Blue Owl Capital Corporation (OBDC) Investor presentation summary

Business overview and strategy

• Second largest publicly traded BDC by total assets, focused on U.S. upper middle-market debt and equity investments with $15.3 billion in investments at fair value and 230 portfolio companies.

• Emphasizes downside protection through senior secured positions, diversification across non-cyclical sectors, and disciplined risk management.

• Generates income from interest payments, supporting quarterly distributions and attractive risk-adjusted returns.

• Managed by a leading global alternative asset manager with $315 billion in AUM and extensive multi-channel sourcing capabilities.

Portfolio composition and performance

• Portfolio is 78% senior secured, 72% first lien, and 96% floating rate, with a focus on large, upper middle-market, sponsor-backed companies.

• Highly diversified across 230 companies and 30 industries, with top 10 positions representing 24% of the portfolio at fair value.

• Average portfolio company size is $1.0 billion in revenue and $239 million in EBITDA, with a net loan-to-value of 0.4% and interest coverage ratio of 1.9x.

• Since inception, annualized total return is 8.6%, cumulative total return is 87%, and average annual net loss is 31bps.

Financial highlights and recent results

• Q1 2026 net asset value per share was $14.41, with adjusted net investment income per share of $0.31 and GAAP net investment income per share of $0.32.

• Adjusted and GAAP ROE on net investment income were 8.3% and 8.6%, respectively; annualized dividend yield was 10.3%.

• Portfolio at fair value decreased to $15.3 billion from $16.5 billion at year-end 2025; 2.0% of investments at cost and 1.0% at fair value were on non-accrual.

• $4.1 billion in liquidity, 1.13x debt-to-equity ratio, and 53% unsecured debt funding mix.

• Q1 2026 base dividend of $0.37 per share; $35 million repurchased under a $300 million program.