Blue Owl Capital Corporation (OBDC) Q3 2026 earnings summary

Executive summary

• Adjusted NII was $0.33/share, covering the $0.31 base dividend; NAV rose to $14.32/share from $14.26 in Q2.

• Q3 net assets from operations increased $180.1M, or $0.37/share; portfolio fair value was $15.1B across 233 companies.

• Net leverage was 1.13x, within the 0.90x–1.25x target range.

Financial highlights

• Q3 GAAP investment income was $392.1M and NII after taxes was $166.9M; adjusted figures were $387.3M and $162.2M, or $0.33/share.

• GAAP NII was $0.34/share; net income was $180.1M, or $0.37/share.

• Investment income declined $61.0M YoY and after-tax NII fell from $190.1M; net assets from operations rose from $128.2M YoY.

• Declared $0.31/share Q4 base and $0.01/share supplemental dividends; total dividends were $0.32/share.

Outlook and guidance

• Wider spreads on new investments and higher base rates are expected to support earnings as floating-rate loans reset; the September rate increase benefit was expected to begin in Q4.

• Management viewed the $0.31/share base dividend as supported by earnings coverage, higher-rate benefits and spillover income.

• Available capital is positioned for attractive risk-adjusted opportunities; specialty finance and joint ventures are intended to diversify income and offset rate and spread volatility.