Blue Owl Capital Corporation (OBDC) investor relations material

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.