Blue Owl Capital Corporation (OBDC) Investor presentation summary

Earnings and financial performance

• Net asset value per share declined to $14.41, with adjusted net investment income per share at $0.31 and GAAP net investment income per share at $0.32.

• Adjusted and GAAP ROE on net investment income were 8.3% and 8.6%, respectively.

• Adjusted net income per share was $(0.05), mainly due to unrealized losses from credit spread widening.

• Total portfolio at fair value was $15.3 billion, down from $16.5 billion at the end of 2025.

• Q1'26 base dividend was $0.37 per share, with an annualized dividend yield of 10.3%.

Portfolio composition and activity

• Portfolio consisted of 230 companies across 30 industries, with 78% senior secured and 72% first lien investments.

• 96% of debt investments were floating rate, and the weighted average debt portfolio yield was 10.0%.

• New investment commitments (net of sell downs) were $0.7 billion, with net funded investment activity of $(1.0) billion.

• Investments on non-accrual represented 2.0% and 1.0% of the portfolio at cost and fair value, respectively.

• Top 10 positions accounted for 24% of the portfolio at fair value, with strong industry and borrower diversification.

Balance sheet and liquidity

• $4.1 billion in liquidity from cash and undrawn debt, with a debt-to-equity ratio of 1.13x, within the target range.

• Weighted average debt maturity was approximately 4.1 years, and the total revolver facility size was $4.0 billion.

• Debt funding mix comprised 53% unsecured debt, and the company maintained four investment grade ratings.

• Moody's upgraded the credit rating to Baa2 in January 2026, reflecting improved credit profile and liability management.