Blue Owl Capital : Tear Sheet Q1 2026

Published: 2026-05-12 20:09:08 ET OBDC

Published on 05/12/2026 at 08:09 pm EDT

Blue Owl

Capital Corporation

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

OBDC's Investment Approach

Our approach is to construct a diversified, defensively positioned portfolio that performs across market cycles by leveraging the differentiated sourcing, underwriting and risk management capabilities across Blue Owl's $159 billion Credit platform.

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

PORTFOLIO SNAPSHOT

senior secured5

96%

floating rate6

230

borrowers

$1.0bn

weighted average revenue7

$239mm

weighted average EBITDA7

47%

net LTV7,8

1.9x

interest coverage ratio7

89%

sponsored-backed9

OBDC

DIVERSIFIED PORTFOLIO

$15.3bn

Portfolio size5 across 230 borrowers

STRONG PERFORMANCE2

9.4%

Last twelve-month ROE (NII)

ATTRACTIVE DIVIDEND3

10.3%

Current annualized dividend yield (on NAV)

AVERAGE ANNUAL NET GAIN/

(LOSS)4

(31) bps

‌Well diversified across borrower and industry

DIVERSIFICATION BY BORROWER DIVERSIFICATION BY INDUSTRY

Associa, 4.1%

Wingspire, 4.0%

Blue Owl Credit SLF, 2.5% Winland Foods, 2.2%

Fifth Season, 2.0%

Sonny's, 2.0%

OB Hospitalist, 1.9%

LSI, 1.8%

Mavis, 1.8%

Internet software and

10.3%

9.1%

7.1%

6.0%

5.6%

5.1%

4.9%

4.6%

4.4%

3.8%

services

Healthcare providers

and services

Asset based lending and fund finance

Insurance Healthcare

Amergin, 1.7%

technology

Food and beverage Buildings and real

estate Healthcare equipment and

services

Manufacturing Financial services

Track record of strong performance

Other (20 Industries)

39.1%

TOTAL RETURN SINCE INCEPTION 10 ATTRACTIVE DIVIDEND YIELD

10.0%

10.4%

9.9%

10.0%

10.3%

+87%

$28.02

$13.61

$0.38 $0.39

$0.37 $0.37

$0.37

$0.02

$0.37

$0.01

$15.00

$14.41

NAV at Inception Q1 2026 NAV Plus

Total Dividends Since Inception

Q1'25 Q2'25 Q3'25 Q4'25 Q1'26

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 $159 billion in assets under management.

The team is comprised of over 275 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

$195B

in loans originated since inception across the credit platform

Headquartered in New York with offices in

15+

markets

275+

investment professionals

28+

average years of experience for senior management team

850+

sponsor relationships

825+

deals closed

Blue Owl's Direct Lending Platform loss rates meaningfully

outperform the market

AVERAGE ANNUAL NET GAIN/(LOSS) RATE11

We are lead /

co-lead on

90%

of our transactions

Seek to provide

enhanced downside protection during structuring and risk management process.

(12) bps

Blue Owl Capital Corporation

(NYSE: OBDC)

‌Endnotes

Source: Bloomberg as of 5/1/2026. Based on market capitalization.

Last twelve months adjusted net investment income per share divided by beginning period net asset value per share.

Dividend yield based on annualized Q1 2026 base dividend of $0.37 per share payable to shareholders of record as of 3/31/2026 and Q1 2026 net asset value per share of $14.41.

Average annual net gain/loss rate is calculated by averaging the 'annual total net realized gain/loss rate' since the fund's inception through 1Q'26. 'Annual total net realized gain/loss rate' is defined as the total net realized gain or loss for a given year, divided by the average quarterly investments at amortized cost for that year. Results are calculated at the portfolio level and do not reflect the deduction of management fees, incentive fees, financing costs, or expenses. This metric reflects realized activity only and does not include unrealized gains or losses; it is not a measure of total return.

Based on fair value.

Based on fair value of debt investments.

Borrower financials are derived from the most recently available portfolio company financial statements, typically a quarter in arrears, have not been independently verified by Blue Owl, and may reflect a normalized or adjusted amount. Accordingly, Blue Owl makes no representation or warranty in respect of this information. This represents 91.6% of our total debt portfolio based on fair value as of 3/31/2026 (and 92.9% of our total debt portfolio based on fair value as of 12/31/2025) and excludes certain investments that fall outside of our typical borrower profile.

