Blue Owl Capital Corporation (OBDC) Investor presentation summary

Business overview and strategy

• Second largest publicly traded BDC by total assets, with $15.0 billion in investments at fair value and 229 portfolio companies.

• Focuses on upper middle-market U.S. companies, primarily through senior secured, floating-rate debt, with 79% of investments senior secured and 73% first lien.

• Portfolio is highly diversified across 30 industries, with a focus on non-cyclical, recession-resistant sectors and small position sizes.

• Managed by a leading global alternative asset manager, leveraging extensive sponsor relationships and multi-channel sourcing capabilities.

• Emphasizes downside protection, disciplined risk management, and income generation through interest payments and quarterly distributions.

Portfolio composition and performance

• 90% of investments are sponsor-backed, with a conservative portfolio construction focused on large, upper middle-market companies.

• Top 10 positions represent 23% of the portfolio at fair value, with the largest industry exposures in internet software, healthcare, and asset-based lending.

• Weighted average debt portfolio yield is 9.9%, with a dividend yield of 9.3%.

• Annualized total return since inception is 8.5%, with an 88% cumulative return and average annual net loss of just 0.32%.

• Investments on non-accrual represent 2.8% at cost and 0.8% at fair value as of June 30, 2026.

Financial highlights and capital structure

• Q2'26 net asset value per share was $14.26, with adjusted net investment income per share of $0.34 and GAAP net investment income per share of $0.36.

• Declared total dividends of $0.33 per share in Q2'26, with a base dividend of $0.31 and a supplemental dividend of $0.02.

• Repurchased $35 million in Q2'26 under a $300 million repurchase program.

• Maintains a strong liquidity position with $4.5 billion in available cash and undrawn debt, and a net debt-to-equity ratio of 1.11x.

• Debt funding mix is 66% unsecured, with a weighted average debt maturity of 4.2 years and four investment grade ratings.