Blue Owl Capital (OBDC) Company Report

Blue Owl Capital Corporation (OBDC) and Blue Owl Capital Corporation II (OBDC II) have terminated their previously proposed merger due to current market conditions, with plans to reevaluate alternatives in the future.
OBDC II plans to reinstate its tender program in Q1 2026. Since its inception in 2017, OBDC II has achieved an 80% cumulative net return and a 9.3% annualized net return.
OBDC's $200 million share repurchase program, which was announced concurrently with the merger, remains in place.
As of September 30, 2025, OBDC had investments in 238 portfolio companies with an aggregate fair value of $17.1 billion, while OBDC II had investments in 190 portfolio companies with an aggregate fair value of $1.7 billion.

Nov 19, 2025, 2:10 PM

Press Release

Blue Owl Capital Corporation Announces Q3 2025 Results

OBDC

Earnings

Dividends

Share Buyback

Blue Owl Capital Corporation reported a net asset value per share of $14.89 and adjusted net investment income per share of $0.36 for Q3 2025.
The total portfolio at fair value increased to $17.1 billion across 238 portfolio companies as of September 30, 2025.
Investments on non-accrual represented 2.7% and 1.3% of the total portfolio at cost and fair value, respectively, with no material change to overall portfolio risk ratings from Q2 2025.
The company declared a Q3 2025 regular dividend of $0.37 per share and a consistent Q4 2025 regular dividend, and implemented a new $200 million share repurchase program.

Nov 6, 2025, 3:00 PM

Presentation

OBDC Reports Q3 2025 Results and Announces Merger with OBDC II

OBDC

Earnings

M&A

Share Buyback

OBDC reported adjusted Net Investment Income (NII) per share of $0.36 and a Return on Equity (ROE) of 9.5% for Q3 2025, with Net Asset Value (NAV) per share at $14.89. The company's net leverage was 1.22 times, which is within its target range.
The company announced a merger with OBDC II, with OBDC as the surviving entity, which is expected to add nearly $1 billion in net assets, increase the portfolio to $18.9 billion across 239 companies, and be accretive to NII over time. The transaction is anticipated to close in Q1 2026.
OBDC's board authorized a new share repurchase program of up to $200 million, replacing the previous $150 million plan. The portfolio's credit performance remains strong, with a non-accrual rate of 1.3% at fair value.

Nov 6, 2025, 3:00 PM

Transcript

Blue Owl Capital Corporation Announces Q3 2025 Results, Merger with OBDC II, and New Share Repurchase Program

OBDC

Earnings

M&A

Share Buyback

Blue Owl Capital Corporation (OBDC) announced a definitive merger agreement with Blue Owl Capital Corporation II (OBDC II), with OBDC as the surviving company.
The board approved a new share repurchase program of up to $200 million of common stock, effective November 4, 2025.
For the third quarter ended September 30, 2025, GAAP net investment income per share was $0.37, and adjusted net investment income per share was $0.36.
Net asset value (NAV) per share was $14.89 as of September 30, 2025.
Investments on non-accrual represented 1.3% of the portfolio at fair value, an increase from 0.7% as of June 30, 2025.

Nov 5, 2025, 9:59 PM

8-K

Blue Owl Capital Corporation Announces Merger Agreement with Blue Owl Capital Corporation II

OBDC

M&A

Share Buyback

Blue Owl Capital Corporation (OBDC) and Blue Owl Capital Corporation II (OBDC II) announced a definitive merger agreement, with OBDC as the surviving company.
The merger is expected to increase OBDC's investment portfolio by $1.7 billion to approximately $18.9 billion across 239 portfolio companies, reinforcing its position as the second largest publicly traded BDC by total assets.
The transaction is anticipated to generate approximately $5 million of operational cost savings in the first year and offers potential for Net Investment Income (NII) accretion over time.
The merger is expected to close in the first quarter of 2026.
Additionally, on November 4, 2025, OBDC's board approved a new share repurchase program for up to $200 million of its common stock.

Nov 5, 2025, 9:37 PM

8-K

Blue Owl Capital Corporation Announces Q3 2025 Results and Merger Agreement

OBDC

Earnings

M&A

Share Buyback

Blue Owl Capital Corporation (OBDC) reported GAAP net investment income per share of $0.37 and adjusted net investment income per share of $0.36 for the third quarter ended September 30, 2025.
The company's net asset value (NAV) per share was $14.89 as of September 30, 2025, and a fourth quarter 2025 regular dividend of $0.37 per share was declared.
OBDC announced a definitive merger agreement with Blue Owl Capital Corporation II (OBDC II) and approved a new share repurchase program of up to $200 million.
Investments on non-accrual represented 1.3% of the portfolio at fair value as of September 30, 2025, an increase from 0.7% as of June 30, 2025.

Nov 5, 2025, 9:37 PM

Press Release

Blue Owl Capital Corporation and Blue Owl Capital Corporation II Announce Merger Agreement

OBDC

M&A

Share Buyback

Blue Owl Capital Corporation (OBDC) and Blue Owl Capital Corporation II (OBDC II) have entered into a definitive merger agreement, with OBDC as the surviving company, expected to close in the first quarter of 2026.
The merger is projected to increase OBDC's pro forma investment portfolio by $1.7 billion to approximately $18.9 billion across 239 portfolio companies, reinforcing its position as the second largest publicly traded BDC.
The transaction is anticipated to generate approximately $5 million in operational cost savings in the first year and offers potential for Net Investment Income accretion over time.
Additionally, OBDC's board approved a new share repurchase program on November 4, 2025, authorizing the repurchase of up to $200 million of its common stock.

Nov 5, 2025, 9:35 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for Blue Owl Capital.

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