Blue Owl Capital Corporation (OBDC) Investor presentation summary

Business overview and strategy

• Third largest publicly traded BDC by market capitalization, focused on senior secured loans to U.S. middle market companies.

• Portfolio totals $13.4 billion across 219 companies, with 81% in senior secured and 76% in first lien investments.

• 96% of debt investments are floating rate, providing protection in rising rate environments.

• Emphasis on borrowers with market leadership, recurring cash flows, and defensive positioning.

• Managed by a team with over 130 direct lending professionals and a senior management team averaging 30+ years of experience.

Financial and portfolio highlights

• Net asset value per share at $15.28 as of Q3 2024, with net investment income per share of $0.47 and net income per share of $0.35.

• Annualized ROE on net investment income at 12.4% and net income at 9.1%.

• Q3 2024 dividends per share totaled $0.42, with an annualized dividend yield of 11.0%.

• Debt to equity ratio at 1.23x, within the target range, and $2.1 billion in liquidity.

• Non-accrual investments at 2.1% of cost and 0.7% of fair value, with no material change in portfolio risk ratings.

Portfolio composition and diversification

• Portfolio diversified across 31 industries, with top 10 positions representing 25% of fair value.

• Largest industry exposures include internet software/services (11.2%), insurance (8.3%), and food/beverage (7.3%).

• Weighted average borrower revenue of $875 million and EBITDA of $197 million.

• Weighted average portfolio yield at 11.0%, with 96% of investments floating rate.

• Average investment size per company is $61.4 million.