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Blue Owl Capital Corporation (NYSE: OBDC) November 2025
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2NYSE: OBDC Second largest publicly traded business development company (BDC) by total assets Past performance is not a guarantee of future results. See endnotes for additional information. Blue Owl Capital Corporation (NYSE: OBDC) OBDC Highlights PORTFOLIO2 $17.1 billion across 238 portfolio companies ASSET MIX 80% senior secured 74% first lien investments 97% floating rate debt investments DEBT PORTFOLIO YIELD 3 10.3% LEVERAGE4 1.22x net debt-to-equity TICKER NYSE: OBDC $6.7 billion CREDIT RATINGS9 Baa3 (positive) Moody’s BBB- (stable) S&P BBB (stable) Fitch BBB+ (stable) KBRA DIVIDEND YIELD7 9.9% • Primarily focused making debt and equity investments in U.S. upper middle-market companies • Highly diversified portfolio of large borrowers with low loan-to-values weighted towards non-cyclical, defensive industries • Access to the growth of market-leading businesses with the goal of delivering a lower risk profile Investment Approach Managed by Blue Owl, a Leading Global Alternative Asset Manager • Leverage the sourcing, underwriting and risk management capabilities across Blue Owl’s $152 billion Credit platform • 120+ direct lending investment professionals and a senior management team with decades of experience • Extensive network of 820+ financial sponsor relationships, as well as relationships with banks, advisors and companies • Large deal funnel allows a higher degree of selectivity when considering investment opportunities, closing only ~5% of all transactions reviewed • Average annual net loss rate of 13 basis points since inception of direct lending business in 20161 RETURN ON EQUITY5,6 9.5% annualized return on adjusted net investment income MARKET CAP8
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3NYSE: OBDC Managed by Blue Owl, A Leading Alternative Asset Manager Blue Owl’s scale and size provide private companies with investment solutions to help drive long-term growth Credit Real Assets GP Strategic Capital Firm Overview • Blue Owl offers investors differentiated investment opportunities that aim to deliver strong performance, risk- adjusted returns and capital preservation Credit • A partner of choice for private equity- sponsored, middle- and upper-middle market companies seeking creative, customized financing across the capital structure GP Strategic Capital • Provides innovative long-term minority equity and financing solutions for more than a decade Real Assets • Leader in net lease, offering flexible and bespoke capital solutions to investment-grade and creditworthy tenants $152.1 B $74.7 B $68.8 B $295B AUM
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4NYSE: OBDC BDCs make up more than half of Blue Owl’s Credit platform AUM and diversified lending represents a meaningful segment of that AUM Past performance is not a guarantee of future results. See endnotes for additional information. Blue Owl Manages a Market Leading Credit Business Our BDCs provide a growing permanent capital base, allowing us to benefit from significant scale and remain active in the market across all environments Our Credit Business Today - $152bn AUM Diversified Lending Technology Lending First Lien Lending Opportunistic Lending Alternative Credit Investment Grade Credit Liquid Credit Other Strategies1 Strategy Commenced 2016 2018 2018 2020 2024 2024 2015 2023 AUM $79.0bn $25.8bn $4.8bn $2.0bn $12.7bn $18.5bn $6.2bn $3.2bn BDCs (Total Assets) OBDC ($17.6bn), OBDC II ($1.8bn), OCIC ($34.8bn) OTF ($13.4bn), OTIC ($6.4bn) - - - - - -
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5NYSE: OBDC Past performance is not a guarantee of future results. BDCs Broader Blue Owl Platform Adjacent Credit Strategies • Real Assets – Triple Net Lease • Real Assets – Data Centers • GP Strategic Capital • Alternative Credit • Liquid Credit • First Lien Lending • Opportunistic Lending • Investment Grade Credit • Diversified Lending • Technology Lending • Flexibility to invest in adjacent credit strategies sourced from the broader Blue Owl platform Blue Owl Direct Lending Platform By the Numbers Blue Owl’s Scale and Adjacent Credit Strategies Can Drive Attractive Origination Opportunities and Significant Deal Flow 820+ $176B 11,130+ 760+ 640+ 60%+ 90% Sponsor Relationships Gross Originations Since Inception Transactions Reviewed Transactions Completed Portfolio Companies Agent on Transactions Lead or Co- Lead on Transactions
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6NYSE: OBDC Why Sponsors and Companies Like To Work With Us “Sponsor Backing Helps Borrowers Better Weather Tough Macro Periods.” Robert Dodd 6 Why do sponsors like working with Blue Owl? Our team, scale and approach are competitive advantages in our ability to partner with high-quality sponsors and select the deals we want at the terms we like TeamTeamTeam • Deeply experienced direct lending team of 120+ investment professionals • Team of senior originators responsible for consistent day- to-day sponsor coverage efforts • Extensive senior-level relationships with sponsors and other direct lenders creates enhanced sourcing through multiple touchpoints Approach • Relationship-oriented approach with significant involvement from senior management through the investment process • Single investment strategy creates operational synergies • Ability to move quickly and with transparency provides certainty of execution to sponsors • Significant dry powder allows us to provide scaled financing solutions, commit to full capital structures, and support future capital needs of borrowers • Large deal funnel allows for higher degree of selectivity when considering investment opportunities • An investment approach that allows Blue Owl to provide flexible, customized solutions to borrowers Scale
