Blue Owl Capital Corp (OBDC) SEC Filings & Earnings Calls

CLO structure increases leverage and complexity; potential refinancing risk.

“Creation of a direct financial obligation through CLO vehicle.”

Credit Spread Widening

“widening spreads contributing to decreases in the fair values in certain of our portfolio investments” · word for word

Non-Accrual Increase

“seven of our portfolio companies are on non-accrual, which represents 0.8% of our portfolio at fair value” · word for word

Repayment Exceed Originations

“repayments moderated, they continued to be in excess of originations in the quarter ended June 30, 2026” · word for word

Non-accrual investments increased to 2.8% at cost from 2.0% prior quarter, indicating credit quality deterioration in a small number of names

“Investments on non-accrual represented 2.8% and 0.8% of the portfolio at cost and fair value, respectively, as compared to 2.0% and 1.0% as of March 31, 2026” · word for word

NAV per share declined from $14.41 to $14.26, primarily due to markdowns

“Net asset value per share of $14.26, as compared to $14.41 as of March 31, 2026, primarily reflecting markdowns on a small number of names”

Base dividend reduced from $0.37 to $0.31 per share sequentially, though supplemented by $0.02 supplemental

“Base dividend declared per share $0.31 (prior quarter $0.37); Supplemental dividend declared per share $0.02 (prior quarter $0.00)”

Reduction in total facility size from $4.025B to $4.0B may indicate tighter credit conditions or strategic deleveraging.

“reduces the total facility amount from $4,025,000,000 to $4,000,000,000” · word for word

Credit Spread Widening Impact on NAV

“The markdowns on our investments were primarily driven by the impact of credit spread widening and not a deterioration in the underlying quality of our assets.” · word for word

Elevated Market Volatility

“During the first quarter of 2026, global equity and debt markets experienced elevated volatility, with spread widening in fixed income markets as a result of intensifying geopolitical conflicts and heightened focus on the evolution of artificial intelligence.” · word for word

Dividend cut signals lower forward earnings power due to declining base rates and spread compression.

“Board’s decision to adjust the Company’s base dividend given the current operating environment and to align with the portfolio’s go-forward earnings power following an extended period of declining base rates and spread compression.” · word for word

NAV decline of $0.40 per share (2.7%) due to credit spread widening.

“Net asset value per share of $14.41, as compared with $14.81 as of December 31, 2025, primarily reflecting the impact of credit spread widening on the portfolio” · word for word

Credit spread widening and lower base rates pressuring earnings.

“While the quarter reflected a more challenging earnings environment driven by lower base rates and tighter spreads” · word for word

Geopolitical and tariff uncertainty

“Broader geopolitical developments, including the conflict involving Iran, have contributed to elevated market volatility...tariff policies implemented in 2025” · word for word

AI disruption risk to portfolio companies

“We conducted thematic stress tests...to evaluate the potential implications of rapid advancements in artificial intelligence.”

Interest Rate Volatility

“Fluctuations in interest rates could have a material adverse effect on our business and that of our portfolio companies.” · word for word

Credit Risk / Default Risk

“Our investments in portfolio companies may be risky, and we could lose all or part of our investments.” · word for word

Leverage Risk

“We borrow money, which magnifies the potential for gain or loss and may increase the risk of investing in us.” · word for word

Liquidity Risk

“The lack of liquidity in our investments may adversely affect our business.” · word for word

Competition Risk

“We may face increasing competition for investment opportunities, which could delay further deployment of our capital, reduce returns and result in losses.” · word for word

Credit-related markdowns on a small number of names drove NAV decline.

“Net asset value 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.”

Non-accruals increased to 1.3% from 0.7% QoQ, indicating slight credit quality deterioration in a small number of names.

“Investments on non-accrual represented 1.3% of the portfolio at fair value, as compared with 0.7% as of June 30, 2025.” · word for word

NAV per share declined to $14.89 from $15.03 due to unrealized depreciation; adjusted NII declining sequentially.

“Net asset value per share of $14.89, as compared with $15.03 as of June 30, 2025, driven primarily by unrealized depreciation on a small number of names.”

Merger integration risk with OBDC II; execution and shareholder approval required.

“OBDC and OBDC II today announced that they have entered into a definitive merger agreement, with OBDC as the surviving company, subject to certain shareholder approvals and other customary closing conditions.” · word for word

Credit risk from non-accrual loans

“Loan was on non-accrual status as of September 30, 2025. (multiple investments listed as non-accrual)” · word for word

Interest rate risk from floating rate debt

“Interest rate volatility could adversely affect our results, particularly because we use leverage as part of our investment strategy.” · word for word

Portfolio concentration in upper middle market

“The Company predominantly focuses on investing in institutionally-backed, upper middle market businesses.” · word for word

Merger integration risk

“The effects of disruption on our business from the OBDE Mergers and the OBDC II Mergers.” · word for word