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Blue Owl Capital Corporation (OBCD) investor relations material
Blue Owl Capital Corporation Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Announced a merger with OBDC II, creating the second-largest publicly traded BDC, with nearly $1 billion in added net assets and a highly diversified portfolio of 238 companies valued at $17.14 billion as of September 30, 2025.
Adjusted net investment income (NII) per share was $0.36, with GAAP NII per share at $0.37, and net investment income after taxes for Q3 2025 at $190.1 million.
Net asset value (NAV) per share declined to $14.89 from $15.03 in the prior quarter, primarily due to unrealized depreciation and fair value losses.
Regular quarterly dividend maintained at $0.37 per share, with an annualized yield of 9.9%.
New $200 million share repurchase program authorized, replacing the previous $150 million plan.
Financial highlights
Total investment income for Q3 2025 was $453.1 million, with adjusted total investment income at $446 million.
Net realized and unrealized losses per share were $(0.12); adjusted net realized and unrealized losses per share were $(0.11).
Net leverage increased to 1.22x debt-to-equity, within the target range of 0.9–1.25x.
Total portfolio investments exceeded $17 billion, with net assets near $8 billion and outstanding debt of $9.5 billion.
Board declared a Q4 base dividend of $0.37 per share, to be paid January 15, 2026.
Outlook and guidance
Management expects continued strong origination activity, focusing on first lien originations to large, upper middle-market borrowers in defensive sectors.
The merger with OBDC II is anticipated to close in Q1 2026, with $5 million in expected first-year cost savings and accretive impact to NII.
Dividend levels will be evaluated in 2026 based on the rate environment, with potential adjustment if rates fall to 3%.
Management highlights continued strong performance of portfolio companies and stable risk ratings.
Quantify OBDE merger's non-GAAP NII impact
Analyze non-accrual loans by investment rating
Assess the strategic rationale for the OBDC II merger
Impact of non-accrual increase on portfolio health
Align new repurchase program with capital strategy
Outlook on prepayment related income trends
Expected dividend adjustment for 2026
What drives direct lending spread outlook?
Share repurchase program utilization strategy
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Next Blue Owl Capital Corporation earnings date
Q4 202519 Feb, 2026
Next Blue Owl Capital Corporation earnings date
Q4 202519 Feb, 2026
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Frequently asked questions
Owl Rock Capital Corporation is a business development company. The Firm seeks to invest in companies operating in the United States middle market. It invests in senior secured debt, mezzanine debt and equity securities. The firm will make investments between $50 million and $250 million per transaction. It prefers to invest in healthcare technology & services, tech-enabled business services, sports & wellness, communications & media, software and industrial growth sectors. The firm invests in companies with revenues between $50 million and $1 billion and EBITDA between $10 million and $100 million.
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