Blue Owl Capital Corporation (OBDC) Investor presentation summary

Strategic positioning and platform scale

• Second largest publicly traded BDC by market capitalization, with $17.7 billion across 236 portfolio companies and 82% senior secured investments.

• Focus on senior secured loan solutions for U.S. middle market companies, emphasizing market leaders with recurring cash flows.

• Managed by a global alternative asset manager with $139 billion in credit AUM and 130+ direct lending professionals.

• Extensive network of 800+ financial sponsor relationships and broad origination funnel.

• Merger with OBDE increased scale, portfolio diversification, and operational synergies, with $17.7 billion in total investments post-merger.

Portfolio construction and risk management

• Portfolio is 82% senior secured, 77% first lien, and 97% floating rate, providing downside protection and interest rate resilience.

• Highly diversified across 236 companies and 30 industries, with top 10 positions representing 22% of portfolio fair value.

• Average position size is 0.4%, with 90% of investments sponsor-backed and a net loan-to-value of 44%.

• Non-accruals remain low at 0.8% of portfolio at fair value, with strong credit quality and conservative underwriting.

• Focus on non-cyclical, recession-resistant businesses with high recurring revenue and strong cash flow profiles.

Financial performance and capital structure

• Q1 2025 net asset value per share was $15.14, with adjusted net investment income per share of $0.39 and GAAP net income per share of $0.49.

• Annualized return on equity for Q1 2025 was 10.2% (adjusted NII) and 12.9% (GAAP net income).

• Portfolio yield at fair value was 10.2%, with a dividend yield of 10.0% and strong base dividend coverage at 106%.

• Net debt-to-equity ratio was 1.26x, with $3.0 billion in available liquidity and a weighted average debt maturity of 4.8 years.

• Cost savings from the OBDE merger exceeded $5 million in year one, with further potential from capital structure optimization.