Blue Owl Capital Corporation (OBDC) investor relations material

Executive summary

• Adjusted net investment income (NII) per share rose to $0.34 from $0.31, with GAAP NII per share at $0.36, supporting a 9.6% annualized ROE and robust dividend coverage.

• Net asset value (NAV) per share declined to $14.26 from $14.41, mainly due to credit-specific markdowns and distributions exceeding net investment income, partially offset by share repurchases.

• Portfolio consisted of 229 companies with a fair value of $15.0 billion, diversified across 30 industries and geographies, with stable risk ratings and strong credit quality.

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

• Market environment stabilized in Q2, with improved sentiment and stable credit spreads.

Financial highlights

• Total investment income for Q2 2026 was $401.3 million, with adjusted NII at $170.6 million and net investment income at $176.2 million.

• Adjusted NII per share rose to $0.34, driven by non-recurring income from the Mavis realization and higher dividend income from LSI.

• Base dividend coverage was 110% for the quarter.

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

• Repurchased $35 million of stock, accretive to NAV by $0.03 per share.

Outlook and guidance

• Q3 2026 base dividend of $0.31 per share was declared, with supplemental dividends continuing as incremental earnings allow.

• Management remains cautious, focusing on conservative deployment and maintaining strong credit standards amid market volatility and widening spreads.

• Optimistic about future opportunities due to improved rate environment and wider spreads.

• Expect to maintain leverage within the 0.9–1.25x target range.

• Portfolio expected to remain diversified, with continued emphasis on upper middle-market, non-cyclical, and defensive sectors.