[PART I FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) For the six months ended June 30, 2025, Blue Owl Capital Corporation reported total assets of **$17.4 billion** and net assets of **$7.7 billion**, with total investment income reaching **$950.5 million**, leading to a net increase in net assets from operations of **$380.1 million**, and the company's investment portfolio, valued at **$16.9 billion**, remains heavily concentrated in first-lien senior secured debt, with Net Asset Value (NAV) per share at **$15.03** as of June 30, 2025 [Consolidated Statements of Assets and Liabilities](index=5&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) As of June 30, 2025, total assets increased to **$17.4 billion** from **$13.9 billion** at year-end 2024, driven by investment portfolio growth, while total liabilities rose to **$9.7 billion** from **$7.9 billion** due to increased debt, leading to total net assets growing to **$7.7 billion** from **$6.0 billion**, though Net Asset Value (NAV) per share slightly decreased to **$15.03** from **$15.26** Consolidated Statements of Assets and Liabilities Highlights (in thousands) | Metric | June 30, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Total investments at fair value** | **$16,868,782** | **$13,194,545** | | Total Assets | $17,398,476 | $13,865,564 | | Total Debt (net) | $9,225,817 | $7,457,702 | | Total Liabilities | $9,716,079 | $7,912,723 | | **Total Net Assets** | **$7,682,397** | **$5,952,841** | | **Net Asset Value Per Share** | **$15.03** | **$15.26** | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) For the six months ended June 30, 2025, total investment income grew to **$950.5 million** from **$796.3 million** year-over-year, driven by higher interest income, with net investment income after taxes increasing to **$418.0 million** from **$371.9 million**, and the net increase in net assets from operations reaching **$380.1 million**, compared to **$304.7 million** in the prior year period, with earnings per share at **$0.76** versus **$0.78** Statement of Operations Summary (Six Months Ended June 30, in thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | **Total Investment Income** | **$950,489** | **$796,337** | | Total Operating Expenses | $526,447 | $416,788 | | **Net Investment Income After Taxes** | **$418,010** | **$371,899** | | Total Net Realized and Change in Unrealized Gain (Loss) | $(37,873) | $(67,162) | | **Net Increase in Net Assets from Operations** | **$380,137** | **$304,737** | | **Earnings Per Share - Basic and Diluted** | **$0.76** | **$0.78** | [Consolidated Schedules of Investments](index=7&type=section&id=Consolidated%20Schedules%20of%20Investments) As of June 30, 2025, the company's total investment portfolio was valued at **$16.87 billion**, up from **$13.19 billion** at year-end 2024, primarily composed of debt investments in non-controlled/non-affiliated companies valued at **$14.73 billion**, with controlled/affiliated investments, including joint ventures, totaling **$2.05 billion** Portfolio Composition by Investment Type (June 30, 2025, Fair Value in thousands) | Investment Category | Fair Value | | :--- | :--- | | Non-controlled/non-affiliated investments | $14,726,112 | | Non-controlled/affiliated investments | $91,866 | | Controlled/affiliated investments | $2,050,804 | | **Total Investments** | **$16,868,782** | - As of June 30, 2025, non-qualifying assets under the 1940 Act represented **13.0%** of total assets, which is within the regulatory limit of **30%**[85](index=85&type=chunk) [Consolidated Statements of Changes in Net Assets](index=78&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Net%20Assets) For the six months ended June 30, 2025, net assets increased by **$1.73 billion**, from **$5.95 billion** to **$7.68 billion**, primarily driven by a **$1.76 billion** increase from capital share transactions, largely due to the merger with OBDE, and a **$380.1 million** increase from operations, partially offset by **$408.8 million** in distributions to shareholders Changes in Net Assets (Six Months Ended June 30, 2025, in thousands) | Description | Amount | | :--- | :--- | | Net Assets, beginning of period | $5,952,841 | | Net Increase from Operations | $380,137 | | Distributions Declared | $(408,832) | | Net Increase from Capital Share Transactions | $1,758,251 | | **Net Assets, end of period** | **$7,682,397** | [Consolidated Statements of Cash Flows](index=79&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, the company generated **$1.05 billion** in cash from operating activities, a significant improvement from the **$282.2 million** used in the same period of 2024, while financing activities used **$1.20 billion**, mainly for net debt repayments and shareholder distributions, ending the period with a cash and restricted cash balance of **$360.2 million** Cash Flow Summary (Six Months Ended June 30, in thousands) | Cash Flow Category | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $1,049,576 | $(282,210) | | Net cash provided by (used in) financing activities | $(1,203,543) | $2,536 | | **Net increase (decrease) in cash** | **$(153,967)** | **$(279,674)** | [Notes to Consolidated Financial Statements](index=81&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of the company's accounting policies, related-party transactions, and