10-K · February 18, 2026
Blue Owl Capital Corporation (OBDC) emphasizes scale in middle‑market direct lending: since April 2016 through December 31, 2025 the Adviser and affiliates have originated $187.04 billion of principal (of which $182.92…
Earnings analysis · 10-Q
OBDC earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Blue Owl Capital Corporation reported a decline in investment income compared to the previous year, driven primarily by lower interest income due to reduced portfolio size and lower average yields. The company continued…
Read full summary
Blue Owl Capital Corporation reported a decline in investment income compared to the previous year, driven primarily by lower interest income due to reduced portfolio size and lower average yields. The company continued to focus on growing its portfolio in a stable economic environment, but net assets decreased due to widening credit spreads despite ongoing demand in middle-market lending.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Total Investment Income Decrease
Investment income fell to $396.8 million from $464.6 million YoY, driven by lower interest income of $300.3 million down from $366 million.
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Net Investment Income Decline
Net investment income after taxes decreased to $159.2 million from $201.3 million YoY.
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Lower Operating Expenses
Total operating expenses decreased by $24.4 million to $235.2 million from $259.6 million YoY.
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Strong Portfolio Diversification
The portfolio consists of 72.1% first lien senior secured debt investments, indicating robust positioning.
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Stable Dividend Payment
A quarterly dividend of $0.37 was maintained for Q1 2026, mirroring the Q1 2025 payout.
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Increased Leverage Capacity
As of March 31, 2026, net leverage is at 1.13x debt-to-equity, allowing for further investment opportunities.
What to watch
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Net Assets Decline
Net assets decreased by $24.4 million primarily due to widening spreads impacting portfolio valuations.
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Interest Income Volatility
Interest income decreased by $65.7 million, largely from reduced portfolio size of $2.1 billion.
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Litigation Risks Emerging
Ongoing legal challenges regarding advisory fees may introduce uncertainties in operations and finances.
Management's outlook
Management expects continued investment in upper middle-market businesses, though performance could be impacted by geopolitical and economic conditions.
Earlier filings 4
10-Q · November 5, 2025
Blue Owl reported Q3 results showing higher total investments and investment income but weaker per-share earnings and mark-to-market performance. Total investments at fair value rose to $17,136,548,000 and total…
10-K · February 19, 2025
Blue Owl Capital Corporation (OBDC) presents a large, predominantly first‑lien, middle‑market credit portfolio with $13.20 billion of investments as of December 31, 2024 (pro forma combined investments $17.42 billion).…
10-Q · August 7, 2024
Blue Owl reported total investment income of $396,760,000 in Q2 (three months ended June 30, 2024), up modestly from $394,223,000 a year ago, while Net Investment Income before taxes rose to $191,544,000 from…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.