reduce leverage, modestly increase portfolio diversity and create additional capacity to invest in compelling new opportunities for the benefit of OBDC shareholders."Stock Repurchases
On November 4, 2025, the Board approved a $200 million stock repurchase program, for which purchases may be made at management's discretion from time to time in open market transactions. As of December 31, 2025, the Company repurchased approximately $148 million of OBDC common stock at 86% of price-to-book value, accretive to net asset value per share in the fourth quarter.On February 18, 2026 the Board approved a new repurchase program of up to $300 million of the Company's common stock, replacing the prior $200 million authorization.Asset Sale
Today, certain Blue Owl business development companies announced the opportunistic sale of $1.4 billion of direct lending investments, including $400 million from OBDC, to leading North American public pension and insurance investors. The OBDC investments will be sold at fair value, equivalent to a purchase price of 99.8% of par value as of February 12, 2026. The OBDC investments being sold span 74 portfolio companies across 24 industries, with an average investment size of $5 million. This strategic transaction enhances balance sheet flexibility, modestly increases portfolio diversity and creates additional capacity to deploy capital into attractive, risk-adjusted investment opportunities.Dividend Declaration
The Board declared a first quarter 2026 regular dividend of $0.37 per share for stockholders of record as of March 31, 2026, payable on or before April 15, 2026.______________________(1) See Non-GAAP Financial Measures for a description of the non-GAAP measures and the reconciliations from the most comparable GAAP financial measures to the Company's non-GAAP measures, including on a per share basis. 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 between the Company and Blue Owl Capital Corp. III ("OBDE") (such merger, the "OBDE Merger"), which closed on January 13, 2025. 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.(2) Dividend yield based on OBDC's annualized Q4 2025 regular dividend of $0.37 per share payable to shareholders of record as of December 31, 2025, and Q4 2025 NAV per share of $14.81. SELECT FINANCIAL HIGHLIGHTS 
As of and for the Three Months Ended($ in thousands, except per share amounts)December 31,
2025
September 30,
2025
December 31,
2024GAAP results:




Net investment income per share$                   0.38
$                  0.37
$                    0.47Net realized and unrealized gains (losses) per share$                  (0.14)
$                 (0.12)
$                   (0.08)Net increase (decrease) in net assets resulting from operations per share$                   0.23
$                  0.25
$                    0.40





Non-GAAP financial measures(1):




Adjusted net investment income per share$                   0.36
$                  0.36
$                    0.47Adjusted net realized and unrealized gains (losses) per share$                  (0.13)
$                 (0.11)
$                   (0.08)Adjusted net increase (decrease) in net assets resulting from operations per share$                   0.23
$                  0.25
$                    0.40





Regular dividend declared per share$                   0.37
$                  0.37
$                    0.37Supplemental dividend declared per share$                      —
$                      —
$                    0.05





Total investments at fair value$        16,470,893
$       17,136,548
$         13,194,545Total debt outstanding (net of unamortized debt issuance costs)$          9,300,076
$         9,528,525
$           7,457,702Net assets$          7,397,279
$         7,611,271
$           5,952,841Net asset value per share$                 14.81
$                14.89
$                  15.26Net debt-to-equity1.19x
1.22x
1.19x______________________(1) See Non-GAAP Financial Measures for a description of the non-GAAP measures and the reconciliations from the most comparable GAAP financial measures to the Company's non-GAAP measures, including on a per share basis. 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 OBDE 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.PORTFOLIO COMPOSITION As of December 31, 2025, the Company had investments in 234 portfolio companies across 30 industries, with an aggregate portfolio size of $16.5 billion at fair value and an average investment size of $70.4 million at fair value.
December 31, 2025
September 30, 2025($ in thousands)Fair Value% of Total
Fair Value% of TotalPortfolio composition:




First-lien senior secured debt investments1$        12,048,93473.1 %
$    12,755,70674.4 %Second-lien senior secured debt investments848,5755.2 %
871,4815.1 %Specialty finance debt investments157,2971.0 %
155,2010.9 %Unsecured debt investments 399,9622.4 %
391,7172.3 %Preferred equity investments568,9773.5 %
565,9613.3 %Common equity investments644,3043.9 %
694,0414.1 %Specialty finance equity1,386,7398.4 %
1,302,5737.6 %Joint ventures416,1052.5 %
399,8682.3 %Total investments$        16,470,893100.0 %
$    17,136,548100.0 %
(1) We consider 50.3% and 51.8% of first-lien senior secured debt investments to be unitranche loans as of December 31, 2025 and September 30, 2025, respectively. 
December 31, 2025
September 30, 2025Number of portfolio companies234
238Percentage of debt investments at floating rates96.4 %
97.4 %Percentage of senior secured debt investments79.3 %
80.4 %Weighted average spread over base rate of all floating rate debt investments5.7 %
5.7 %Weighted average total yield of accruing debt and income-producing securities at fair value10.0 %
10.3 %Weighted average total yield of accruing debt and income-producing securities at cost10.1 %
10.4 %Percentage of investments on non-accrual of the portfolio at fair value1.1 %
1.3 %PORTFOLIO AND INVESTMENT ACTIVITYFull Year
For the year ended December 31, 2025, new investment commitments totaled $4.3 billion across 43 new portfolio companies and 81 existing portfolio companies. For the year ended December 31, 2024, new investment commitments were $7.3 billion across 93 new portfolio companies and 68 existing portfolio companies.For the year ended December 31, 2025, the principal amount funded totaled $3.3 billion and aggregate principal amount of sales and repayments totaled $5.2 billion. For the year ended December 31, 2024, the principal amount of new investments funded was $5.9 billion and aggregate principal amount of sales and repayments was $5.1 billion.Fourth Quarter
For the three months ended December 31, 2025, new investment commitments totaled $684 million across 12 new portfolio companies and 17 existing portfolio companies. For the three months ended September 30, 2025, new investment commitments were $1.3 billion across 13 new portfolio companies and 23 existing portfolio companies.For the three months ended December 31, 2025, the principal amount funded totaled $521 million and aggregate principal amount of sales and repayments totaled $1.4 billion. For the three months ended September 30, 2025, the principal amount of new investments funded was $963 million and aggregate principal amount of sales and repayments was $797 million.
For the Years Ended December 31,($ in thousands)2025
2024New investment commitments:


Gross originations$                4,317,221
$                7,384,171Less: Sell downs(19,210)
(53,334)Total new investment commitments$                4,298,011
$                7,330,837Principal amount of new investments funded:


First-lien senior secured debt investments$                2,464,488
$                5,080,186Second-lien senior secured debt investments205,340
30,000Specialty finance debt investments48,472
22,078Unsecured debt investments60,502
132,135Preferred equity investments57,399
2,347Common equity investments50,992
880Specialty finance equity investments289,253
324,121Joint venture investments126,433
337,596Total principal amount of new investments funded$                3,302,879
$                5,929,343



Drawdowns (repayments) on revolvers and delayed draw term loans, net$                   726,965
$                             —



Principal amount of investments sold or repaid:


First-lien senior secured debt investments(1)$              (4,417,287)
$              (3,573,559)Second-lien senior secured debt investments(371,534)
(1,026,330)Specialty finance debt investments—
(3,611)Unsecured debt investments(89,414)
(152,427)Preferred equity investments(24,646)
(48,960)Common equity investments(143,731)
(3,175)Specialty finance equity investments(142,365)
(82,709)Joint venture investments—
(191,151)Total principal amount of investments sold or repaid$              (5,188,977)
$              (5,081,922)



Number of new investment commitments in new portfolio companies(2)43
93Average new investment commitment amount in new portfolio companies$                     54,812
$                     56,012Weighted average term for new investment commitments (in years)5.9
5.4Percentage of new debt investment commitments at   floating rates95.9 %
98.1 %Percentage of new debt investment commitments at   fixed rates4.1 %
1.9 %Weighted average interest rate of new investment commitments(3)8.8 %
9.7 %Weighted average spread over applicable base rate of new debt investment commitments at floating rates5.1 %
5.3 %_____________________(1)  Includes scheduled paydowns.(2) Number of new investment commitments represents commitments to a particular portfolio company.(3) Assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 3.65% and 4.31% as of December 31, 2025 and 2024, respectively. 

For the Three Months Ended ($ in thousands)
December 31, 2025
September 30, 2025New investment commitments



Gross originations
$                          690,694
$                      1,347,128Less: Sell downs
(6,325)
(9,127)Total new investment commitments
$                          684,369
$                      1,338,001Principal amount of new investments funded:



First-lien senior secured debt investments
$                          417,161
$                          786,960Second-lien senior secured debt investments
—
—Specialty finance debt investments
2,473
20,406Unsecured debt investments
—
4,694Preferred equity investments
2,195
6,961Common equity investments
20,809
17,796Specialty finance equity investments
59,837
115,151Joint venture investments
18,069
11,473Total principal amount of new investments funded
$                          520,544
$                          963,441




Drawdowns (repayments) on revolvers and delayed draw term loans, net
$                          299,042
$                          106,648