financial instruments, with key disclosures including the company's status as a BDC and RIC, fair value methodology for illiquid investments, specifics of debt facilities and CLOs, and the accounting treatment of its January 2025 merger with Blue Owl Capital Corporation III (OBDE), which was treated as an asset acquisition resulting in an **$82.9 million** purchase discount - The company is regulated as a **Business Development Company (BDC)** under the 1940 Act and is treated as a **Regulated Investment Company (RIC)** for tax purposes[177](index=177&type=chunk) - The merger with Blue Owl Capital Corporation III (OBDE) on January 13, 2025, was accounted for as an asset acquisition, resulting in a purchase discount of **$82.9 million**, which was allocated to the cost basis of the acquired investments[513](index=513&type=chunk)[514](index=514&type=chunk)[518](index=518&type=chunk) - As of June 30, 2025, the company's asset coverage ratio was **181%**, above the required minimum of **150%**[273](index=273&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=130&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's investment strategy, focusing on directly originated senior secured loans to U.S. middle-market companies, highlighting the impact of the OBDE merger which significantly increased portfolio size and debt obligations, while noting consistent portfolio credit quality with a focus on non-cyclical, recession-resistant industries, and deeming current liquidity sufficient for near-term obligations and unfunded commitments, with the portfolio valued at **$16.87 billion** and a net leverage ratio of **1.17x** as of June 30, 2025 [Overview](index=130&type=section&id=Overview) Blue Owl Capital Corporation (OBDC) is a BDC and RIC managed by Blue Owl Credit Advisors LLC, aiming to generate current income and capital appreciation by investing in U.S. middle-market companies, and completed its merger with Blue Owl Capital Corporation III (OBDE) on January 13, 2025, with OBDC as the surviving company - The company's investment strategy focuses on originating loans and making debt/equity investments in U.S. middle-market companies[526](index=526&type=chunk) - On January 13, 2025, the company consummated its merger with Blue Owl Capital Corporation III (OBDE)[536](index=536&type=chunk) [Portfolio and Investment Activity](index=135&type=section&id=Portfolio%20and%20Investment%20Activity) As of June 30, 2025, the portfolio was valued at **$16.87 billion** across **233** companies, with **75.8%** in first-lien senior secured debt, a weighted average total yield of **10.1%**, and net leverage of **1.17x**, demonstrating high diversification with **83.6%** of investments rated '2' (performing as expected), while five portfolio companies were on non-accrual status, representing **1.8%** of the debt portfolio's amortized cost Portfolio Snapshot (as of June 30, 2025) | Metric | Value | | :--- | :--- | | Total Investments (Fair Value) | $16.87 billion | | Number of Portfolio Companies | 233 | | Weighted Average Total Yield | 10.1% | | Net Leverage (Debt-to-Equity) | 1.17x | Investment Rating Composition (June 30, 2025) | Rating | Description | % of Portfolio (Fair Value) | | :--- | :--- | :--- | | 1 | Performing above expectations | 7.8% | | 2 | Performing as expected | 83.6% | | 3 | Performing below expectations | 7.8% | | 4 | Materially below expectations | 0.2% | | 5 | Substantially below expectations | 0.6% | - As of June 30, 2025, investments on non-accrual status represented **1.8%** of the total debt portfolio at amortized cost[592](index=592&type=chunk) [Results of Operations](index=142&type=section&id=Results%20of%20Operations) For the six months ended June 30, 2025, total investment income increased to **$950.4 million** from **$796.3 million** year-over-year, driven by a larger portfolio post-merger, while total operating expenses rose to **$526.4 million** from **$416.8 million**, mainly due to higher interest, management, and incentive fees, resulting in net investment income after taxes of **$418.0 million** and a net increase in net assets from operations of **$380.2 million** Operating Results Comparison (Six Months Ended June 30) | ($ in millions) | 2025 | 2024 | | :--- | :--- | :--- | | Total Investment Income | $950.4 | $796.3 | | Total Operating Expenses | $526.4 | $416.8 | | Net Investment Income After Taxes | $418.0 | $371.8 | | Net Increase in Net Assets | $380.2 | $304.7 | - The increase in investment income and expenses for the six months ended June 30, 2025, was primarily due to the larger portfolio and increased borrowings resulting from the acquisition of OBDE[610](index=610&type=chunk)[614](index=614&type=chunk) [Financial Condition, Liquidity and Capital Resources](index=148&type=section&id=Financial%20Condition%2C%20Liquidity%20and%20Capital%20Resources) The company's liquidity is sourced from investment cash flows, credit facilities, and debt issuances, with **$360.2 million** in cash and restricted cash and **$3.74 billion** available under its credit facilities as of June 30, 2025, maintaining an asset coverage ratio of **181%** (above the **150%** regulatory requirement), and management believes current liquidity is sufficient for near-term investing activities and operational needs - As of June 30, 2025, the company had **$3.74 