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

Based on fair value. Excludes joint ventures (Blue Owl Credit SLF LLC and Blue Owl Leasing LLC) and equity investments in Wingspire, Amergin AssetCo, LSI, Fifth Season, Blue Owl Cross-Strategy Opportunities 2025-1 LLC, and OWL-HP Finance LLC.

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

Average annual net gain/loss rate is calculated by averaging the 'annual total net realized gain/loss rate', aggregated across all Blue Owl Direct Lending funds from inception in 2016 through 1Q'26. 'Annual total net realized gain/loss rate' is defined as the total net realized gain or loss for a given year, divided by the average quarterly investments at amortized cost for that year. Results are calculated at the portfolio level and do not reflect the deduction of management fees, incentive fees, financing costs, or expenses. This metric reflects realized activity only and does not include unrealized gains or losses; it is not a measure of total return. Annual total net gain/loss rates by BDC are as follows, with private funds not publicly reporting: OBDC

(-0.31%), OBDC II (-0.35%), OCIC (-0.14%), OTF (0.29%), and OTIC (0.03%).

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

NYSE: OBDC

‌Non-GAAP Disclosures

On a supplemental basis, the Company is disclosing certain adjusted financial measures, each of which is calculated and presented on a basis of methodology other than in accordance with GAAP ("non-GAAP"). The Company's management utilizes these non-GAAP financial measures to internally analyze and assess financial results and performance. These measures are also considered useful by management as an additional resource for investors to evaluate the Company's ongoing results and trends, as well as its performance, excluding non-cash income or gains related to the Merger. The presentation of non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.

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

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

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

"Adjusted Net Increase (Decrease) in Net Assets Resulting from Operations" and "Adjusted Net Increase (Decrease) in Net Assets Resulting from Operations Per Share": represents the sum of (i) Adjusted Net Investment Income and (ii) Adjusted Net Realized and Unrealized Gains (Losses).

The Merger was accounted for as an asset acquisition in accordance with the asset acquisition method of accounting as detailed in ASC 805-50, Business Combinations-Related Issues ("ASC 805"). The consideration paid to the stockholders of OBDE was allocated to the individual assets acquired and liabilities assumed based on the relative fair values of the net identifiable assets acquired other than "non-qualifying" assets, which established a new cost basis for the acquired investments under ASC 805 that, in aggregate, was different than the historical cost basis of the acquired investments prior to the Merger.

Additionally, immediately following the completion of the Merger, the acquired investments were marked to their respective fair values under ASC 820, Fair Value Measurements, which resulted in unrealized appreciation/depreciation. The new cost basis established by ASC 805 on debt investments acquired will accrete/amortize over the life of each respective debt investment through interest income, with a corresponding adjustment recorded to unrealized appreciation/depreciation on such investment acquired through its ultimate disposition. The new cost basis established by ASC 805 on equity investments acquired will not accrete/amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, the Company will recognize a realized gain/loss with a corresponding reversal of the unrealized appreciation/depreciation on disposition of such equity investments acquired.

The Company's management uses the non-GAAP financial measures described above internally to analyze and evaluate financial results and performance and to compare its financial results with those of other business development companies that have not adjusted the cost basis of certain investments pursuant to ASC 805. The Company's management believes "Adjusted Total Investment Income", "Adjusted Total Investment Income Per Share", "Adjusted Net Investment Income" and "Adjusted Net Investment Income Per Share" are useful to investors as an additional tool to evaluate ongoing results and trends for the Company without giving effect to the income resulting from the new cost basis of the investments acquired in the Merger because these amounts do not impact the fees payable to Blue Owl Credit Advisors LLC (the "Adviser") under the fourth amended and restated investment advisory agreement (the "Investment Advisory Agreement") between the Company and the Adviser, and specifically as its relates to "Adjusted Net Investment Income" and "Adjusted Net Investment Income Per Share". In addition, the Company's management believes that "Adjusted Net Realized and Unrealized Gains (Losses)", "Adjusted Net Realized and Unrealized Gains (Losses) Per Share", "Adjusted Net Increase (Decrease) in Net Assets Resulting from Operations" and "Adjusted Net Increase (Decrease) in Net Assets Resulting from Operations Per Share" are useful to investors as they exclude the non-cash income and gain/loss resulting from the Merger and are used by management to evaluate the economic earnings of its investment portfolio. Moreover, these metrics more closely align the Company's key financial measures with the calculation of incentive fees payable to the Adviser under the Investment Advisory Agreement (i.e., excluding amounts resulting solely from the lower cost basis of the acquired investments established by ASC 805 that would have been to the benefit of the Adviser absent such exclusion).

