Blue Owl Capital Corporation — Third Quarter 2026 Earnings Summary

Financial Performance:

• GAAP net investment income (NII) per share was $0.34 for the quarter ended September 30, 2026, compared to $0.36 in the prior quarter and $0.37 in the same period last year.
• Adjusted NII per share was $0.33, down from $0.34 in the prior quarter and $0.36 year-over-year.
• Total investment income decreased to $392 million from $401 million in the prior quarter and $453 million year-over-year.
• Net investment income was $166.9 million, down from $176.2 million in the prior quarter and $190.1 million year-over-year.
• Net increase in net assets resulting from operations per share was $0.37, compared to $0.13 in the prior quarter and $0.25 year-over-year.
• Net asset value (NAV) per share increased to $14.32 from $14.26 as of June 30, 2026, and $14.89 as of September 30, 2025.
• Total investments at fair value were $15.1 billion as of September 30, 2026, down from $14.96 billion in the prior quarter and $17.1 billion year-over-year.
• Debt (net of unamortized debt issuance costs) was $8.13 billion as of September 30, 2026, compared to $7.90 billion in the prior quarter and $9.53 billion year-over-year.
• Net debt-to-equity ratio was 1.13x as of September 30, 2026, compared to 1.11x in the prior quarter and 1.22x year-over-year.
• Investments on non-accrual represented 2.9% of the portfolio at cost and 0.8% at fair value as of September 30, 2026, compared to 2.8% and 0.8% respectively in the prior quarter.
• Weighted average total yield of accruing debt and income-producing securities at fair value was 10.1% as of September 30, 2026, up from 9.9% in the prior quarter and 10.3% year-over-year.

Guidance and Future Outlook:

• Management expects investment income to vary based on the pace of originations and repayments, spreads of new deployments, and base rate movements.
• Management stated the company is well-positioned to benefit from improved market economics as investments originated at wider spreads begin to fund.
• Management noted that higher base rates could provide an additional tailwind as floating-rate loans reset.

Business Segments and Product Lines:

• New investment commitments totaled $891 million across 14 new and 7 existing portfolio companies in the third quarter, compared to $319 million across 5 new and 8 existing companies in the prior quarter.
• Principal amount of new investments funded was $642 million in the third quarter, compared to $219 million in the prior quarter.
• Aggregate principal amount of sales and repayments was $634 million in the third quarter, compared to $747 million in the prior quarter.
• The portfolio consists of 233 portfolio companies across 29 industries with an average investment size of $64.8 million at fair value.
• First-lien senior secured debt investments comprised 73.1% of the portfolio at fair value ($11.0 billion), down from 73.2% in the prior quarter and 74.4% year-over-year.
• Specialty finance equity investments comprised 9.3% of the portfolio at fair value ($1.4 billion), down from 9.5% in the prior quarter and 7.6% year-over-year.
• 95.5% of debt investments were at floating rates as of September 30, 2026, compared to 96.0% in the prior quarter and 97.4% year-over-year.
• 78.9% of debt investments were senior secured as of September 30, 2026, compared to 78.8% in the prior quarter and 80.4% year-over-year.

Market and Competitive Landscape:

• The company reported a 10.3% annualized return on net income for the quarter.
• Borrowers sustained year-over-year growth and credit quality remained strong with no new issuers added to non-accrual.
• The company closed on a $292 million CLO priced at S+160, marginally reducing the cost of secured financing.

Risks and Challenges:

• Investment income is expected to vary based on originations, repayments, spreads, and base rate movements.
• Forward-looking statements involve risks and uncertainties, including factors that could cause actual results to differ materially from expectations, as detailed in SEC filings.

Management Commentary and Tone:

• Craig W. Packer, Chief Executive Officer, stated, "We are very pleased with OBDC's results this quarter, resulting in a 10.3% annualized return on net income."
• Management noted that earnings comfortably covered the base dividend and NAV increased 40 basis points.
• The tone was positive, highlighting strong credit quality, sustained borrower growth, and positioning for improved market economics.

Other Key Points:

• The Board declared a fourth quarter 2026 base dividend of $0.31 per share, payable on or before January 15, 2027.
• The Board declared a third quarter 2026 supplemental dividend of $0.01 per share, payable on or before December 15, 2026.
• Total dividends declared for the quarter totaled $0.32 per share, representing an annualized dividend yield of 8.9%.
• The company repurchased $35 million of common stock during the quarter, which was accretive to NAV per share.
• The company had $373 million in cash and restricted cash, $8.3 billion in total principal value of debt outstanding, and $3.2 billion of undrawn capacity on credit facilities as of September 30, 2026.
• The funding mix was composed of 47.8% secured and 52.2% unsecured borrowings as of September 30, 2026.
• The company was in compliance with all financial covenants under its credit facilities as of September 30, 2026.