Principal amount of investments sold or repaid:



First-lien senior secured debt investments(1)
(1,325,006)
(711,677)Second-lien senior secured debt investments
—
(8,000)Specialty finance debt investments
—
—Unsecured debt investments
(2,838)
—Preferred equity investments
(6,889)
(2,448)Common equity investments
(59,778)
(4,694)Specialty finance equity investments
(12,010)
(70,303)Joint venture investments
—
—Total principal amount of investments sold or repaid
$                     (1,406,521)
$                        (797,122)Number of new investment commitments in new portfolio companies(2)
12
13Average new investment commitment amount in new portfolio companies
$                           39,142
$                            62,419Weighted average term for new investment commitments (in years)
6.3
5.6Percentage of new debt investment commitments at floating rates
83.9 %
97.4 %Percentage of new debt investment commitments at fixed rates
16.1 %
2.6 %Weighted average interest rate of new investment commitments(3)
8.7 %
9.0 %Weighted average spread over applicable base rate of new debt investment commitments at floating rates
4.8 %
5.0 %_____________________(1) Includes scheduled paydowns.(2) Number of new investment commitments represents commitments to a particular portfolio company.(3)  Assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 3.65% and 3.98% as of December 31, 2025 and September 30, 2025, respectively.RESULTS OF OPERATIONS FOR THE FOURTH QUARTER ENDED DECEMBER 31, 2025 Investment Income
Investment income decreased to $448 million for the three months ended December 31, 2025 from $453 million for the three months ended September 30, 2025, primarily driven by the impact of lower base rates on floating-rate assets. Income associated with unscheduled paydowns increased to $16.0 million for the three months ended December 31, 2025 from $11.1 million for the same period in prior quarter due to a higher level of unscheduled 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 expenses decreased to $253 million for the three months ended December 31, 2025 from $260 million for the three months ended September 30, 2025, primarily due to lower operating expenses and the impact of lower base rates on the Company's floating-rate liabilities. As a percentage of total assets, professional fees, directors' fees and other general and administrative expenses decreased slightly period-over-period.Liquidity and Capital Resources
As of December 31, 2025, the Company had $569 million in cash and restricted cash, $9.4 billion in total principal value of debt outstanding, including $3.6 billion of undrawn capacity(1) on the Company's credit facilities and $5.0 billion of unsecured notes. The funding mix was composed of 46.5% secured and 53.5% unsecured borrowings as of December 31, 2025 on an outstanding basis. The Company was in compliance with all financial covenants under its credit facilities as of December 31, 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._____________________(1) Reflects undrawn debt which is based on committed debt less debt outstanding as of December 31, 2025.CONFERENCE CALL AND WEBCAST INFORMATIONConference Call Information:
The conference call will be broadcast live on February 19, 2026 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:Domestic: (877) 737-7048International: +1 (201) 689-8523All 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:Domestic: (877) 660-6853International: +1 (201) 612-7415Access Code: 13757813ABOUT BLUE OWL CAPITAL CORPORATIONBlue Owl Capital Corporation (NYSE: OBDC) is a specialty finance company focused on lending to U.S. middle-market companies. As of December 31, 2025, OBDC had investments in 234 portfolio companies with an aggregate fair value of $16.5 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 CONTACTSInvestor Contact:
BDC Investor Relations
Michael Mosticchio
credit-ir@blueowl.comMedia Contact:
Prosek Partners
Josh Clarkson
pro-blueowl@prosek.com FINANCIAL HIGHLIGHTS 
For the Three Months Ended($ in thousands, except per share amounts)December 31,
2025
September 30,
2025
December 31,
2024Investments at fair value$       16,470,893
$       17,136,548
$        13,194,545Total assets$       17,186,365
$       17,605,091
$        13,865,564Net asset value per share$                14.81
$                14.89
$                 15.26





GAAP results:




Total investment income$             447,750
$            453,065
$             394,392Net investment income$             192,260
$            190,084
$             184,246Net increase (decrease) in net assets resulting from operations$             119,085
$            128,181
$             154,885





GAAP per share results:




Net investment income $                   0.38
$                  0.37
$                   0.47Net realized and unrealized gains (losses) $                  (0.14)
$                 (0.12)
$                  (0.08)Net increase (decrease) in net assets resulting from operations(1)$                   0.23
$                  0.25
$                   0.40





Non-GAAP financial measures(2):




Adjusted total investment income$             439,500
$            446,307
$             394,392Adjusted net investment income$             184,010
$            183,326
$             184,246Adjusted net increase (decrease) in net assets resulting from operations$             119,086
$            128,181
$             154,885