NYSE: OBDC

‌Non-GAAP Reconciliation Tables

The following table provides a reconciliation of total investment income (the most comparable U.S. GAAP measure) to adjusted total investment income for the periods presented:

For the Three Months Ended

2025

2026

March 31

June 30

September 30

December 31

March 31

($ in millions, except per share amounts)

Amount Per Share

Total Investment Income

$465

$0.94

$486

$0.95

$453

$0.89

$448

$0.88

$397

$0.80

Less: Purchase discount amortization

($8)

$(0.02)

($11)

$(0.02)

($7)

($0.01)

($8)

($0.02)

($6)

($0.01)

Adjusted, non-GAAP, Total Investment

$457

$0.92

$475

$0.93

$446

$0.87

$440

$0.87

$391

$0.78

Income

The following table provides a reconciliation of net investment income (the most comparable U.S. GAAP measure) to adjusted net investment income for the periods presented:

For the Three Months Ended

2025

2026

March 31

June 30

September 30

December 31

March 31

($ in millions, except per share amounts)

Amount Per Share

Net Investment Income

$201

$0.41

$217

$0.42

$190

$0.37

$192

$0.38

$159

$0.32

Less: Purchase discount amortization

($8)

($0.02)

($11)

($0.02)

($7)

($0.01)

($8)

($0.02)

($6)

($0.01)

Adjusted, non-GAAP, Net Investment

$193

$0.39

$206

$0.40

$183

$0.36

$184

$0.36

$153

$0.31

Income

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

2025 2026

March 31 June 30 September 30 December 31 March 31

Net Realized and Unrealized Gains

$41

$0.08

($79)

($0.15)

($62)

($0.12)

($73)

($0.14)

($184)

($0.37)

Net change in unrealized (appreciation)

($75)

($0.15)

$11

$0.02

$0.01

$10

$0.02

$0.01

Realized (gain) loss due to purchase

Adjusted, non-GAAP, Net Realized and

($34)

($0.07)

($68)

($0.13)

($55)

($0.11)

($64)

($0.13)

($177)

($0.36)

($ in millions, except per share amounts) Amount Per Share Amount Per Share Amount Per Share Amount Per Share Amount Per Share (Losses)

depreciation due to the purchase discount discount32

Unrealized Gains (Losses)

The following table provides a reconciliation of net increase (decrease) in net assets resulting from operations (the most comparable U.S. GAAP measure, or net income) to adjusted net increase (decrease) in net assets resulting from operations (or adjusted net income) for the periods presented:

For the Three Months Ended

2025 2026

March 31 June 30 September 30 December 31 March 31

($ in millions, except per share amounts) Amount Per Share Amount Per Share Amount Per Share Amount Per Share Amount Per Share

Net Income (Loss) $243

$0.49

$138

$0.27

$128

$0.25

$119

$0.23

($24)

($0.05)

Less: Purchase discount amortization ($8)

($0.02)

($11)

($0.02)

($7)

($0.01)

($8)

($0.02)

($6)

($0.01)

Net change in unrealized (appreciation)

($75)

($0.15)

$11

$0.02

$0.01

$10

$0.02

$0.01

depreciation due to the purchase discount

Realized (gain) loss due to the purchase

discount32

($2)

Adjusted, Non-GAAP, Net Income (Loss)

$160

$0.32

$138

$0.27

$128

$0.25

$119

$0.23

($24)

($0.05)

NYSE: OBDC

‌Important Information

The information contained in this presentation should be viewed in conjunction with the Company's most recently-filed Quarterly Report on Form 10-Q or Annual Report on Form 10-K. The information contained herein may not be used, reproduced or distributed to others, in whole or in part, for any other purpose without the prior written consent of the Company.

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

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

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

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

NYSE: OBDC

Disclaimer

Blue Owl Capital Corporation published this content on May 13, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 13, 2026 at 00:08 UTC.