Blue Owl Capital Corporation (OBDC) Investor presentation summary

Business overview and strategy

• Second largest publicly traded BDC by total assets, with $16.9 billion across 233 portfolio companies.

• Focuses on debt and equity investments in U.S. upper middle-market companies, emphasizing non-cyclical, defensive industries.

• Portfolio is 81% senior secured, 76% first lien, and 98% floating rate debt investments.

• Leverages Blue Owl’s $146 billion credit platform and extensive sponsor relationships for deal sourcing and risk management.

• Maintains a highly selective investment process, closing only about 5% of reviewed transactions.

Portfolio composition and risk management

• Portfolio is highly diversified by borrower, sector, and industry, with top 10 positions representing 22% of fair value.

• Focus on large, upper-middle market companies, with 90% of investments sponsor-backed and 81% senior secured.

• Average net loan-to-value is 42%, and interest coverage ratio is 1.8x.

• Non-accrual investments represent 1.6% at cost and 0.7% at fair value, with five companies on non-accrual as of June 30, 2025.

• Internal ratings show 83.6% of portfolio performing as expected, with only 0.6% rated as highest risk.

Financial performance and capital structure

• Q2 2025 net asset value per share was $15.03, with adjusted net investment income per share of $0.40 and GAAP net income per share of $0.27.

• Annualized adjusted ROE on net investment income was 10.6%, and dividend yield was 10.4%.

• Debt to equity ratio was 1.17x, with $4.1 billion in liquidity and a weighted average debt maturity of 4.7 years.

• Funding mix is 59% unsecured borrowings, with investment grade ratings from Moody’s, S&P, Fitch, and KBRA.

• Total return since inception is 92%, with strong base dividend coverage at 109%.