Non-GAAP per share financial measures(2):




Adjusted net investment income$                   0.36
$                  0.36
$                   0.47Adjusted net realized and unrealized gains (losses)$                  (0.13)
$                 (0.11)
$                  (0.08)Adjusted net increase (decrease) in net assets resulting from operations(1)$                   0.23
$                  0.25
$                   0.40





Base dividend declared per share$                    0.37
$                  0.37
$                   0.37Supplemental dividend declared per share$                       —
$                     —
$                   0.05





Weighted average yield of accruing debt and income producing securities at fair value10.0 %
10.3 %
11.1 %Weighted average yield of accruing debt and income producing securities at amortized cost10.1 %
10.4 %
11.2 %Percentage of debt investments at floating rates96.4 %
97.4 %
96.4 %______________________(1) Totals may not sum due to rounding. (2) See Non-GAAP Financial Measures for a description of the non-GAAP measures and the reconciliations from the most comparable GAAP financial measures to the Company's non-GAAP measures, including on a per share basis. 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 OBDE 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. CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES(Amounts in thousands, except share and per share amounts) 

As of December 31,
2025
As of December 31,
2024Assets



Investments at fair value:



Non-controlled, non-affiliated investments (amortized cost of $14,060,097 and $11,511,987, respectively)
$                13,995,055
$                11,451,457Non-controlled, affiliated investments (amortized cost of $176,078 and $233,105, respectively)
114,192
235,060Controlled, affiliated investments (amortized cost of $2,181,604, and $1,424,298, respectively)
2,361,646
1,508,028Total investments at fair value (amortized cost of $16,417,779 and $13,169,390, respectively)
16,470,893
13,194,545Cash (restricted cash of $47,448 and $82,387, respectively)
558,703
505,692Foreign cash (cost of $9,722 and $8,539, respectively)
9,839
8,464Interest and dividend receivable
104,576
105,881Receivable from a controlled affiliate
26,846
16,970Prepaid expenses and other assets
15,508
34,012Total Assets
$                17,186,365
$                13,865,564Liabilities



Debt (net of unamortized debt issuance costs of $93,186 and $84,363, respectively)
$                  9,300,076
$                  7,457,702Distribution payable
184,877
144,381Management fee payable
63,145
49,058Incentive fee payable
38,899
39,082Payables to affiliates
12,572
6,083Accrued expenses and other liabilities
189,517
216,417Total Liabilities
$                  9,789,086
$                  7,912,723Commitments and contingencies (Note 8)



Net Assets



Common shares $0.01 par value, 1,000,000,000 shares authorized; 499,448,499 and 390,217,304
     shares issued and outstanding, respectively
4,994
3,902Additional paid-in-capital
7,512,234
5,919,539Accumulated undistributed (overdistributed) earnings
(119,949)
29,400Total Net Assets
$                  7,397,279
$                  5,952,841Total Liabilities and Net Assets
$                17,186,365
$                13,865,564Net Asset Value Per Share
$                         14.81
$                         15.26 CONSOLIDATED STATEMENTS OF OPERATIONS(Amounts in thousands, except share and per share amounts) 

For the Year Ended December 31,

2025
2024
2023Investment Income





Investment income from non-controlled, non-affiliated investments:





Interest income
$    1,430,860
$      1,168,652
$      1,209,536Payment-in-kind ("PIK") interest income
124,592
172,852
169,763Dividend income
83,813
78,482
72,936Other income
19,735
22,451
14,755Total investment income from non-controlled, non-affiliated investments
1,659,000
1,442,437
1,466,990Investment income from non-controlled, affiliated investments:





Interest income
1,685
1,038
—Payment-in-kind ("PIK") interest income
2,835
1,128
—Dividend income
961
932
252Other income
122
40
—Total investment income from non-controlled, affiliated investments
5,603
3,138
252Investment income from controlled, affiliated investments:





Interest income
40,237
30,308
20,174Payment-in-kind ("PIK") interest income
—
1,666
1,934Dividend income
146,337
118,538
91,802Other income
127
671
942Total investment income from controlled, affiliated investments
186,701
151,183
114,852Total Investment Income
1,851,304
1,596,758
1,582,094Operating Expenses





