Blue Owl Capital Corporation (OBDC) Investor presentation summary

Business overview and strategy

• Second largest publicly traded BDC by total assets, with $17.1 billion across 238 portfolio companies.

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

• Portfolio is 80% senior secured, 74% first lien, and 97% floating rate debt investments.

• Managed by a global alternative asset manager with $152 billion in credit AUM and 120+ direct lending professionals.

• Large origination funnel and selective investment process, closing only ~5% of reviewed transactions.

Portfolio composition and risk management

• Highly diversified portfolio with 238 companies across 30 industries; top 10 positions represent 22% of portfolio value.

• Focus on large, upper-middle market, sponsor-backed companies, providing operational and financial support.

• Conservative construction with 80% senior secured and 91% sponsor-backed investments.

• Average net loan-to-value is 42%, and interest coverage ratio is 1.9x.

• Non-accrual investments represent 2.7% at cost and 1.3% at fair value as of Q3 2025.

Financial performance and returns

• Q3 2025 net asset value per share was $14.89, with adjusted net investment income per share of $0.36.

• Annualized ROE on adjusted net investment income was 9.5%; total return since inception is 94%.

• Regular quarterly dividend of $0.37 per share, with a 9.9% annualized dividend yield.

• Net loss rate since inception is 27 basis points; NAV growth since inception is ~4%.

• Implemented a new $200 million repurchase program in Q3 2025.