**Blue Owl Capital Corp Reports First Quarter 2026 Results**
Blue Owl Capital Corporation (NYSE: OBDC) reported a net decrease in net assets resulting from operations of $24.4 million, or $(0.05) per share, for the three months ended March 31, 2026. This compares to a net increase in net assets of $242.6 million, or $0.49 per share, for the same period in 2025. The decrease was primarily attributed to a net change in unrealized loss of $100.8 million and a net realized loss of $82.8 million.
The company's total investment income for the first quarter of 2026 was $396.8 million, a decrease from $464.6 million in the first quarter of 2025. This decline was mainly due to a decrease in interest income from investments, which fell from $366.0 million to $300.3 million. However, dividend income from investments increased from $56.5 million to $61.6 million over the same period. Operating expenses also decreased, totaling $235.2 million compared to $259.6 million in the prior year, primarily driven by decreases in interest expense, performance based incentive fees and management fees.
Strategic developments during the quarter included active portfolio management and capital allocation. The company sold a portion of its portfolio company investments with aggregate fair value of $357.6 million, equivalent to 99.8% of par value, resulting in a $1.7 million gain. The company used the proceeds from the loans sale to repay indebtedness. The company also repurchased 3,143,108 shares of its common stock for $35.2 million under the 2026 Stock Repurchase Program.
As of March 31, 2026, Blue Owl's investment portfolio consisted of $15.34 billion in fair value, spread across 230 portfolio companies. The portfolio was primarily composed of first-lien senior secured debt investments (72.1%), with smaller allocations to second-lien senior secured debt (5.0%), unsecured debt (2.4%), specialty finance debt (1.0%), preferred equity (3.5%), common equity (4.3%), specialty finance equity (9.2%), and joint ventures (2.5%). The company's net asset value per share stood at $14.41, compared to $14.81 at the end of December 2025. The company's board declared a second quarter dividend of $0.31 per share for stockholders of record as of June 30, 2026, payable on or before July 15, 2026.
About Blue Owl Capital Corp
Blue Owl Capital Corporation is a Maryland-based, externally managed business development company specializing in direct lending and credit investments primarily in U.S. middle-market companies. It originates and manages senior secured and unsecured loans, subordinated debt, mezzanine financing, and equity-related securities across diverse industries. Leveraging deep private equity relationships and a disciplined credit approach, Blue Owl targets attractive risk-adjusted returns with an emphasis on capital preservation and income generation.
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