FOURTH QUARTER 2025 HIGHLIGHTS
Fourth quarter GAAP net investment income ("NII") per share of $0.38
Fourth quarter adjusted NII per share(1) of $0.36, consistent with the prior quarter of $0.36
Dividends declared for the fourth quarter were $0.37 per share, representing an annualized dividend yield of 10.0%(2)
Net asset value ("NAV") per share of $14.81, as compared with $14.89 as of September 30, 2025, driven primarily by credit-related markdowns on a small number of names, partially offset by accretive share repurchases
New investment commitments for the fourth quarter were $684 million and sales and repayments were $1.4 billion, as compared with $1.3 billion of new investment commitments and $797 million of sales and repayments for the three months ended September 30, 2025
Investments on non-accrual represented 2.3% and 1.1% of the portfolio at cost and fair value, respectively, as compared with 2.7% and 1.3% as of September 30, 2025
OBDC repurchased approximately $148 million of OBDC common stock at 86% price-to-book value
The Board of Directors (the "Board") approved a new $300 million share repurchase program, replacing the prior $200 million authorization
In January 2026, received Moody's upgrade to Baa2 given view on credit profile and liability management
Announced today that OBDC and certain other Blue Owl BDCs entered into agreements to sell $1.4 billion of investments to institutional investors, including $400 million of investments from OBDC
"OBDC closed the year with strong fourth quarter earnings and credit performance, reflecting the health of our borrowers and our defensive, senior secured strategy focused on the upper middle market," said Craig W. Packer, Chief Executive Officer. "Demonstrating our conviction in OBDC's strategy and long-term value, we repurchased approximately $148 million of OBDC's common stock during the quarter, accretive to NAV per share and the largest quarterly repurchase activity in our history."
Mr. Packer continued, "Today we announced the sale of $1.4 billion of direct lending investments at book value across three Blue Owl BDCs, including $400 million from OBDC consisting of partial sales across existing portfolio companies. What began as a targeted transaction to provide liquidity to OBDC II shareholders attracted significant interest from sophisticated institutional investors, allowing us to opportunistically extend the sale to OBDC. We expect this transaction to reduce leverage, modestly increase portfolio diversity and create additional capacity to invest in compelling new opportunities for the benefit of OBDC shareholders."
Stock RepurchasesOn November 4, 2025, the Board approved a $200 million stock repurchase program, for which purchases may be made at management's discretion from time to time in open market transactions. As of December 31, 2025, the Company repurchased approximately $148 million of OBDC common stock at 86% of price-to-book value, accretive to net asset value per share in the fourth quarter.
On February 18, 2026 the Board approved a new repurchase program of up to $300 million of the Company's common stock, replacing the prior $200 million authorization.
Asset SaleToday, certain Blue Owl business development companies announced the opportunistic sale of $1.4 billion of direct lending investments, including $400 million from OBDC, to leading North American public pension and insurance investors. The OBDC investments will be sold at fair value, equivalent to a purchase price of 99.8% of par value as of February 12, 2026. The OBDC investments being sold span 74 portfolio companies across 24 industries, with an average investment size of $5 million. This strategic transaction enhances balance sheet flexibility, modestly increases portfolio diversity and creates additional capacity to deploy capital into attractive, risk-adjusted investment opportunities.
Dividend DeclarationThe Board declared a first quarter 2026 regular dividend of $0.37 per share for stockholders of record as of March 31, 2026, payable on or before April 15, 2026.
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(1) See Non-GAAP Financial Measures for a description of the non-GAAP measures and the reconciliations from the most comparable GAAP financial measures to the Company's non-GAAP measures, including on a per share basis. The Company's management utilizes these non-GAAP financial measures to internally analyze and assess financial results and performance. These measures are also considered useful by management as an additional resource for investors to evaluate the Company's ongoing results and trends, as well as its performance, excluding non-cash income or gains related to the merger between the Company and Blue Owl Capital Corp. III ("OBDE") (such merger, the "OBDE Merger"), which closed on January 13, 2025. The presentation of non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.
(2) Dividend yield based on OBDC's annualized Q4 2025 regular dividend of $0.37 per share payable to shareholders of record as of December 31, 2025, and Q4 2025 NAV per share of $14.81.
SELECT FINANCIAL HIGHLIGHTS
As of and for the Three Months Ended
($ in thousands, except per share amounts)
December 31, 2025
September 30, 2025
December 31, 2024
GAAP results:
Net investment income per share
$ 0.38
$ 0.37
$ 0.47
Net realized and unrealized gains (losses) per share
$ (0.14)
$ (0.12)
$ (0.08)
Net increase (decrease) in net assets resulting from operations per share
$ 0.23
$ 0.25
$ 0.40
Non-GAAP financial measures(1):
Adjusted net investment income per share
$ 0.36
$ 0.36
$ 0.47
Adjusted net realized and unrealized gains (losses) per share
$ (0.13)
$ (0.11)
$ (0.08)
Adjusted net increase (decrease) in net assets resulting from operations per share
$ 0.23
$ 0.25
$ 0.40
Regular dividend declared per share
$ 0.37
$ 0.37
$ 0.37
Supplemental dividend declared per share
$ ,
$ ,
$ 0.05
Total investments at fair value
$ 16,470,893
$ 17,136,548
$ 13,194,545
Total debt outstanding (net of unamortized debt issuance costs)
$ 9,300,076
$ 9,528,525
$ 7,457,702
Net assets
$ 7,397,279
$ 7,611,271
$ 5,952,841
Net asset value per share
$ 14.81
$ 14.89
$ 15.26
Net debt-to-equity
1.19x
1.22x
1.19x
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(1) See Non-GAAP Financial Measures for a description of the non-GAAP measures and the reconciliations from the most comparable GAAP financial measures to the Company's non-GAAP measures, including on a per share basis. The Company's management utilizes these non-GAAP financial measures to internally analyze and assess financial results and performance. These measures are also considered useful by management as an additional resource for investors to evaluate the Company's ongoing results and trends, as well as its performance, excluding non-cash income or gains related to the OBDE Merger. The presentation of non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.
