Blue Owl Capital Corporation Q3 2026 Earnings Recap

OBDC reported results close to the middle of the road, with adjusted net investment income covering its base dividend and NAV rising modestly. The stock gained 0.5% after earnings.

Key Takeaways

• Adjusted net investment income was $0.33 per share versus a $0.31 base dividend; OBDC also declared a $0.01 supplemental dividend.
• NAV increased to $14.32 per share from $14.26. Management attributed the improvement to tighter spreads and higher portfolio marks.
• New investment commitments exceeded $890 million, with more than $700 million funded; repayments of approximately $634 million mostly offset new fundings, leaving net leverage at 1.13x.
• The weighted average spread on new floating-rate investments rose to 5.2%, from 4.8% in the fourth quarter of last year. Regular sponsored deal flow remained below historical levels, though activity picked up from the prior quarter.
• No new issuers were added to non-accrual. OBDC repurchased $35 million of shares during the quarter, bringing repurchases over the past year to $254 million.