NEW
YORK, Jan. 16, 2025 /PRNewswire/ -- Blue Owl
Capital Corporation (NYSE: OBDC or the "Company") today announced
preliminary financial results and provided a portfolio update for
the fourth quarter ended December 31,
2024. The Company has elected to provide these results in
connection with the closing of the merger with Blue Owl Capital
Corporation III ("OBDE") on January 13,
2025.
"OBDC's and OBDE's standalone fourth quarter performance
reflects the consistent strength of our portfolios and positive
momentum heading into 2025," commented Craig W. Packer, Chief Executive Officer of
OBDC. "The successful closing of the merger subsequent to quarter
end further improves our ability to deliver attractive
risk-adjusted returns to all shareholders. The increased scale of
the combined company positions OBDC to enhance its liquidity
profile, achieve lower costs of financing and generate immediate
operational efficiencies."
SELECT FINANCIAL RESULTS
|
For the Three Months
Ended December 31, 2024
|
|
($ in millions,
except per share amounts)
|
Actual
(unaudited)
OBDC
|
Actual
(unaudited)
OBDE
|
|
Total investment income
per share
|
$
1.01
|
$
1.05
|
|
Net investment income
per share
|
$
0.47
|
$
0.43
|
|
Net realized/unrealized
gain/(loss) per share
|
$
(0.08)
|
$
(0.08)
|
|
Earnings gain/(loss)
per share
|
$
0.39
|
$
0.35
|
|
Return on
equity1
|
12.3 %
|
11.3 %
|
|
As of December 31,
2024
|
|
($ in millions,
except per share amounts)
|
Actual
(unaudited)
OBDC
|
Actual
(unaudited)
OBDE
|
Pro forma
(unaudited) OBDC
|
|
Cash, cash equivalents
and restricted cash
|
$
514
|
$
210
|
$
725
|
|
Total assets
|
$
13,852
|
$
4,485
|
$
18,337
|
|
Total outstanding
debt
|
$
7,579
|
$
2,503
|
$
10,082
|
|
Total committed
debt
|
$
10,271
|
$
3,102
|
$
13,373
|
|
Total net
assets
|
$
5,953
|
$
1,839
|
$
7,792
|
|
Net asset value per
share
|
$
15.26
|
$
14.91
|
$
15.26
|
|
Net
debt-to-equity
|
1.19x
|
1.25x
|
1.20x
|
|
|
|
|
|
Funding mix (on a
committed basis):
|
|
|
|
|
Revolving credit
facility
|
29.1 %
|
22.6 %
|
27.6 %
|
|
CLO
|
21.5 %
|
8.4 %
|
18.5 %
|
|
SPV facility
|
2.9 %
|
42.7 %
|
12.2 %
|
|
Unsecured
notes
|
46.5 %
|
26.3 %
|
41.8 %
|
PORTFOLIO HIGHLIGHTS
|
As of December 31,
2024
|
|
At fair value unless
otherwise noted
($ in
millions)
|
Actual
(unaudited)
OBDC
|
|
Actual
(unaudited)
OBDE
|
|
Pro forma
(unaudited) OBDC
|
|
Total
investments
|
$
13,195
|
|
$
4,223
|
|
$
17,417
|
|
Top 15
investments
|
32 %
|
|
28 %
|
|
29 %
|
|
Top 25
investments
|
44 %
|
|
41 %
|
|
40 %
|
|
Number of portfolio
companies
|
227
|
|
189
|
|
236
|
|
Average position
size
|
0.4 %
|
|
0.5 %
|
|
0.4 %
|
|
|
|
|
|
|
|
Asset
class:
|
|
|
|
|
|
|
First lien senior
secured debt investments
|
75.6 %
|
|
85.2 %
|
|
77.9 %
|
|
Second lien senior
secured debt investments
|
5.4 %
|
|
4.5 %
|
|
5.2 %
|
|
Unsecured debt
investments
|
2.3 %
|
|
1.6 %
|
|
2.1 %
|
|
Preferred equity
investments
|
2.8 %
|
|
3.2 %
|
|
2.9 %
|
|
Common equity
investments
|
11.7 %
|
|
5.4 %
|
|
10.2 %
|
|
Joint
ventures
|
2.2 %
|
|
0.1 %
|
|
1.7 %
|
|
|
|
|
|
|
|
Industry
diversification:
|
|
|
|
|
|
|
Internet software and
services
|
10.5 %
|
|
12.8 %
|
|
11.1 %
|
|
Insurance
|
7.6 %
|
|
10.8 %
|
|
8.3 %
|
|
Food and
beverage
|
7.3 %
|
|
5.5 %
|
|
6.8 %
|
|
Healthcare providers
and services
|
6.3 %
|
|
8.4 %
|
|
6.8 %
|
|
Healthcare
technology
|
6.2 %
|
|
7.3 %
|
|
6.5 %
|
|
Asset based lending and
fund finance
|
5.9 %
|
|
1.0 %
