Logan Nicholson

About Logan Nicholson

Logan Nicholson, age 44, serves as President of Blue Owl Capital Corporation (OBDC) and has been an officer since 2024. He is a Senior Managing Director at Blue Owl, a member of the Direct Lending Investment Team and Diversified Lending Investment Committee; previously Co‑Founder and Partner at Brinley Partners (2021–2023), Head of U.S. Leveraged Finance Capital Markets at Goldman Sachs (2003–2021), and Senior Vice President of Corporate Development at Humana in 2021; he holds a B.S. in Systems Engineering and Economics from the University of Virginia . As context for performance under current leadership, OBDC delivered return on equity over 12% and record dividends totaling $1.72 per share in 2024, with borrowers across Blue Owl’s Credit platform showing mid‑to‑high single‑digit revenue and EBITDA growth and weighted average borrower EBITDA over $200 million . Beneficial ownership reported for Nicholson totals 34,447 shares, including 19,968 held via The Logan Nicholson Living Trust, against 511,046,234 shares outstanding as of March 28, 2025 (≈0.0067% of shares outstanding) .

Past Roles

External Roles

Fixed Compensation

The company does not employ executives and does not directly compensate its executive officers. Executive services are provided by the Adviser (Blue Owl Credit Advisors LLC) under the Investment Advisory and Administration Agreements; the company reimburses only the allocable portion of compensation for the Chief Compliance Officer and Chief Financial Officer and their staffs per the Administration Agreement . Accordingly, base salary, bonus targets, and cash compensation details for Nicholson are not disclosed at the OBDC level .

Performance Compensation

Because OBDC’s executive officers are compensated by the Adviser rather than the company, OBDC does not disclose executive performance metrics, incentive weightings, or payouts for Nicholson. OBDC’s compensation discussion focuses on fees paid to the Adviser (management and incentive fees), not individual executive pay .

Equity Ownership & Alignment

• Hedging and pledging: Directors and officers of OBDC and personnel of the investment adviser/administrator are prohibited from short‑selling, hedging/monetization transactions, buying/selling derivatives on OBDC stock (other than company-issued), and from pledging OBDC stock as collateral or in margin accounts, which reduces alignment risks from hedging or collateralized borrowing .

Insider Transactions and Vesting

• Vesting schedules: No RSU/PSU/option vesting schedules or award terms for Nicholson are disclosed by OBDC; executives are not compensated directly by OBDC and equity awards (if any) would be at the Adviser level and not reported in OBDC’s proxy .

Employment Terms

• Role and tenure: President; officer since 2024; age 44; address: 399 Park Avenue, 37th Floor, New York, NY 10022 .
• Executive employment framework: OBDC has no employees; day‑to‑day operations are managed by the Adviser under the Investment Advisory Agreement and Administration Agreement. Executive officers are not directly compensated by OBDC; only the CFO/CCO and their staff costs are reimbursed pro‑rata to the Adviser .
• Office of executive officers: Executive officers hold office until successors are duly elected/qualified or upon earlier resignation/removal, per corporate governance disclosures .
• Hedging/pledging prohibitions apply to executives as part of OBDC’s insider trading policy .
• Severance, change‑of‑control, non‑compete, garden leave: Not disclosed at the OBDC entity level for Nicholson; such terms, if any, would reside with the Adviser relationship rather than OBDC .

Investment Adviser Fee Structure (Context)

• Management fee: 1.5% of average gross assets (ex‑cash) above 200% asset coverage and 1.00% below 200% asset coverage, payable quarterly in arrears .
• Incentive fees: Income fee with 1.5% quarterly hurdle and 17.5% rate including catch‑up to 1.82% per quarter; capital gains fee of 17.5% of cumulative realized gains net of losses/depreciation since listing, accrued annually in arrears .

Performance & Track Record (Context)

• 2024 outcomes: ROE >12% and record dividends of $1.72 per share; borrowers delivered mid‑to‑high single‑digit EBITDA and revenue growth; weighted average borrower EBITDA >$200 million, reflecting portfolio scale and credit quality .
• Role experience: Led U.S. leveraged finance capital markets at Goldman, indicating deep execution capabilities in loan/bond underwriting and distribution; served as portfolio manager for Diversified Lending strategy vehicles at Blue Owl .

Investment Implications

• Pay‑for‑performance transparency is limited at the OBDC level because executive compensation is set and paid by the Adviser; no OBDC‑reported salary, bonus, PSU/RSU metrics, severance, or change‑of‑control terms for Nicholson, constraining direct analysis of incentive alignment to OBDC outcomes .
• Ownership alignment is modest (~0.0067% of shares outstanding), but positive; hedging/pledging prohibitions reduce misalignment and forced‑selling risks, and trust holdings indicate long‑term planning rather than short‑term trading .
• Insider activity shows merger‑related share acquisitions in January 2025 rather than discretionary sales, mitigating near‑term selling pressure signals; absence of disclosed vesting schedules or option grants at OBDC reduces visibility into future sell windows .
• Execution risk is centered on scaling co‑investment and loan underwriting through Blue Owl’s platform rather than individual compensation levers; Nicholson’s deep LevFin background supports risk management and distribution, which aligns with OBDC’s credit discipline and ROE targets .