billion** available under its credit facilities and an asset coverage ratio of **181%**[644](index=644&type=chunk)[645](index=645&type=chunk) - The company's target leverage ratio is **0.90x-1.25x**[556](index=556&type=chunk) - During the six months ended June 30, 2025, the company issued **200,603** shares for net proceeds of **$3.1 million** through its "at the market" offering program[490](index=490&type=chunk)[650](index=650&type=chunk) [Recent Developments](index=182&type=section&id=Recent%20Developments) Subsequent to the quarter-end, on August 5, 2025, the Board declared a third-quarter dividend of **$0.37 per share** and a supplemental dividend of **$0.02 per share**, while the company also repaid its July 2025 Notes, redeemed its CLO II debt, and upsized its revolving credit facility commitment to **$3.825 billion** - A third-quarter dividend of **$0.37 per share** and a supplemental dividend of **$0.02 per share** were declared on August 5, 2025[863](index=863&type=chunk) - The company repaid its July 2025 Notes on July 22, 2025, and redeemed all classes of its CLO II debt on July 7, 2025[864](index=864&type=chunk)[865](index=865&type=chunk) - On July 15, 2025, the revolving credit facility commitments were increased to **$3.825 billion**[866](index=866&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=159&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to several market risks, including valuation, interest rate, currency, credit, and inflation risk, with **97.6%** of debt investments at floating rates to mitigate interest rate risk, and a sensitivity analysis indicating a **100 basis point** increase in base rates would increase annual net income by approximately **$81.6 million** before income-based fees - The company's primary market risks are valuation, interest rate, currency, credit, and inflation[867](index=867&type=chunk) - As of June 30, 2025, **97.6%** of the company's debt investments by fair value had floating interest rates, which helps mitigate the impact of rising interest rates[871](index=871&type=chunk) Annualized Impact of Interest Rate Changes on Net Income (as of June 30, 2025, in millions) | Basis Point Change | Impact on Net Income | | :--- | :--- | | +300 | $244.9 | | +200 | $163.2 | | +100 | $81.6 | | -100 | $(81.6) | | -200 | $(163.2) | | -300 | $(244.6) | [Controls and Procedures](index=160&type=section&id=Item%204.%20Controls%20and%20Procedures) The company's management, including the CEO and CFO, concluded that the disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control over financial reporting during the quarter - Management concluded that disclosure controls and procedures were effective as of the end of the period covered by the report[878](index=878&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter ended June 30, 2025[879](index=879&type=chunk) [PART II OTHER INFORMATION](index=161&type=section&id=PART%20II%20OTHER%20INFORMATION) [Legal Proceedings](index=161&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently subject to any material legal proceedings, nor is it aware of any material legal proceedings being threatened against it - As of the report date, neither the company nor its Adviser is subject to any material legal proceedings[881](index=881&type=chunk) [Risk Factors](index=161&type=section&id=Item%201A.%20Risk%20Factors) This section directs readers to the comprehensive risk factors detailed in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, for information on risks that could materially affect the business - The report refers to the Risk Factors section of the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, for a detailed discussion of potential risks[882](index=882&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=161&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) For the quarter ended June 30, 2025, the company purchased **1,024,155** shares of its common stock in the open market at a weighted average price of **$13.38 per share** to satisfy its dividend reinvestment plan for shareholders who did not opt to receive cash dividends - During the quarter ended June 30, 2025, the company purchased **1,024,155** shares in the open market at an average price of **$13.38 per share** to fulfill obligations under its dividend reinvestment plan[884](index=884&type=chunk) [Defaults Upon Senior Securities](index=161&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities during the reporting period - None[885](index=885&type=chunk) [Other Information](index=161&type=section&id=Item%205.%20Other%20Information) During the fiscal quarter ended June 30, 2025, none of the company's directors or executive officers adopted or terminated any Rule 10b5-1 trading plans for the purchase or sale of company securities - No directors or executive officers adopted or terminated any Rule 10b5-1 trading plans during the quarter[887](index=887&type=chunk) [Exhibits](index=161&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including amendments to corporate bylaws, supplemental indentures for debt offerings, amendments to credit agreements, and required officer certifications - The report includes several exhibits, such as amendments to credit agreements, supplemental indentures, and certifications by the Principal Executive Officer and Principal Financial Officer[887](index=887&type=chunk)

