📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

Blue Owl Capital Corporation is a Private Debt, business development company That specializes in direct and fund of fund investments. The fund makes investments in senior secured, direct lending or unsecured loans, subordinated loans or mezzanine loans and also considers equity-related securities including warrants and preferred stocks also pursues preferred equity investments, first lien, unitranche, and second lien term loans and common equity investments. Within private equity, it seeks to invest in growth, acquisitions, market or product expansion, refinancings and recapitalizations. It seeks to invest in middle market and upper middle market companies based in the United States, with EBITDA between $10 million and $250 million annually and/or annual revenue of $50 million and $2500 million at the time of investment. It seeks to invest in investments with maturities typically between three and ten years. It seeks to make investments generally ranging in size between $20 million and $250 million.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding OBDC

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	129.1K	$1.4M	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Mixed ↓ Deteriorating 4 quarters analysed

Q2 2025

Confident Specific

Management provided specific metrics (ROE 10.6%, adjusted NII $0.40, leverage 1.17x) and detailed forward-looking synergy estimates (50-75 bps ROE improvement). They expressed reassurance on portfolio credit, non-accrual rates, and tariff exposure, using terms like 'solid', 'strong', and 'well-positioned' without hedging.

Q3 2025

Mixed

Management expresses strong confidence in portfolio quality, credit performance, and the strategic benefits of the merger ('Our Portfolio is continuing to perform well... solid fundamentals'), while adopting a cautious and defensive posture on valuation, dividend trajectory, and macro headwinds ('the stock is yielding more than 11%. It is hard for us to reconcile that...', 'as base rates decline further... our earnings and dividends will adjust'). They also acknowledge external skepticism and try to reassure investors by clarifying their direct lending focus.

Q4 2025

Confident Specific

Management repeatedly uses phrases like 'reassuring you', 'clear signal', 'we have conviction', and provides specific details (e.g., asset sale at 99.7% of par, $148M buyback at 14% discount). They directly address skepticism with concrete transaction mechanics.

Q1 2026 latest

Mixed

Management acknowledged a challenging quarter with lower earnings from lower rates and tighter spreads, but expressed confidence in portfolio credit quality and forward outlook. They balanced cautious language on near-term headwinds with optimism about improving investment conditions and widening spreads.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is mixed: near-term earnings are pressured, leading to a dividend cut, but credit quality remains strong and the forward outlook for wider spreads and deployment is favorable. Key changes include the dividend reduction to $0.31, lower leverage (1.13x), and a cautious but optimistic tone on the investment environment. Watch next quarter for deployment pace, fee income normalization, and any further credit events. The long-term track record (9.6% annualized return, 31 bps loss rate) supports resilience, but income-focused investors will need to see earnings recovery from wider spreads and higher fee income.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Mixed ↓ Deteriorating 4 quarters Full tone analysis in Intelligence →

📊 MIXED OBDC reports adjusted NII $0.31, NAV $14.41, cuts base dividend to $0.31.

Revenue & Profitability

For Q1 2026, OBDC earned adjusted net investment income (NII) of $0.31 per share. Net asset value per share was $14.41, down from $14.81 in the prior quarter, primarily due to mark-to-market adjustments from spread widening. Net leverage stood at 1.13x, the lowest in two years. Spillover income was approximately $0.28 per share. The company repurchased $35 million of stock during the quarter, accretive to NAV by $0.02 per share.

Outlook

Management believes the investment environment is becoming more favorable, with spreads widening by 50–75 basis points and terms more attractive than recent quarters. Retail capital inflows into private credit have slowed, improving the supply-demand balance. The rate backdrop appears more stable. The company expects refinancing activity to resume, driving spread widening and fee income, and sees a more attractive opportunity set ahead.

Growth Drivers

Key growth levers include deploying into wider spreads through refinancings, add-ons, and upsizings of existing portfolio companies. The company also benefits from its joint ventures and specialty finance investments, such as the LSI life sciences vehicle. Repayment activity, such as the Intelerad exit at a $2.3 billion valuation, provides capital for recycling into higher-spread assets. Management expects to capture demand from borrowers seeking certainty of execution amid BSL market volatility.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Not discussed in this earnings call.

Key Risks

Key risks flagged by management include lower base rates, tighter market spreads, and a slower deal environment that reduces fee and repayment income. The LTV increased to 47% (from 41%) due to valuation declines, particularly in software. Non-accruals remained low at 1.0% at fair value. While the portfolio's software exposure declined to 16%, the AI impact on software borrowers is not yet material but remains a risk to monitor. Additionally, public market volatility affected marks for certain loans like Cornerstone OnDemand.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-06

Adjusted NII per share rose to $0.34, driven by a major PIK realization and higher dividend income, while NAV per share declined slightly due to a single credit markdown. Portfolio credit quality remains strong, leverage is at a multi-year low, and management is optimistic about future opportunities.

Q1 2026 Q1 2026 2026-05-07

Strong credit performance and stable fundamentals offset earnings headwinds from lower rates and tighter spreads. Dividend reset to $0.31 per share, with supplemental payouts possible if NII exceeds this level. Portfolio leverage and software exposure declined, while liquidity and capital flexibility remain robust.

Q4 2025 Q4 2025 2026-02-19

Q4 and full-year 2025 results showed strong credit quality, stable NII, and robust portfolio performance. A $1.4B asset sale at near-par validated marks, while share buybacks and a Moody’s upgrade highlighted disciplined capital management.

Q3 2025 Q3 2025 2025-11-06

Q3 2025 saw solid results with adjusted NII per share of $0.36 and a 9.5% ROE, despite lower non-recurring income and tighter spreads. The announced merger with OBDC II will add scale, reduce leverage, and is expected to be accretive, while portfolio fundamentals remain strong.

Q2 2025 Q2 2025 2025-08-07

Q2 2025 delivered a 10.6% ROE and strong portfolio performance, with NAV per share at $15.03 and adjusted NII of $0.40 per share. Leverage was reduced to 1.17x, and the company remains confident in maintaining dividends, supported by robust liquidity and ongoing strategic expansion.

📊 Analysis Methodology

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