Blue Owl Capital Corp. Reports $1.85 Billion in Year-End Investment Income

**Blue Owl Capital Corp. Reports Year-End Financial Results**

Blue Owl Capital Corp., an externally managed investment company, has released its financial results, revealing key aspects of its performance and strategic positioning. The company, which focuses on originating and making loans to U.S. middle-market companies, reported total investment income of $1.85 billion for the year ended December 31, 2025, compared to $1.60 billion in the previous year. This increase was primarily driven by higher interest income due to an increase in the par value of debt investments, partially offset by a decrease in the weighted average yield of the debt portfolio. Net investment income after taxes was $800.4 million, up from $741.1 million in the prior year.

The company's operating expenses totaled $1.04 billion, compared to $844.1 million for the year ended December 31, 2024. This increase was primarily due to higher interest expense, management fees, and incentive fees resulting from the acquisition of Blue Owl Capital Corporation III (OBDE). As of December 31, 2025, the company's portfolio consisted of 73.1% first lien debt investments, 5.2% second-lien debt investments, 2.4% unsecured debt investments, 1.0% special financing debt investments, 3.5% preferred equity investments, 3.9% common equity investments, 8.4% special financing equity investments, and 2.5% joint ventures, all based on fair value. The weighted average total yield of the portfolio at fair value was 9.5%.

Strategic developments for Blue Owl Capital Corp. included the completion of the merger with OBDE on January 13, 2025, which resulted in the issuance of approximately 120.6 million shares of common stock. The company also continued to execute its investment strategy, focusing on large-scale, market-leading companies providing mission-critical solutions. As of December 31, 2025, the company had investments in 234 portfolio companies, with an average investment size of approximately $70.4 million based on fair value. The largest industry in the portfolio was internet software and services, representing 11.1% of the total portfolio.

Key operational developments included the formation of Blue Owl Leasing LLC, a joint venture focused on equipment leases and loans, and the continued management of Blue Owl Credit SLF LLC, a joint venture investing in senior secured loans. As of December 31, 2025, the company had outstanding commitments to fund unfunded investments totaling $1.67 billion. The company's Board of Directors declared a first quarter dividend of $0.37 per share, payable on or before April 15, 2026, to stockholders of record as of March 31, 2026. The company also approved a share repurchase program authorizing the repurchase of up to $300 million of its common stock.

Looking ahead, Blue Owl Capital Corp. intends to continue generating current income and capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The company will continue to focus on originating and making loans to U.S. middle-market companies, while also managing its capital structure and distribution policy to maximize shareholder value. The company's ability to achieve its investment objective depends on its Adviser's ability to manage and support the investment process, as well as Blue Owl's relationships with corporations, financial institutions, and investment firms.