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Blue Owl Capital Corporation (OBCD) investor relations material
Blue Owl Capital Corporation Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Achieved 10.6% ROE for Q2 2025, with adjusted net investment income per share of $0.40, and GAAP net investment income per share of $0.42, reflecting strong portfolio performance post-merger with OBDE/OPDE.
Net asset value per share was $15.03 at June 30, 2025, down from $15.14 in Q1 and $15.26 at year-end 2024, marking five consecutive quarters of NAV decline.
Portfolio at fair value was $16.9 billion, diversified across 233 companies and 30 industries, with continued strong performance and stable risk ratings.
Completed the merger with Blue Owl Capital Corporation III (OBDE/OPDE) in January 2025, acquiring over $4.2 billion in investments and issuing 120.6 million shares.
Declared total Q2 dividends of $0.39 per share (regular $0.37, supplemental $0.02), with an annualized yield of 10.4%.
Financial highlights
Total investment income for Q2 2025 was $485.8 million, up from $464.6 million in Q1 2025 and a 22% increase year-over-year.
Net investment income after taxes for Q2 2025 was $216.7 million, up from $201.3 million in Q1 2025.
Net realized and unrealized losses per share were $(0.15) GAAP and $(0.13) adjusted.
Debt to equity ratio was 1.17x at quarter end, down from 1.26x in the prior quarter, within the 0.9–1.25x target range.
Operating expenses for the first half of 2025 were $526.4 million, up from $416.8 million in the prior year.
Outlook and guidance
Confident in maintaining current dividend level through the rest of the year, even with potential modest rate cuts.
Management expects continued strong origination activity, focusing on first lien senior secured loans to large, upper middle-market borrowers.
Sourcing capabilities and platform scale expected to continue driving attractive deal flow.
Board declared a Q3 2025 dividend of $0.37 per share and a supplemental dividend of $0.02 per share.
Management notes continued strong portfolio company performance and stable risk ratings.
How much ROE upside from financing synergies?
Quantify originations from new credit strategies.
Where will leverage head if deal activity picks up?
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Next Blue Owl Capital Corporation earnings date
Q3 20256 Nov, 2025
Next Blue Owl Capital Corporation earnings date
Q3 20256 Nov, 2025
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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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