Interest expense
595,752
464,915
436,306Management fees, net(1)
251,984
193,570
191,622Performance based incentive fees
162,400
157,193
159,857Professional fees
13,748
13,602
15,532Directors' fees
1,718
1,280
1,280Other general and administrative
13,343
13,495
11,127Total Operating Expenses
1,038,945
844,055
815,724Net Investment Income (Loss) Before Taxes
812,359
752,703
766,370Income tax expense (benefit), including excise tax expense (benefit)
12,001
11,646
12,759Net Investment Income (Loss) After Taxes
$       800,358
$         741,057
$         753,611Net Realized and Change in Unrealized Gain (Loss)





Net change in unrealized gain (loss):





Non-controlled, non-affiliated investments
$       (40,597)
$         (45,932)
$           90,497Non-controlled, affiliated investments
(61,023)
951
1,033Controlled, affiliated investments
93,494
(3,438)
213Translation of assets and liabilities in foreign currencies and other transactions
17,508
(1,041)
5,808Income tax (provision) benefit
(3,084)
(709)
(4,605)Total Net Change in Unrealized Gain (Loss)
6,298
(50,169)
92,946Net realized gain (loss):





Non-controlled, non-affiliated investments
(172,317)
(62,453)
(52,003)Non-controlled, affiliated investments
—
1,827
—Controlled, affiliated investments
65
(25,771)
—Foreign currency transactions
(6,997)
(9,511)
(1,242)Total Net Realized Gain (Loss)
(179,249)
(95,908)
(53,245)Total Net Realized and Change in Unrealized Gain (Loss)
(172,951)
(146,077)
39,701Net Increase (Decrease) in Net Assets Resulting from Operations
$       627,407
$         594,980
$         793,312Earnings Per Share - Basic and Diluted
$             1.24
$               1.53
$               2.03Weighted Average Shares Outstanding - Basic and Diluted
506,099,539
390,068,596
390,104,585______________________(1) Refer to 10-K Note 3 "Agreements and Related Party Transactions" for additional details on management fee waiver.NON-GAAP FINANCIAL MEASURESOn 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 OBDE 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 OBDE 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 OBDE 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 OBDE 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 OBDE 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 OBDE Merger. Additionally, immediately following the completion of the OBDE 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 OBDE 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 OBDE 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:
For the Three Months Ended($ in millions, except per share amounts)                                                                  December 31, 2025
September 30, 2025
December 31, 2024
AmountPer Share
AmountPer Share
AmountPer ShareTotal investment income$           448$          0.88
$           453$          0.89
$           394$          1.01Less: purchase discount amortization(8)(0.02)
(7)(0.01)
——Adjusted total investment income(1)$           440$          0.87
$           446$          0.87
$           394$          1.01The 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:
For the Three Months Ended($ in millions, except per share amounts)                                                                 December 31, 2025
September 30, 2025
December 31, 2024
AmountPer Share
AmountPer Share
AmountPer ShareNet investment income$           192$          0.38
$           190$          0.37
$           184$          0.47Less: purchase discount amortization(8)(0.02)
(7)(0.01)
——Adjusted net investment income(1)$           184$          0.36
$           183$          0.36
$           184$          0.47The 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:
For the Three Months Ended($ in millions, except per share amounts)December 31, 2025
September 30, 2025
December 31, 2024
AmountPer Share
AmountPer Share
AmountPer ShareNet realized and unrealized gains (losses)$            (73)$        (0.14)
$            (62)$        (0.12)
$            (29)$        (0.08)Net change in unrealized (appreciation) depreciation due to the purchase discount100.02
70.01
——Realized gain (loss) due to the purchase discount(2)(2)—
——
——Adjusted net realized and unrealized gains (losses)(1)$            (65)$        (0.13)
$            (55)$        (0.11)
$            (29)$        (0.08)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:
For the Three Months Ended($ in millions, except per share amounts)December 31, 2025
September 30, 2025
December 31, 2024
AmountPer Share
AmountPer Share
AmountPer ShareNet increase (decrease) in net assets resulting from operations$           119$          0.23
$           128$          0.25
$           155$          0.40Less: purchase discount amortization(8)(0.02)
(7)(0.01)
——Net change in unrealized (appreciation) depreciation due to the purchase discount100.02
70.01
——Realized gain (loss) due to the purchase discount(2)(2)—
——
——Adjusted net increase (decrease) in net assets resulting from operations(1)$           119$          0.23
$           128$          0.25
$           155$          0.40______________________(1) Totals may not sum due to rounding.(2) Per share amounts round down to less than $0.01. 



View original content:https://www.prnewswire.com/news-releases/blue-owl-capital-corporation-announces-december-31-2025-financial-results-302692010.htmlSOURCE Blue Owl Capital Corporation

Original: Blue Owl Capital Corporation Announces December 31, 2025 Financial Results

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