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OBDC

Blue Owl Capital Corporation

OBDC

Blue Owl Capital Corporation • NYSE
$13.17 ▲ 0.30% (+0.04)
Market Cap $6.73 B
52w High $15.73
52w Low $11.64
Dividend Yield 1.48%
P/E 9.34
Volume 3.48M
Outstanding Shares 511.05M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $291.784M ▼ $18.848M ▲ $128.181M ▼ 43.93% ▼ $0.25 ▼ $132.763M ▼
Q2-2025 $298.606M ▼ $18.839M ▲ $137.506M ▼ 46.049% ▼ $0.27 ▼ $139.992M ▼
Q1-2025 $404.354M ▲ $15.056M ▲ $242.635M ▲ 60.006% ▲ $0.49 ▲ $247.943M ▲
Q4-2024 $276.412M ▲ $14.072M ▲ $154.885M ▲ 56.034% ▲ $0.4 ▲ $154.843M ▲
Q3-2024 $269.165M $12.522M $135.358M 50.288% $0.35 $140.095M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $274.3M ▼ $17.605B ▲ $9.994B ▲ $7.611B ▼
Q2-2025 $295.784M ▼ $17.398B ▼ $9.716B ▼ $7.682B ▼
Q1-2025 $438.657M ▲ $18.376B ▲ $10.637B ▲ $7.739B ▲
Q4-2024 $431.769M ▲ $13.866B ▼ $7.913B ▼ $5.953B ▼
Q3-2024 $426.762M $14.091B $8.129B $5.962B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $128.181M ▼ $137.051M ▼ $-268.003M ▼ $92.062M ▲ $-38.89M ▲ $137.051M ▼
Q2-2025 $137.506M ▼ $146.138M ▼ $864.49M ▲ $-1.165B ▼ $-154.023M ▼ $146.138M ▼
Q1-2025 $242.635M ▲ $277.751M ▼ $-238.803M ▼ $-38.892M ▲ $56.001K ▼ $277.751M ▼
Q4-2024 $154.885M ▲ $445.953M ▲ $0 $-413.112M ▼ $32.841M ▼ $445.953M ▲
Q3-2024 $135.358M $-3.528M $0 $104.859M $101.331M $-3.528M

Five-Year Company Overview

Income Statement

Income Statement Blue Owl Capital Corporation has been consistently profitable, with earnings generally tracking its growth in interest and fee income. Revenue and profit expanded meaningfully coming out of 2020, peaked recently, and then eased back in the most recent year rather than continuing straight up. That suggests the business is still healthy but may be normalizing after a particularly strong period. Profit margins appear reasonably solid for a lender, indicating that credit costs and operating expenses have been kept under control overall. The pattern is typical of a scaled direct lender: strong earnings when deployment and pricing are favorable, with some volatility as markets and interest rates shift, but no loss-making years in this window.

Balance Sheet

Balance Sheet The balance sheet has grown steadily, reflecting a larger loan portfolio and broader reach. Debt has risen faster than equity, which means leverage has increased over time, but there is still a meaningful equity cushion supporting the portfolio. Cash on hand is relatively modest compared with total assets, which is normal for a business development company that aims to keep capital deployed rather than idle. The key implication is that the company depends on its borrowing capacity and capital markets access, so balance between growth and prudence on leverage will remain important, especially if credit conditions turn tougher.

Cash Flow

Cash Flow Cash flow has been quite volatile, which is typical for a direct lender that is constantly originating and being repaid on loans. Earlier years show substantial cash outflows as the company built its portfolio, followed by a very strong year of cash inflows, and then a much weaker but still positive figure most recently. With almost no traditional capital spending, cash movements mainly reflect the timing of lending and repayments, not large investments in physical assets. This means reported cash flow can swing from year to year even when underlying earnings look stable, and it underscores how dependent the business is on the deal environment and refinancing activity in its markets.

Competitive Edge

Competitive Edge Blue Owl Capital Corporation benefits from being part of the larger Blue Owl platform, giving it significant scale, deep relationships with private equity sponsors, and a seasoned credit team. That combination allows it to compete for large, complex financings and to be selective about the companies it lends to. Its focus on senior secured and relatively defensive credits provides some protection in downturns compared with more aggressive lenders. On the other hand, the private credit market has become crowded, which can pressure loan pricing and terms, and a sharp credit cycle could still test even well-structured portfolios. Any renewed merger with its sister vehicle would further increase scale but would also add integration and execution risk.

Innovation and R&D

Innovation and R&D The company does not rely on traditional research and development the way a technology or pharmaceutical firm would. Its “innovation” is more strategic and process-driven: using the broader Blue Owl platform for data, underwriting, and deal sourcing, and offering a flexible mix of loan and equity structures tailored to sponsors’ needs. It is also pushing into newer areas like digital infrastructure and asset-based finance and working to broaden its reach to individual investors through wealth platforms. These moves could deepen its opportunity set and diversify earnings over time, but they also introduce new types of risk and complexity that will need careful management.

Summary

Overall, Blue Owl Capital Corporation looks like a scaled, established player in private credit with a solid record of profitability and a gradually expanding balance sheet. Earnings have been strong but show signs of normalizing after a standout year, leverage has crept higher but remains supported by equity, and cash flows reflect the inherent lumpiness of a lending business rather than structural weakness. Its main strengths lie in its size, sponsor relationships, and disciplined focus on senior secured lending, while key uncertainties revolve around credit-cycle risk, competition in private credit, and execution on strategic initiatives like potential mergers and expansion into new asset classes and investor channels.

NEWS

November 19, 2025 · 9:10 AM UTC

Blue Owl Capital Corporation and Blue Owl Capital Corporation II Announce Termination of Merger

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November 5, 2025 · 4:37 PM UTC

Blue Owl Capital Corporation Announces September 30, 2025 Financial Results

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November 5, 2025 · 4:35 PM UTC

Blue Owl Capital Corporation and Blue Owl Capital Corporation II Announce Merger Agreement

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October 1, 2025 · 8:30 AM UTC

Blue Owl Capital Corporation Schedules Earnings Release and Quarterly Earnings Call to Discuss its Third Quarter Ended September 30, 2025 Financial Results

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