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Blue Owl Capital Corporation (OBDC) investor relations material
Blue Owl Capital Corporation Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
- Q2 net investment income per share was $0.48, NAV per share $15.36, and a merger was announced.OBDC
Q2 20249 Jul 2026 - Q1 2025 saw a major merger, $17.7B portfolio, $0.39 NII/share, and a 10% dividend yield.OBDC
Q1 20259 Jul 2026 - Q3 net investment income per share $0.47, 12.4% ROE, NAV/share $15.28, merger pending.OBDC
Q3 20248 Jul 2026 - Directors were elected and the auditor ratified, with no shareholder questions received.OBDC
AGM 202625 Jun 2026 - Scaled BDC with strong returns, robust liquidity, and high dividend yield in Q1 2026.OBDC
Investor presentation19 May 2026 - Net investment income and NAV per share declined, but liquidity and credit quality remain strong.OBDC
Q1 202614 May 2026 - Shareholders are asked to re-elect two directors and ratify KPMG as auditor at the June 2026 meeting.OBDC
Proxy filing10 Apr 2026 - Stable earnings, major asset sale, and expanded buyback highlight strong Q4 2025.OBDC
Q4 202510 Apr 2026 - Election of two directors and auditor ratification are up for vote at the June 2026 virtual meeting.OBDC
Proxy filing1 Apr 2026
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