Owl Rock(US:OBDC) ZACKS·2025-02-20 18:20Core 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].