**Blue Owl Capital Corp Reports Third Quarter 2025 Results**

Blue Owl Capital Corp (NYSE: OBDC) has released its financial results for the third quarter of 2025, revealing a net increase in net assets resulting from operations of $128.2 million, compared to $135.4 million for the same period in 2024. The company's total investment income reached $453.1 million, up from $406.0 million in the prior year's quarter. Operating expenses totaled $259.9 million, an increase from $217.6 million in the third quarter of 2024. Net investment income after taxes was reported at $190.1 million, compared to $184.9 million for the same period last year.

A significant factor influencing the company's performance was the net change in unrealized gain (loss), which amounted to a loss of $65.6 million, compared to a gain of $5.8 million in the third quarter of 2024. Net realized gain (loss) was $3.7 million, a decrease from a loss of $55.3 million in the prior year's quarter. Basic and diluted earnings per share were $0.25, compared to $0.35 for the three months ended September 30, 2024. The weighted average shares outstanding were 511,048,237 and 390,217,304 for the respective periods.

Strategic developments during the quarter included the merger with Blue Owl Capital Corporation III (OBDE), which was accounted for as an asset acquisition. The company issued approximately 120,630,330 shares of its common stock in connection with the merger. The purchase discount resulting from the merger was allocated to the cost of OBDE investments, impacting the company's unrealized appreciation and depreciation. The company also continued its "at the market" offering program, with $746.9 million of common stock remaining available for issuance as of September 30, 2025.

Operationally, the company's portfolio consisted of investments in 238 portfolio companies with an aggregate fair value of $17.14 billion. The weighted average total yield of the portfolio at fair value was 9.8%. The company's investment strategy focused on originating and making loans to U.S. middle-market companies, with a significant portion of the portfolio in first-lien senior secured debt. As of September 30, 2025, 1.29% of the portfolio at fair value was on non-accrual status. The company's net asset value per share was $14.89, a decrease from $15.26 as of December 31, 2024. The company's net leverage was 1.22x debt-to-equity. The company's Board declared a fourth quarter dividend of $0.37 per share for stockholders of record as of December 31, 2025, payable on or before January 15, 2026. The Board also approved a repurchase program under which the company may repurchase up to $200 million of its common stock.

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.

This description was generated via AI from an annual report. Updated 9 months ago.

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