Group 1 - iREIT+HOYA Capital focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] - The current market environment shows significant volatility, with the Dow Jones Industrial Index experiencing swings of over 500 points [2] - The emphasis is on defensive stocks with a medium- to long-term investment horizon [2]

Core Viewpoint - Blue Owl Capital Corporation (OBDC) will release its financial results for the first quarter ended March 31, 2025, on May 7, 2025, after market close, followed by a conference call on May 8, 2025, at 10:00 a.m. Eastern Time to discuss these results [1]. Company Information - Blue Owl Capital Corporation is a specialty finance company focused on lending to U.S. middle-market companies and is regulated as a business development company under the Investment Company Act of 1940 [3]. - OBDC is externally managed by Blue Owl Credit Advisors LLC, which is an SEC-registered investment adviser and an indirect affiliate of Blue Owl Capital Inc. [3].

Company Overview - Skylight has secured a $50 million loan through an expanded partnership with SG Credit Partners and Wingspire Capital, supporting its mission to meet the growing demand for its technology for families [1][4] - The company has achieved 99% year-over-year revenue growth, indicating strong market performance and demand for its products [1] Financial Details - The financing will fund inventory purchases, enabling Skylight to scale with consumer demand while continuing to innovate [3] - SG Credit Partners increased its commitment from a previous $20 million facility to $50 million, highlighting confidence in Skylight's growth trajectory [4] Product and Market Position - Skylight connects over 9.3 million users and focuses on simplifying household management through innovative products like the Skylight Calendar and Skylight Frame [6][7] - The company is addressing the mental load of household management, which consumes over 30 hours weekly, by developing solutions that help families stay connected [3] Strategic Partnerships - The partnership with Wingspire Capital is aimed at providing additional liquidity to support Skylight's strategic growth plans [5] - Both SG Credit Partners and Wingspire Capital have a track record of backing innovative consumer brands, reinforcing Skylight's position in the market [4][5]

Financial Data and Key Metrics Changes - The fourth quarter net investment income (NII) was $0.47 per share, with a full year NII totaling $1.89 per share [9][36] - Return on equity (ROE) for the quarter was 12.4%, marking the eighth consecutive quarter of double-digit ROE, while the full year ROE was 12.2% [10] - The net asset value (NAV) per share at quarter-end was $15.26, approximately in line with the prior quarter [10][36] - Record dividends paid out in 2024 totaled $1.72 per share, reflecting a nearly 10% increase year over year [11] Business Line Data and Key Metrics Changes - The company originated a record number of investments in 2024, committing over $27 billion in direct originations, which was roughly double from 2023 [23] - In the fourth quarter, approximately $1.2 billion in new investment commitments were deployed, with over 97% consisting of first lien investments [24] - First lien investments increased from 68% to 76% of the portfolio, and combined with OBDE's portfolio, increased to 78% pro forma [25] Market Data and Key Metrics Changes - The non-accrual rate remained low at 40 basis points of the portfolio at fair value, decreasing to 30 basis points when combined with OBDE's portfolio [31] - The average loan-to-value (LTV) ratio of the portfolio was 44%, with a median EBITDA of portfolio borrowers at $119 million [26] Company Strategy and Development Direction - The merger with OBDE has positioned the company as the second-largest publicly traded BDC by total assets, enhancing competitive advantages and trading liquidity [20][21] - The company aims to optimize its portfolio and asset mix to improve yield, potentially increasing investments in strategic equity and joint ventures [49] - The strategic focus includes expanding into alternative and investment-grade credit as well as data centers, broadening the credit platform [15][64] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the portfolio despite economic pressures, with borrower revenues and EBITDA continuing to grow in the mid to high single digits year over year [27][34] - The company anticipates supportive market conditions in 2025, which may drive a potential pickup in M&A activity [46] - Management noted that while headwinds from lower rates and spreads are expected, the scale and presence of the credit platform will allow continued attractive returns [58][59] Other Important Information - The company has established a joint venture across all BDCs to create a more efficient investment structure [43] - Following the merger, the company plans to file a $750 million market equity issuance program to raise capital under supportive market conditions [42] Q&A Session Summary Question: What can Blue Owl Capital Corporation deliver in terms of ROEs in 2025 and beyond? - Management indicated that ROE could be in the range of 10% to 11% due to lower rates and spreads, but expects to offset some of this reduction through cost savings and portfolio optimization from the merger [56][58] Question: How far along is the portfolio in recognizing Fed rate cuts? - The portfolio is approximately 70% through recognizing the resets from the Fed rate cuts [71] Question: What proportion of the portfolio is still above market spreads? - About 10% to 15% of the portfolio could still be at risk of opportunistic refinancing with lower spreads [84] Question: Can you elaborate on the strategic equity investments? - Strategic equity investments are in specialized lending strategies, and while there are no immediate plans for new investments, the company remains open to opportunities that align with its high standards [92] Question: How does the company plan to utilize the ATM program? - The ATM program will be used to issue equity above book value, ensuring it is accretive and beneficial for shareholders [126][130]

