Blue Owl Capital Corporation (OBDC) investor relations material

Executive summary

• Adjusted net investment income (NII) per share rose to $0.34 from $0.31, driven by a large PIK investment realization, higher specialty finance income, and stable portfolio company performance.

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

• Portfolio consisted of 229 companies with a fair value of $15.0 billion, diversified across sectors and geographies, and strong credit quality with non-accruals at 0.8% of fair value.

• Net leverage decreased to 1.11x, the lowest in over two years, enhancing financial flexibility.

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

Financial highlights

• Adjusted NII of $0.34 per share, up from $0.31, resulting in a 9.6% annualized ROE; GAAP NII per share was $0.36.

• Total investment income for Q2 2026 was $401.3 million, with adjusted total investment income at $395.7 million.

• Net investment income for Q2 2026 was $176.2 million, with adjusted NII at $170.6 million.

• Net realized and unrealized losses for Q2 2026 totaled $(110.4) million; adjusted losses were $104.8 million.

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

Outlook and guidance

• Management remains optimistic but cautious, citing improved rate environment, wider spreads, and a focus on conservative deployment.

• Dividend reset to $0.31 per share is viewed as sustainable, with spillover income of $0.29 per share providing a cushion.

• Deal activity remains muted, but a more constructive environment is anticipated as market conditions stabilize.