Blue Owl Capital Corporation (OBDC) investor relations material

Executive summary

• Adjusted net investment income (NII) per share rose to $0.34 from $0.31, with GAAP NII per share at $0.36, supporting a 9.6% annualized ROE and covering the dividend.

• Net asset value (NAV) per share declined to $14.26 from $14.41, mainly due to select credit markdowns, partially offset by share repurchases.

• Portfolio consisted of 229 companies with a fair value of $15.0 billion, diversified across 30 industries and geographies.

• Portfolio credit quality remained strong, with non-accruals at 0.8% of fair value and stable risk ratings.

• Total dividends declared for the quarter were $0.33 per share, including a $0.02 supplemental dividend, yielding an annualized 9.3%.

Financial highlights

• Total investment income for Q2 2026 was $401.3 million, with adjusted NII at $170.6 million and net investment income at $176 million.

• Adjusted ROE on NII was 9.6%, and GAAP ROE on NII was 9.9%.

• Net leverage ratio was 1.11x, the lowest in over two years and within the 0.9–1.25x target range.

• $35 million of shares were repurchased in Q2, accretive to NAV by $0.03 per share.

• Net realized and unrealized losses for Q2 2026 totaled $(110.4) million.

Outlook and guidance

• Management remains optimistic but cautious, citing improved rate environment, wider spreads, and a stable risk mix.

• Dividend reset to $0.31 per share is viewed as sustainable, with a supplemental $0.02 per share dividend declared.

• Portfolio leverage is expected to remain within the 0.9–1.25x target range.

• Management is focused on conservative deployment and maintaining strong credit standards amid market volatility.