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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 last quarter, driven by a large PIK investment realization and higher specialty finance income.
Net asset value (NAV) per share declined to $14.26 from $14.41, mainly due to credit-specific markdowns, partially offset by share repurchases and overearning the dividend.
Portfolio consisted of 229 companies with a fair value of $15.0 billion, showing strong performance, stable risk ratings, and diversified across sectors.
Non-accruals were 0.8% of fair value and 2.8% at cost, below industry averages.
Leverage decreased to 1.11x, the lowest in over two years, enhancing financial flexibility.
Financial highlights
Adjusted NII per share was $0.34, up from $0.31 last quarter; GAAP NII per share was $0.36.
NAV per share was $14.26, down from $14.41, mainly due to a markdown on a single credit.
Total investment income for Q2 2026 was $401.3 million.
$35 million of shares were repurchased in Q2, accretive to NAV by $0.03 per share.
Dividend yield was 9.3%, with a $0.31 base and $0.02 supplemental dividend declared.
Outlook and guidance
Confident in the sustainability of the $0.31 per share base dividend, supported by $0.29 per share of spillover income.
Management expects investment income to vary with origination pace, repayments, spreads, and base rate movements.
Portfolio expected to remain diversified, with continued emphasis on upper middle-market, non-cyclical, and defensive sectors.
Optimistic about future investment opportunities as spreads remain wide and financing terms attractive.
Expect continued disciplined capital allocation, balancing share repurchases, leverage, and new originations.
- 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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