PORTFOLIO COMPOSITION
As of December 31, 2025, the Company had investments in 234 portfolio companies across 30 industries, with an aggregate portfolio size of $16.5 billion at fair value and an average investment size of $70.4 million at fair value.
December 31, 2025
September 30, 2025
($ in thousands)
Fair Value
% of Total
Fair Value
% of Total
Portfolio composition:
First-lien senior secured debt investments1
$ 12,048,934
73.1 %
$ 12,755,706
74.4 %
Second-lien senior secured debt investments
848,575
5.2 %
871,481
5.1 %
Specialty finance debt investments
157,297
1.0 %
155,201
0.9 %
Unsecured debt investments
399,962
2.4 %
391,717
2.3 %
Preferred equity investments
568,977
3.5 %
565,961
3.3 %
Common equity investments
644,304
3.9 %
694,041
4.1 %
Specialty finance equity
1,386,739
8.4 %
1,302,573
7.6 %
Joint ventures
416,105
2.5 %
399,868
2.3 %
Total investments
$ 16,470,893
100.0 %
$ 17,136,548
100.0 %
(1) We consider 50.3% and 51.8% of first-lien senior secured debt investments to be unitranche loans as of December 31, 2025 and September 30, 2025, respectively.
December 31, 2025
September 30, 2025
Number of portfolio companies
234
238
Percentage of debt investments at floating rates
96.4 %
97.4 %
Percentage of senior secured debt investments
79.3 %
80.4 %
Weighted average spread over base rate of all floating rate debt investments
5.7 %
5.7 %
Weighted average total yield of accruing debt and income-producing securities at fair value
10.0 %
10.3 %
Weighted average total yield of accruing debt and income-producing securities at cost
10.1 %
10.4 %
Percentage of investments on non-accrual of the portfolio at fair value
1.1 %
1.3 %
PORTFOLIO AND INVESTMENT ACTIVITY
Full YearFor the year ended December 31, 2025, new investment commitments totaled $4.3 billion across 43 new portfolio companies and 81 existing portfolio companies. For the year ended December 31, 2024, new investment commitments were $7.3 billion across 93 new portfolio companies and 68 existing portfolio companies.
For the year ended December 31, 2025, the principal amount funded totaled $3.3 billion and aggregate principal amount of sales and repayments totaled $5.2 billion. For the year ended December 31, 2024, the principal amount of new investments funded was $5.9 billion and aggregate principal amount of sales and repayments was $5.1 billion.
Fourth QuarterFor the three months ended December 31, 2025, new investment commitments totaled $684 million across 12 new portfolio companies and 17 existing portfolio companies. For the three months ended September 30, 2025, new investment commitments were $1.3 billion across 13 new portfolio companies and 23 existing portfolio companies.
For the three months ended December 31, 2025, the principal amount funded totaled $521 million and aggregate principal amount of sales and repayments totaled $1.4 billion. For the three months ended September 30, 2025, the principal amount of new investments funded was $963 million and aggregate principal amount of sales and repayments was $797 million.
For the Years Ended December 31,
($ in thousands)
2025
2024
New investment commitments:
Gross originations
$ 4,317,221
$ 7,384,171
Less: Sell downs
(19,210)
(53,334)
Total new investment commitments
$ 4,298,011
$ 7,330,837
Principal amount of new investments funded:
First-lien senior secured debt investments
$ 2,464,488
$ 5,080,186
Second-lien senior secured debt investments
205,340
30,000
Specialty finance debt investments
48,472
22,078
Unsecured debt investments
60,502
132,135
Preferred equity investments
57,399
2,347
Common equity investments
50,992
880
Specialty finance equity investments
289,253
324,121
Joint venture investments
126,433
337,596
Total principal amount of new investments funded
$ 3,302,879
$ 5,929,343
Drawdowns (repayments) on revolvers and delayed draw term loans, net
$ 726,965
$ ,
Principal amount of investments sold or repaid:
First-lien senior secured debt investments(1)
$ (4,417,287)
$ (3,573,559)
Second-lien senior secured debt investments
(371,534)
(1,026,330)
Specialty finance debt investments
—
(3,611)
Unsecured debt investments
(89,414)
(152,427)
Preferred equity investments
(24,646)
(48,960)
Common equity investments
(143,731)
(3,175)
Specialty finance equity investments
(142,365)
(82,709)
Joint venture investments
—
(191,151)
Total principal amount of investments sold or repaid
$ (5,188,977)
$ (5,081,922)
Number of new investment commitments in new portfolio companies(2)
43
93
Average new investment commitment amount in new portfolio companies
$ 54,812
$ 56,012
Weighted average term for new investment commitments (in years)
5.9
5.4
Percentage of new debt investment commitments at
floating rates
95.9 %
98.1 %
Percentage of new debt investment commitments at
fixed rates
4.1 %
1.9 %
Weighted average interest rate of new investment commitments(3)
8.8 %
9.7 %
Weighted average spread over applicable base rate of new debt investment commitments at floating rates
5.1 %
5.3 %
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(1)
Includes scheduled paydowns.
(2)
Number of new investment commitments represents commitments to a particular portfolio company.
(3)
Assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 3.65% and 4.31% as of December 31, 2025 and 2024, respectively.
For the Three Months Ended
($ in thousands)
December 31, 2025
September 30, 2025