OBDC Highlights - OBDC's portfolio has a size of $169 billion across 233 portfolio companies[2] - The asset mix is heavily weighted towards senior secured debt, with 81% senior secured and 76% first lien investments[2] - The portfolio yield is 106% and the dividend yield is 104%[2] - OBDC's net debt-to-equity leverage is 117x[2] - The company's market capitalization is $72 billion[2] Blue Owl's Credit Platform - Blue Owl manages a market-leading credit business with $146 billion in AUM[3,10] - Diversified lending accounts for $75 billion of the credit platform's AUM[10] - BDCs make up more than half of Blue Owl's Credit platform AUM[10] Investment Strategy and Portfolio - Blue Owl primarily focuses on making debt and equity investments in U S upper middle-market companies[3] - The company's direct lending platform has extensive sponsor relationships with 800+ financial sponsors[3,13,35] - The average annual net loss rate is 7 basis points since the inception of the direct lending business in 2016[3] Financial Performance - The company has a total return of 92% since inception[32,35] - The portfolio is downside protected, with 81% senior secured and 98% floating rate investments[32] - The company's Q2 2025 net asset value per share was $1503[38]

Bearing this in mind, let's now explore the average estimates of specific Blue Owl Capital Corporation metrics that are commonly monitored and projected by Wall Street analysts. The consensus estimate for 'Investment income from non-controlled, non-affiliated investments- Interest income' stands at $346.72 million. The estimate indicates a change of +20.7% from the prior-year quarter. The collective assessment of analysts points to an estimated 'Investment income from non-controlled, non- affiliated investm ...

