Blue Owl Capital Corporation Earnings Recaps
Q1 2026
May 8, 2026
Blue Owl Capital’s shares declined 3.5% after the company reported disappointing earnings pressured by compressed market spreads, slowing deal activity, and a cautious outlook reflected in a dividend cut. Investors reacted negatively to the trimmed base dividend and declining net asset value impacted by mark-to-market losses amid widening credit spreads.
Key takeaways
- Adjusted net investment income came in at $0.31 per share, prompting a reduction of the base dividend back to $0.31 per share for Q2, reversing prior increases.
- Net asset value declined to $14.41 per share, largely due to unrealized losses tied to market-wide credit spread widening, not underlying credit deterioration.
- Deal activity was sluggish with $525 million in fundings versus $1.5 billion in repayments and sales, driving leverage down to 1.13x, the lowest in two years.
- Portfolio credit quality remained stable with no new non-accruals, steady borrower EBITDA and revenue growth in the high single digits year-over-year.
- Management emphasized a cautious stance, preserving capital during a challenging environment while positioning to deploy into an improving spread environment going forward.
Q3 2025
Nov 6, 2025
Blue Owl Capital Corporation reported solid third-quarter results, highlighted by an adjusted NII per share of $0.36 and an ongoing merger with OBDC II aimed at creating significant shareholder value.
Key takeaways
- Generated adjusted net investment income per share of $0.36, maintaining a return on equity of 9.5%.
- Announced a merger with OBDC II, which will enhance scale and strengthen OBDC's position in the market with an addition of nearly $1 billion in net assets.
- Net asset value per share slightly declined to $14.89, yet continues to show over 4% growth since inception, reinforcing portfolio durability.
- Originated $1.3 billion in new deals, emphasizing strong borrower fundamentals with robust revenue and EBITDA growth and net leverage of 1.22x.
- Maintained below-industry average nonaccrual and loss rates, reflecting disciplined investment strategy focused on high-quality, recession-resistant businesses.