Blue Owl Capital Corp

Listed Company

OBDCCIK 0001655888NYSELarge AcceleratedMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$627.40M

Total Assets

$17.19B

Equity

$7.40B

Shares Out

499.45M

Op. Cash Flow

$1.74B

Business

Blue Owl Capital Corp is an externally managed, closed-end management investment company that operates as a business development company and primarily originates and makes loans to, and invests debt and equity capital in, U.S. middle‑market companies to generate current income and some capital appreciation. It invests principally in first‑lien and second‑lien senior secured loans, subordinated and mezzanine loans, unsecured debt and, to a lesser extent, equity and equity‑related securities including warrants and preferred stock. The company is advised by Blue Owl Credit Advisors and participates in diversified lending, technology lending, first‑lien lending, opportunistic lending and specialty financing strategies. It focuses on U.S. middle‑market borrowers across a broad range of industries, sourcing transactions through private equity sponsors, financial intermediaries and direct origination channels and financing investments via credit facilities, securitizations and public debt markets.

Summary from filing dated 2025-02-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Payment-in-kind (PIK) interest income	127	176	172	113	—
Dividend Income	56	36	37	26	—
Investment Income	1,851	1,597	1,582	1,202	1,021
Interest expense	596	465	436	308	—
Management fee, net	252	194	192	189	178
Performance based incentive fees	162	157	160	118	104
Professional fees	14	14	16	15	15
Directors' fees	2	1	1	1	1
Other general and administrative	13	13	11	9	10
Total Operating Expenses	1,039	844	816	639	527
Net Investment Income (Loss) Before Taxes	812	753	766	563	494
Income tax expense (benefit), including excise tax expense (benefit)	12	12	13	6	4
Net Investment Income (Loss) After Taxes	800	741	754	557	490
Net change in unrealized gain (loss)	−8	−48	92	−88	192
Translation of assets and liabilities in foreign currencies and other transactions	18	−1	6	−2	−4
Income tax (provision) benefit	−3	−709,000	−5	−4	−9
Total Net Change in Unrealized Gain (Loss)	6	−50	93	−95	180
Non-controlled, non-affiliated investments	−172	−61	−52	5	−46
Foreign currency transactions	−7	−10	−1	−1	1
Total Net Realized Gain (Loss)	−179	−96	−53	4	−45
Total Net Realized and Change in Unrealized Gain (Loss)	−173	−146	40	−90	135
Net Increase (Decrease) in Net Assets Resulting from Operations	627	595	793	466	625
Earnings Per Share - Basic (in usd per share)	1.24	1.53	2.03	1.18	1.59
Earnings Per Share - Diluted (in usd per share)	1.24	1.53	2.03	1.18	1.59
Weighted Average Shares Outstanding - Basic (in shares)	506	390	390	394	392
Weighted Average Shares Outstanding - Diluted (in shares)	506	390	390	394	392

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investments at fair value:	16,471	13,195	12,713	13,010	12,742
Cash (restricted cash of $47,448 and $82,387, respectively)	559	506	659	444	431
Foreign cash (cost of $9,722 and $8,539, respectively)	10	8	956,000	809,000	16
Interest and dividend receivable	105	106	112	108	82
Prepaid expenses and other assets	16	34	3	4	24
Total Assets	17,186	13,866	13,511	13,585	13,298
Debt (net of unamortized debt issuance costs of $93,186 and $84,363, respectively)	9,300	7,458	7,077	7,282	7,079
Distribution payable	185	144	136	130	122
Management fee payable	63	49	48	48	47
Incentive fee payable	39	39	42	34	29
Accrued expenses and other liabilities	190	216	183	203	77
Total Liabilities	9,789	7,913	7,490	7,702	7,360
Commitments and contingencies (Note 8)	—	—	—	—	—
Common shares $0.01 par value, 1,000,000,000 shares authorized; 499,448,499 and 390,217,304 shares issued and outstanding, respectively	5	4	4	4	4
Additional paid-in-capital	7,512	5,920	5,924	5,971	5,990
Accumulated undistributed (overdistributed) earnings	−120	29	93	−92	−56
Total Net Assets	7,397	5,953	6,021	5,882	5,938
Total Liabilities and Net Assets	17,186	13,866	13,511	13,585	13,298
Net Asset Value Per Share (in usd per share)	14.81	15.26	15.45	14.99	15.08

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Purchases of investments, net	−3,421	−5,536	−2,269	−2,133	−7,136
Proceeds from investments and investment repayments, net	4,443	5,155	2,890	1,926	5,512
Net amortization/accretion of premium/discount on investments	−106	−68	−49	−42	−82
Payment-in-kind interest and dividends	−178	−245	−210	−148	−60
Net change in unrealized (gain) loss on interest rate swap attributed to unsecured notes	40	7	23	−85	−10
Net change in unrealized (gain) loss on foreign currency forward contracts	793,000	0	0	—	—
Net change in unrealized (gain) loss on translation of assets and liabilities in foreign currencies	−18	925,000	−6	3	3
Net realized (gain) loss on foreign currency transactions relating to investments	−6	17	23,000	4	−20,000
Amortization of debt issuance costs	40	31	27	30	26
Cash acquired in OBDC SLF LLC consolidation	0	62	0	0	—
Cash acquired in the OBDE Mergers	126	0	0	—	—
(Increase) decrease in interest and dividend receivable	46	14	−4	−26	−25
(Increase) decrease in receivable from a controlled affiliate	−10	6	−5	−14	−2
(Increase) decrease in prepaid expenses and other assets	32	−14	475,000	20	15
Increase (decrease) in management fee payable	11	1	128,000	813,000	11
Increase (decrease) in incentive fee payable	−2	−3	8	5	10
Increase (decrease) in payables to affiliate	5	−4	−3	549,000	−725,000
Increase (decrease) in accrued expenses and other liabilities	−69	34	−20	126	26
Net cash provided by (used in) operating activities	1,742	160	1,136	217	−1,227
Borrowings on debt	5,184	4,183	1,746	2,531	5,522
Payments on debt	−5,952	−3,799	−2,007	−2,221	−3,697
Debt issuance costs	−21	−34	−13	−15	−45
Repurchases of common stock	−148	0	−34	−26	−3
"Shares issued under the ""at the market"" offering"	3	0	0	—	—
Cash distributions paid to shareholders	−753	−656	−613	−488	−461
Net cash provided by (used in) financing activities	−1,687	−306	−921	−219	1,316
Net increase (decrease) in cash and restricted cash, including foreign cash (restricted cash of $(34,939) and $(4,680), respectively)	54	−146	215	−2	89
Interest paid during the period	571	419	397	234	167
Distributions declared during the period	793	671	620	508	487
Reinvestment of distributions during the period	0	7	0	12	56
Issuance of shares in connection with the OBDE Mergers	1,755	0	0	—	—
Taxes, including excise tax, paid during the period	9	6	3	4	5

Filings

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