Core Viewpoint - Blue Owl Capital Corporation reported mixed financial results for the fourth quarter of 2024, with earnings per share meeting estimates but showing a decline year-over-year, alongside a slight decrease in total investment income [1][3]. Financial Performance - The fourth-quarter earnings per share (EPS) was 47 cents, matching the Zacks Consensus Estimate but down from 51 cents a year ago [1]. - Total investment income for the fourth quarter was $394.39 million, a decrease of 4.1% year-over-year, and it missed the Zacks Consensus Estimate by 0.3% [1][2]. - Net investment income fell 7.4% year-over-year to $184.2 million, although it exceeded the estimate of $180.7 million [4]. - Full-year total investment income for 2024 was $1.6 billion, reflecting a 0.9% increase year-over-year, while full-year EPS was $1.89, down 2.1% from the previous year [3]. Expenses and Income - Total expenses for the fourth quarter increased by 0.8% year-over-year to $209.7 million, primarily due to higher interest expenses and management fees, but were lower than the estimate of $210.7 million [5]. - The company recorded a net income of $154.9 million in the fourth quarter, compared to $189 million a year ago [5]. Investment Commitments - New investment commitments for 2024 totaled $7.3 billion across 93 new portfolio companies and 68 existing ones [3]. - In the fourth quarter, total new investment commitments were $1.7 billion across 27 new portfolio companies and 17 existing ones [4]. Balance Sheet and Cash Flow - As of December 31, 2024, Blue Owl Capital had a cash balance of $505.7 million, down from $658.7 million at the end of 2023 [6]. - Total assets increased to $13.87 billion from $13.51 billion at the end of 2023, while debt rose to $7.46 billion from $7.08 billion [6]. - Net operating cash flow in 2024 was $160.2 million, significantly down from $1.14 billion in the prior year [7]. Dividend and Share Repurchase - The board declared a first-quarter 2025 dividend of 37 cents per share, payable on or before April 15, 2025, and a supplemental dividend of 5 cents per share for the fourth quarter of 2024 [8]. - The company has a stock repurchase program allowing for the purchase of up to $150 million in shares, but no repurchases were made in 2024 [9].

Blue Owl Capital Corporation (OBDC) Q4 2024 Earnings Call February 20, 2025 10:00 AM ET Company Participants Michael Mosticchio - Principal & Head of BDC Investor RelationsCraig W. Packer - Co-PresidentLogan Nicholson - MD and President - Blue Owl BDCJonathan Lamm - MD and CFO & COO of Blue Owl BDCMickey Schleien - MD - Equity ResearchPaul Johnson - Vice President Conference Call Participants Brian Mckenna - AnalystCasey Alexander - Senior Vice President & Research AnalystRobert Dodd - AnalystFinian O'shea ...

Blue Owl Capital Corporation (NYSE: OBDC) February 2025 Blue Owl Capital Corporation (NYSE: OBDC) Second largest publicly traded business development company (BDC) by market capitalization Investment Approach Managed by Blue Owl OBDC Highlights | PORTFOLIO | $17.4 billion across 236 portfolio | | --- | --- | | | companies | | ASSET MIX | 83% senior secured | | | 78% first lien investments | | | 96% floating rate debt investments1 | | DEBT PORTFOLIO | 11.1%1,3 | | YIELD | | | LEVERAGE | 1.20x net debt-to-equ ...

