Blue Owl Capital : Tear Sheet Q3 2024

OBDC

Tear Sheet | 3Q 2024

Blue Owl

Capital Corporation

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

OBDC's Investment Approach

NYSE:

OBDC

DIVERSIFIED PORTFOLIO

$13.4B

Portfolio size across

219 borrowers

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 $128 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.

STRONG PERFORMANCE2

10.3%

Last twelve-month

total return

PORTFOLIO SNAPSHOT

Top of the capital

81%

96%

219

structure and floating

rate oriented with

senior secured6

floating rate7

borrowers

borrower diversification:

Focus on larger size

$875mm

$197mm

businesses with

weighted average

weighted average

consistent cash flow:

revenue8

EBITDA8

Strong equity

43%

1.7x

~90%

cushion and interest

net LTV8,9

interest coverage

sponsored-

coverage with strong

ratio8

backed10

sponsor support:

ATTRACTIVE DIVIDEND3

11.0%

Current annualized dividend

yield (on NAV)

ANNUAL NET LOSS RATE4

19 bps

Approximately half of the

industry's loss rate5

Blue Owl Capital Corporation

(NYSE: OBDC)

Well diversified across borrower and industry

DIVERSIFICATION BY BORROW ER

DIVERSIFICATION BY INDUSTRY

Wingspire: 3.9%

Associa: 3.7%

Senior Loan Fund: 2.8%

PCF Insurance Services: 2.6%

Inovalon: 2.4%

Fifth Season: 2.1%

Top 10 positions

Winland: 1.9%

represent

Weiman Products: 1.8%

STS Aviation: 1.8%

25%

Sonny's: 1.8%

Internet software and services Insurance Food and beverage

Healthcare technology

Healthcare providers and services

Asset Based Lending and Fund Finance

Manufacturing

11.2% 8.3% 7.3% 6.0% 6.0% 5.9% 5.3%

of the portfolio

Business services

at FV

Buildings and real estate

Consumer products

Other (21 Industries)

4.2% 3.9% 3.6%

38.3%

Track record of strong performance

TOTAL RETURN SINCE INCEPTION 1 1

STRONG, W ELL - COVERED DIVIDENDS

$26.59

+86%

$11.31

$14.30

10.7%

11.2%

10.9%

11.2%

11.0%

$0.41

$0.43

$0.42

$0.43

$0.42

$0.05

$0.06

$0.05

$0.08

$0.08

$0.33

$0.35

$0.37

$0.37

$0.37

$14.30

$15.28

Q3'23

Q4'23

Q1'24

Q2'24

Q3'24

148%

146%

127%

130%

128%

NAV at Inception

Q3 2024 NAV Plus Total

Supplemental Dividend

Base Dividend

Dividend Yield

NII Coverage12

Dividends Since Inception

(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 $128 billion in assets under management.

The team is comprised of over 130 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

$129.5B

10+

130+

30+

in loans originated

offices

investment

average years of experience

since inception across

globally

professionals

for senior management team

the credit platform

760+

665+

sponsor relationships

deals closed

Blue Owl's Direct Lending Platform loss rates meaningfully outperform the market

We are lead /

admin agent in

85%+

Seek to provide

enhanced downside

of our deals13

protection during

structuring and risk

management process.

AVERAGE ANNUAL NET LOSS RATE14

4 bps

A fraction of the industry's

loss rate5

Endnotes

Note: Figures are as of the quarter-ended September 30, 2024 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, not indicative of actual client results. Diversification does not guarantee a profit or protect against a loss in a declining financial market.

PROPRIETARY AND CONFIDENTIAL

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Important Information

Unless otherwise indicated, the Report Date reference is September 30, 2024.

Past performance is not a guide to future results and is not indicative of expected realized returns.

Assets Under Management ("AUM") refers to the assets that Credit manages and are generally equal to the sum of (i) net asset value ("NAV"); (ii) drawn and undrawn debt; and (iii) uncalled capital commitments.

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 Estate Funds (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.

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. In addition, certain of the statements contained in this presentation may be statements of future expectations and other forward-looking statements that are based on the current views and assumptions of Blue Owl and involve known and unknown risks and uncertainties (including those discussed below) that could cause actual results, performance, or events to differ materially from those expressed or implied in such statements. These statements may be forward-looking by reason of context or identified by words such as "may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential or continue" and other similar expressions. Neither Blue Owl, its affiliates, nor any of Blue Owl's or its affiliates' respective advisers, members, directors, officers, partners, agents, representatives or employees or any other person (collectively the "Blue Owl Entities") is under any obligation to update or keep current the information contained in this document.

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.

This presentation contains certain prospective financial information with respect to OBDC's estimated future performance. OBDC's independent auditors have not audited, reviewed, compiled, or performed any procedures with respect to such information for the purpose of their inclusion in this presentation and, accordingly, have not expressed an opinion or provided any other form of assurance with respect thereto for purposes of the presentation. In this presentation, certain of such prospective financial information has been included (in each case, with an indication that the information is an estimate and is subject to the qualifications presented herein) for purposes of providing comparisons with historical data. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. There can be no assurance that the prospective financial information is indicative of the future performance of OBDC or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of prospective financial information in this presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved. The prospective financial information reflects assumptions that are subject to change, and there can be no assurance that OBDC's financial condition or results of operations will be consistent with those set forth in such prospective financial information.

The prospective financial information, guidance and other forward-looking statements included herein are effective only on the date given. We will not update, reaffirm or otherwise comment on any prospective financial information, guidance or other forward-looking statements in connection with this presentation, except as may be required by law. No reference made to any prior financial guidance or other forward-looking statements in connection with this presentation should be construed to update, reaffirm or otherwise comment on such prior financial guidance or other forward-looking statements.

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 presentation 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 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 definitive offering document is truthful or complete. Any representation to the contrary is a criminal offense. Capital commitments may be solicited through Blue Owl Capital Securities LLC, Member of FINRA/SIPC, as Dealer Manager. For information on all the risk factors please refer to the latest SEC filings located here.

Copyright© Blue Owl Capital Inc. 2024. All rights reserved. This 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. All individual charts, graphs and other elements contained within the information are also copyrighted works and may be owned by a party other than Blue Owl. 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

5

Disclaimer

Blue Owl Capital Corporation published this content on November 19, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on November 19, 2024 at 15:16:01.562.