Blue Owl Capital Corporation (OBDC) Investor presentation summary

Platform overview and investment philosophy

• Manages $235B in AUM across credit, GP strategic capital, and real estate, offering differentiated investment opportunities focused on performance, risk-adjusted returns, and capital preservation.

• Credit platform is a partner for private equity-sponsored, middle- and upper-middle market companies, providing creative, customized financing.

• Investment philosophy emphasizes market leadership, non-cyclical and predictable revenue streams, diversification, and strong cash flow profiles.

Credit platform and scale

• Credit business manages $128B AUM, with BDCs representing 57% of the platform.

• Direct lending platform has over 760 sponsor relationships, $130B in originations since inception, and reviews ~10,000 transactions, completing ~670.

• Flexibility to invest across the capital structure, including senior, junior, and equity positions.

OBDC portfolio and performance

• OBDC is the second largest publicly traded BDC by market cap, with a $17.4B portfolio across 236 companies, 83% senior secured, and 78% first lien investments.

• Portfolio yield is 11.0%, with 96% floating rate debt and a 1.20x net debt-to-equity ratio.

• Annualized return on net investment income is 12.3%, with a dividend yield of 11.0%.

• Non-accruals are 0.3% at fair value, and base dividend coverage is 127%, among the highest of peers.

• Total return since inception is 86%, with a net loss rate of 19 bps since inception.