|
|
4.7 %
|
|
Manufacturing
|
5.9 %
|
|
3.3 %
|
|
5.2 %
|
|
Business
services
|
4.7 %
|
|
7.1 %
|
|
5.3 %
|
|
Buildings and real
estate
|
3.9 %
|
|
3.3 %
|
|
3.8 %
|
|
Consumer
products
|
3.6 %
|
|
2.8 %
|
|
3.4 %
|
|
Other
industries
|
38.1 %
|
|
37.7 %
|
|
38.0 %
|
|
|
|
|
|
|
|
Non-accruals as a
percentage of total investments
|
0.4 %
|
|
0.1 %
|
|
0.3 %
|
|
Internal 1- and 2-rated
investments
|
90.3 %
|
|
92.6 %
|
|
90.8 %
|
|
1. Annualized Q4 2024 net investment
income per share divided by average beginning and ending period net
asset value per share.
|
DISCLAIMERS
The preliminary financial estimates provided herein have been
prepared by, and are the responsibility of, the Company's
management. Neither KPMG LLP, the Company's independent registered
public accounting firm, nor any other independent accountants, have
audited, reviewed, compiled, or performed any procedures with
respect to the accompanying preliminary financial data.
These estimates are subject to the completion of the Company's
financial closing procedures and are not a comprehensive statement
of our financial results as of December 31,
2024. Actual results may differ materially from these
estimates as a result of the completion of the period and the
Company's financial closing procedures, final adjustments and other
developments which may arise between now and the time that the
Company's financial results are finalized.
ABOUT BLUE OWL CAPITAL CORPORATION
Blue Owl Capital Corporation (NYSE: OBDC) is a specialty finance
company focused on lending to U.S. middle-market companies. As of
December 31, 2024, on a pro forma
combined basis with OBDE, OBDC had investments in 236 portfolio
companies with an aggregate fair value of $17.4 billion. 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,
uncertainties and other factors and undue reliance should not be
placed thereon. These forward-looking statements are not historical
facts, but rather are based on current expectations, estimates and
projections about OBDC, its current and prospective portfolio
investments, its industry, its beliefs and opinions, and its
assumptions. Words such as "anticipates," "expects," "intends,"
"plans," "will," "may," "continue," "believes," "seeks,"
"estimates," "would," "could," "should," "targets," "projects,"
"outlook," "potential," "predicts" and variations of these words
and similar expressions are intended to identify forward-looking
statements. These statements are not guarantees of future
performance and are subject to risks, uncertainties and other
factors, some of which are beyond OBDC's control and difficult to
predict and could cause actual results to differ materially from
those expressed or forecasted in the forward-looking statements
including, without limitation, the risks, uncertainties and other
factors identified in OBDC's filings with the SEC. Investors should
not place undue reliance on these forward-looking statements, which
apply only as of the date on which OBDC makes them. OBDC does not
undertake any obligation to update or revise any forward-looking
statements or any other information contained herein, except as
required by applicable law.
INVESTOR CONTACTS
Investor Contact:
BDC Investor Relations
Michael Mosticchio
credit-ir@blueowl.com
Media Contact:
Prosek Partners
Josh Clarkson
pro-blueowl@prosek.com
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SOURCE Blue Owl Capital Corporation