1. OBDC reported a 12.4% annualized return on equity in 2024. 2. OBDC closed a merger with OBDE, increasing total assets over $18B. 3. A $750 million ATM program will be initiated for stock issuance. 4. Regular dividend of $0.37 per share declared for Q1 2025. 5. Investment income rose to $1.60 billion for 2024, up from $1.58 billion.
Strong portfolio performance and increased assets can enhance investor confidence. Historical increases in asset size have often buoyed stock prices for firms like OBDC.
The merger and consistent returns signal a solid growth trajectory, making this information crucial for investors.
The merger's potential benefits are likely to unfold over time, similar to past mergers boosting long-term value.
Blue Owl Capital Corporation (NYSE: OBDC, or the "Company") today announced financial results for its full year and fourth quarter ended December 31, 2024.
"Our fourth quarter results concluded another strong year for OBDC, delivering a 12.4% annualized return on equity, supported by continued strong portfolio performance and robust origination activity," commented Craig W. Packer, Chief Executive Officer. "Our portfolio has demonstrated resilience and stable credit quality over the past year, and we expect to build on our momentum in 2025 by leveraging the benefits of enhanced scale resulting from our completed merger with OBDE."
Subsequent to quarter-end, on January 13, 2025, OBDC closed the previously announced merger with Blue Owl Capital Corporation III ("OBDE"), with OBDC as the surviving company. This merger now makes OBDC the second largest externally-managed, publicly traded BDC by total assets with over $18 billion of total assets at fair value, on a pro forma combined basis as of December 31, 2024.
The Company will enter into an at-the-market ("ATM") program under which it may issue up to $750 million of its common stock. The ATM program was approved by the Board and will be filed in the coming days.
The Company's Board declared a first quarter 2025 regular dividend of $0.37 per share for stockholders of record as of March 31, 2025, payable on or before April 15, 2025.
The Board also declared a fourth quarter 2024 supplemental dividend of $0.05 per share for stockholders of record as of February 28, 2025, payable on or before March 17, 2025.
| As of and for the three months ended | December 31, 2024 | September 30, 2024 | December 31, 2023 |
|---|---|---|---|
| Net investment income per share | $ 0.47 | $ 0.47 | $ 0.51 |
| Net realized and unrealized gains (and losses) per share | $ (0.08) | $ (0.13) | $ (0.03) |
| Net income per share | $ 0.40 | $ 0.35 | $ 0.48 |
| Base dividend declared from net investment income per share | $ 0.37 | $ 0.37 | $ 0.35 |
| Supplemental dividend declared from net investment income per share | $ 0.05 | $ 0.05 | $ 0.08 |
As of December 31, 2024, the Company had investments in 227 portfolio companies across 30 industries, with an aggregate portfolio size of $13.2 billion at fair value and an average investment size of $58.1 million at fair value.
Financial statement details provided upon request.
Conference Call Information: The conference call will be broadcast live on February 20, 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. OBDC has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. OBDC is externally managed by Blue Owl Credit Advisors LLC, an SEC-registered investment adviser that is an indirect affiliate of Blue Owl Capital Inc. ("Blue Owl") (NYSE: OWL) and is a part of Blue Owl's Credit platform.
Certain information contained herein may constitute "forward-looking statements" that involve substantial risks and uncertainties. Such statements involve known and unknown risks, and investors should not place undue reliance on these forward-looking statements, which apply only as of the date on which OBDC makes them.
Investor Contact: BDC Investor Relations, Michael Mosticchio
Media Contact: Prosek Partners, Josh Clarkson