Blue Owl Capital Corporation (OBDC) Investor presentation summary

Strategic positioning and platform overview

• Second largest publicly traded BDC by market capitalization, with $17.4 billion in investments across 236 companies and $8.0 billion market cap as of February 2025.

• Focuses on senior secured loan solutions for U.S. middle market companies, with 83% senior secured and 78% first lien investments.

• Managed by a team of 130+ direct lending professionals, leveraging Blue Owl’s $136 billion credit platform and extensive sponsor relationships.

• Emphasizes portfolio diversification, downside protection, and recurring, contractual cash flows.

• Blue Owl’s credit business includes diversified lending, technology lending, and investment grade credit, with BDCs comprising 58% of credit AUM.

Merger and scale benefits

• Merger with OBDE closed January 2025, creating the second largest public BDC by total assets and increasing scale and diversification.

• Combined portfolio has $17.4 billion in investments, 236 companies, and an average position size of 0.4%.

• Non-accruals at 0.3% and 91% of investments rated 1 or 2, indicating strong credit quality.

• Operational synergies expected to exceed $5 million in year one, with improved access to debt markets and lower financing costs.

• Enhanced liquidity and capital structure, with $4.0 billion available liquidity and 1.20x net debt-to-equity ratio.

Portfolio composition and performance

• Portfolio is diversified by borrower, industry, and asset class, with top 10 positions representing 24% of fair value.

• 81% of portfolio is senior secured, with a weighted average debt portfolio yield of 11.1%.

• Non-accrual investments at 0.4% of fair value, with 5 companies on non-accrual as of year-end 2024.

• Annualized ROE on net investment income at 12.4% for Q4 2024; total return since inception +88%.

• Strong dividend coverage at 127%, with Q4 2024 total distribution per share of $0.42 and annualized yield of 11.0%.