1. OBDC reports strong Q1 2025 with 10.2% annualized return on equity. 2. Merger with OBDE solidifies OBDC's position as a top BDC with $18B assets. 3. Dividends of $0.37 per share announced for Q2 2025, $0.01 supplemental for Q1. 4. Investment income increased to $464.6M; expenses rose significantly post-merger. 5. Portfolio diversified with investments in 236 companies across 30 industries.
Strong earnings and proactive management enhance investor confidence; mergers historically boost stock value.
The financial performance and strategic merger position OBDC favorably in a competitive landscape, enhancing investor interest.
The effects of improved scale and diversified portfolio will stabilize and enhance growth potential over time.
("OBDC" or the "Company") today announced financial results for its first quarter ended March 31, 2025.
"OBDC's first quarter results reflect a solid start to the year, delivering a 10.2% annualized return on equity(2), supported by the continued resilience and quality of our portfolio," commented Craig W. Packer, Chief Executive Officer. "We believe OBDC is in a strong position to face the current market environment, given our portfolio's defensive orientation and enhanced scale from the recently closed merger with OBDE."
On January 13, 2025, OBDC closed the previously announced merger with Blue Owl Capital Corporation III ("OBDE" and the "Merger"), with OBDC as the surviving company. Following the Merger, OBDC is now the second largest externally managed, publicly traded BDC by total assets with over $18 billion of total assets as of March 31, 2025.
The Board declared a second quarter 2025 regular dividend of $0.37 per share for stockholders of record as of June 30, 2025, payable on or before July 15, 2025.
The Board also declared a first quarter 2025 supplemental dividend of $0.01 per share, related to the Company's first quarter 2025 earnings, for stockholders of record as of May 30, 2025, payable on or before June 13, 2025.
(1) On January 13, 2025, in connection with the Merger, the Company acquired investments of $4.15 billion from OBDE and assumed unfunded loan commitments totaling $463.4 million which are excluded from the figure above. The investments acquired consisted of 189 portfolio companies, 9 of which were not previously held by OBDC.
(2) Annualized Q1 2025 adjusted net investment income per share divided by beginning period net asset value per share.
As Of And For the Three Months Ended ($ in thousands, except per share amounts)
| Metric | March 31, 2025 | December 31, 2024 | March 31, 2024 |
|---|---|---|---|
| Net investment income per share | $ 0.41 | $ 0.47 | $ 0.47 |
| Net realized and unrealized gains (losses) per share | $ 0.08 | $ (0.08) | $ — |
| Net increase (decrease) in net assets resulting from operations per share | $ 0.49 | $ 0.40 | $ 0.47 |
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As of March 31, 2025, the Company had investments in 236 portfolio companies across 30 industries, with an aggregate portfolio size of $17.7 billion at fair value and an average investment size of $75.0 million at fair value.
Investment income increased to $464.6 million for the three months ended March 31, 2025 from $394.4 million for the three months ended December 31, 2024, primarily due to an increase in interest income as a result of an increase in the par value of debt investments acquired from the Merger, which was partially offset by a decrease in the yield of the Company's debt investment portfolio.
The Company expects that investment income will vary based on a variety of factors including the pace of originations and repayments.
The conference call will be broadcast live on May 8, 2025, at 10:00 a.m. Eastern Time on the Events section of OBDC's website at www.blueowlcapitalcorporation.com. Please visit the website to test your connection before the webcast.
Blue Owl Capital Corporation (NYSE: OBDC) is a specialty finance company focused on lending to U.S. middle-market companies. As of March 31, 2025, OBDC had investments in 236 portfolio companies with an aggregate fair value of $17.7 billion.
Certain information contained herein may constitute "forward-looking statements" that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon.
Investor Contact: BDC Investor Relations Michael Mosticchio investorrelations@blueowlcapital.com
Media Contact: Prosek Partners Josh Clarkson josh@prosek.com