Blue Owl Capital Corporation Announces March 31, 2025 Financial Results

Core Insights - Blue Owl Capital Corporation reported a solid start to 2025 with a 10.2% annualized return on equity, supported by a resilient portfolio and the recent merger with OBDE, making it the second largest externally managed publicly traded BDC by total assets, exceeding $18 billion as of March 31, 2025 [3][5][23]. Financial Highlights - The company declared a second quarter 2025 regular dividend of $0.37 per share and a supplemental dividend of $0.01 per share for the first quarter 2025 [4][7]. - For the first quarter ended March 31, 2025, net investment income per share was $0.41, down from $0.47 in the previous quarter, while adjusted net investment income per share was $0.39 [6][27]. - Total investments at fair value increased to $17.7 billion from $13.2 billion in the previous quarter, with total assets reaching $18.4 billion [6][25]. Portfolio Composition - As of March 31, 2025, the company had investments in 236 portfolio companies across 30 industries, with an average investment size of $75 million [9][23]. - The portfolio consisted of 77.5% first-lien senior secured debt investments, 5.0% second-lien senior secured debt investments, and 10.2% common equity investments [10][11]. Investment Activity - New investment commitments for the first quarter totaled $1.2 billion, with $913 million funded, compared to $1.7 billion in new commitments and $1.6 billion funded in the previous quarter [11][12]. - The company experienced a decrease in investments on non-accrual, which represented 0.8% of the portfolio at fair value, up from 0.4% in the previous quarter [7][11]. Results of Operations - Investment income increased to $464.6 million for the first quarter, up from $394.4 million in the previous quarter, primarily due to higher interest income from the merger [17][30]. - Total expenses rose to $259.6 million, driven by increased interest expense and management fees related to the merger [18][30]. Liquidity and Capital Resources - As of March 31, 2025, the company had $514.2 million in cash and restricted cash, with total debt outstanding of $10.2 billion, maintaining a balanced funding mix of 50% secured and 50% unsecured borrowings [19][28].