Company Overview - Blue Owl Capital Corporation (NYSE: OBDC) is a specialty finance company focused on lending to U.S. middle-market companies [3] - As of March 31, 2025, OBDC had investments in 236 portfolio companies with an aggregate fair value of $17.7 billion [3] - OBDC is regulated as a business development company under the Investment Company Act of 1940 and is externally managed by Blue Owl Credit Advisors LLC, an SEC-registered investment adviser [3] Financial Results Announcement - OBDC will release its financial results for the second quarter ended June 30, 2025, on August 6, 2025, after market close [1] - A webcast/conference call to discuss these results is scheduled for August 7, 2025, at 10:00 a.m. Eastern Time [1] - The conference call will be accessible via OBDC's website and by dialing specific numbers for domestic and international participants [2]

Company Overview - Blue Owl Capital Corporation (NYSE: OBDC) is a Business Development Company (BDC) [1] Financial Performance - In Q1, Blue Owl Capital delivered a total NAV return of 2%, which is in line with the median return in the coverage [1]

Group 1 - The focus is on growth and dividend income as a strategy for retirement planning [1] - The portfolio is structured to generate monthly dividend income that grows through reinvestment and annual increases [1] Group 2 - The article expresses personal opinions and is not intended as investment advice [2][3] - It emphasizes the importance of conducting individual research before making investment decisions [2]

Group 1 - The article promotes iREIT on Alpha as a source for in-depth research on various income alternatives including REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs [1] - It highlights the positive feedback from users, with 438 testimonials, most of which are rated 5 stars, indicating high satisfaction [1] Group 2 - The article includes a disclosure stating that the author has a beneficial long position in the shares of AM, indicating a personal investment interest [2] - It clarifies that the opinions expressed are those of the author and not influenced by compensation from any company mentioned [2]

Core Insights - Blue Owl Capital Corp. (NYSE: OBDC) demonstrated resilience in the first quarter earnings, showcasing robust net investment income despite a challenging and volatile market [1] - The company successfully grew its portfolio value, indicating strong performance in a difficult economic environment [1] Financial Performance - The first quarter earnings report highlighted the company's ability to maintain strong net investment income [1] - The growth in portfolio value reflects the company's strategic positioning and adaptability in the current market conditions [1]

Core Viewpoint - Blue Owl Capital Corporation reported a decline in earnings per share (EPS) for the first quarter of 2025, missing consensus estimates, while total investment income increased year over year but also fell short of expectations [1][3]. Financial Performance - The first-quarter EPS was 39 cents, down from 47 cents a year ago and below the Zacks Consensus Estimate of 43 cents [1]. - Total investment income reached $464.6 million, reflecting a 16.3% year-over-year increase, but missed the consensus estimate by 2.6% [1][3]. - Net investment income rose 10.1% year over year to $201.3 million, exceeding the estimate of $184.7 million [3]. - Total expenses increased by 22.7% year over year to $259.6 million, primarily due to higher interest expenses and management fees, surpassing the estimate of $250.4 million [4]. Investment Commitments and Portfolio - Blue Owl Capital made total new investment commitments of $1.2 billion across 12 new portfolio companies and 22 existing ones [3]. - The company ended the quarter with investments in 236 portfolio companies, with an aggregate fair value of $17.7 billion, resulting in an average investment size of $75 million per company [3]. Cash Flow and Debt - The cash balance at the end of the first quarter was $511.5 million, slightly up from $505.7 million at the end of 2024 [4]. - Total assets increased to $18.4 billion from $13.9 billion at the end of 2024 [4]. - Debt rose to $10.2 billion from $7.5 billion at the end of 2024, with a net debt to equity ratio of 1.26X [5]. Dividend and Share Repurchase - The board declared a second-quarter 2025 dividend of 37 cents per share, payable on or before July 15, 2025, and a supplemental dividend of 1 cent per share for the first quarter [6]. - The company has a stock repurchase program allowing for the purchase of up to $150 million in shares, but no repurchases were made in the first quarter [7].

May 8, 2025 Quarterly Earnings Presentation NYSE: OBDC | | • • | Net asset value per share of $15.14, compared to $15.26 as of 12/31/2024 Adjusted net investment income per share of $0.3931 as of 3/31/2025 | | --- | --- | --- | | | | • GAAP net investment income per share of $0.41, down from $0.47 as of 12/31/2024 | | Earnings Summary | • | Adjusted net income per share of $0.3231 as of 3/31/2025 | | | | • GAAP net income per share of $0.49, up from $0.40 as of 12/31/2024 | | | • | Adjusted ROE on net inves ...