Financial Data and Key Metrics Changes - The company reported a fourth quarter net investment income (NII) of $0.47 per share and a full year NII of $1.89 per share, achieving a return on equity (ROE) of 12.4% for the quarter and 12.2% for the full year [6][24] - The net asset value (NAV) per share at quarter end was $15.26, approximately in line with the prior quarter, reflecting the stability of the portfolio [6][24] - The company paid out record dividends totaling $1.72 per share for 2024, marking a nearly 10% increase year over year [7] Business Line Data and Key Metrics Changes - The company committed over $27 billion in direct originations in 2024, roughly double from 2023, with approximately $1.2 billion deployed in the fourth quarter [16] - First lien investments increased from 68% to 76% of the portfolio, and when combined with OBDE's portfolio, first lien investments rose to 78% pro forma [16] - The average hold size on new direct lending deals grew from $200 million in 2021 to roughly $350 million in 2024, with total deal sizes nearly doubling from $600 million to over $1 billion [11] Market Data and Key Metrics Changes - The non-accrual rate remained low at 40 basis points of the portfolio at fair value, reflecting no new additions this quarter [20] - The median EBITDA of portfolio borrowers was $119 million, with a weighted average EBITDA of $200 million and an average loan-to-value (LTV) of 44% [17] - Interest coverage across the portfolio was approximately 1.8 times, up from a trough of 1.6 times [18] Company Strategy and Development Direction - The company aims to leverage its scale and disciplined investment approach to maintain competitive advantages in the direct lending market [9][10] - The merger with OBDE has positioned the company as the second largest publicly traded BDC by total assets, expected to drive lower financing costs and operational synergies [12][13] - The company plans to optimize its portfolio and asset mix for improved yield, potentially increasing investments in strategic equity and joint ventures [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the portfolio despite macroeconomic uncertainties, noting continued modest growth in revenues and EBITDA across portfolio companies [86] - The company anticipates supportive market conditions in 2025, which may drive a potential pickup in M&A activity [31] - Management highlighted the importance of incumbency relationships, with about 50% of originations in 2024 coming from existing portfolio companies [12][99] Other Important Information - The company established a joint venture across all BDCs to create a more efficient investment structure, winding down OBDC's senior loan fund [29] - Total liquidity at quarter end was $3.2 billion, well in excess of unfunded commitments [28] - The company plans to file a $750 million at-the-market equity issuance program to raise capital under supportive market conditions [28] Q&A Session Summary Question: What can OBDC deliver in terms of ROEs in 2025 and beyond? - Management indicated that while headwinds from lower rates and spreads may impact ROE, they expect to generate an additional 50 to 75 basis points of ROE through the merger benefits and portfolio optimization [40][41] Question: How does the evolution of public BDCs play into the growth of the broader direct lending platform? - Management emphasized the continued execution of the OBDC strategy while expanding credit capabilities, which will enhance the origination funnel and relevance to borrowers [45][46] Question: Where is the portfolio in terms of recognizing Fed rate cuts? - Approximately 70% of the portfolio is recognized in terms of resets from Fed rate cuts [54] Question: What proportion of the portfolio is still above legacy assets with higher spreads? - Management estimated that about 10% to 15% of the portfolio could still be at risk of opportunistic refinancing with lower spreads [66] Question: How is the amendment activity trending? - Amendment activity was flat quarter over quarter, with no significant uptick in material amendments [111]

Blue Owl Capital Corporation (OBDC) came out with quarterly earnings of $0.47 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.51 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this company would post earnings of $0.48 per share when it actually produced earnings of $0.47, delivering a surprise of -2.08%.Over the last four quarters, the company has surpassed consensus EPS estimates just once.Blue Owl Capital C ...

Exhibit 99.1 DISCLAIMERS The preliminary financial estimates provided herein have been prepared by, and are the responsibility of, the Company's management. Neither KPMG LLP, the Company's independent registered public accounting firm, nor any other independent accountants, have audited, reviewed, compiled, or performed any procedures with respect to the accompanying preliminary financial data. Blue Owl Capital Corporation Announces Preliminary Fourth Quarter Financial Results and Portfolio Update NEW YORK ...