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7NYSE: OBDC Our Investment Philosophy Regardless of the industry in which a borrower operates, we underwrite to a set of core attributes which are imperative to, and evidenced by, the strong credit quality of our portfolio Investment objectives are not a guarantee of profitable performance results and there is no guarantee they will be achieved. Diversification does not eliminate investment risk. All investments involve risk of loss, including loss of principal invested. Market Leadership Non-Cyclical Predictable Revenue Streams • Strong customer retention and pricing power due to relative scale and importance within industry • Often operates in large, mature and fragmented markets • Limited cyclicality in end markets • Focus on stable, recession-resistant, strategically valuable businesses • High percentage of recurring revenue • High switching costs • Long, stable operating history Diversification • By borrower, sector, sponsor, size, customer base and end-market Strong Cash Flow Profiles • Highly recurring, often contractual, cash flows • Avoid investing into capital intensive businesses
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OBDC Highlights
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9NYSE: OBDC 74% 5% 1% 2% 3% 4% 8% 2%First Lien Second Lien Specialty Finance Debt Unsecured Preferred Equity Common Equity Specialty Finance Equity Joint Ventures Past performance is not a guarantee of future results. See endnotes for additional information. Scaled and Senior Secured Focused Portfolio $17.1bn Portfolio Size1 80% Senior Secured Assets By Type $1,024mm Portfolio Company Revenue2 $229mm Portfolio Company EBITDA2 80% Senior Secured 91% Sponsor-Backed Investments3 Portfolio Construction Predominantly Senior Secured • Conservative portfolio with primarily first- lien and unitranche positions • Top of the capital structure provides a level of inherent downside protection Focus on Large, Upper-Middle Market Companies • Usually market leaders: better able to pass through cost increases and nimbly adapt the business in more challenging environments Majority Sponsor Backed • Majority of debt investments are backed by large private equity sponsors who can provide both operational and financial resources
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10NYSE: OBDC Since inception, we have intentionally constructed OBDC’s portfolio to withstand economic cycles by focusing on non-cyclical, recession resistant businesses Past performance is not a guarantee of future results. See endnotes for additional information. Well-Diversified Portfolio with High-Quality Borrowers 0.4% Average Portfolio Company Size 238 Portfolio Companies Borrower Diversification Industry Diversification 30 Portfolio Industries 1.9x Interest Coverage Ratio 42% Net Loan-to-Value1 Top 10 positions represent 22% of the portfolio at fair value Associa: 3.7% Wingspire: 3.3% BOC SLF: 2.3% Fifth Season: 2.3% Winland: 2.1% Sonny’s: 1.8% OB Hospitalist: 1.8% Recochem: 1.5% Amergin: 1.5% Packaging Coordinators: 1.5% 11.5% 8.3% 6.2% 6.0% 5.8% 5.6% 5.1% 4.7% 4.6% 4.4% 37.8% Internet software and services Healthcare providers and services Food and beverage Insurance Asset based lending and fund finance Healthcare technology Manufacturing Business services Healthcare equipment and services Buildings and real estate Other (20 Industries)
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11NYSE: OBDC 13% 11% 24% 52% Revolving Credit Facility SPVs CLOs Unsecured Notes Past performance is not a guarantee of future results. See endnotes for additional information. Diverse and Flexible Capital Structure 1.22x Net Debt-to- Equity Ratio2 $3.2B Available Liquidity3 4.6 Years Weighted Average Debt Maturity (based on committed debt) 4 Investment Grade Ratings4 $2.9B Undrawn Debt Capacity3 Funding Mix (Outstanding Basis) Debt Maturities1 (Committed Basis) 52% Unsecured Borrowings Low-cost flexible funding sources allow us to invest across all market environments $0 $50 $3,850 $0 $800 $825 $0 $2,315 $1,500 $1,075 $950 $1,000 $500 $0 $1,500 $1,125 $950 $5,650 $3,640 2025 2026 2027 2028 2029 2030 & beyond Revolving Credit Facilities SPVs CLOs Unsecured Notes
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12NYSE: OBDC Past performance is not a guarantee of future results. See endnotes for additional information. Attractive Total Returns NAV and Cumulative Dividends Paid Since OBDC Inception OBDC has delivered compelling returns since inception, with stable net asset value and strong portfolio fundamentals 94% Total Return Since Inception2 ~4% NAV Growth Since Inception 27 bps Net Loss Since Inception1 $14.30 $14.89 $12.87 $27.76 03/31/16 06/30/16 09/30/16 12/31/16 03/31/17 06/30/17 09/30/17 12/31/17 03/31/18 06/30/18 09/30/18 12/31/18 03/31/19 06/30/19 09/30/19 12/31/19 03/31/20 06/30/20 09/30/20 12/31/20 03/31/21 06/30/21 09/30/21 12/31/21 03/31/22 06/30/22 09/30/22 12/31/22 03/31/23 06/30/23 09/30/23 12/31/23 03/31/24 06/30/24 09/30/24 12/31/24 03/31/25 06/30/25 09/30/25 NAV per Share Cumulative Dividends per Share Dividends (Record Date)
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13NYSE: OBDC The combined company will continue to benefit from the breadth and depth of Blue Owl’s BDC platform Past performance is not a guarantee of future results. See endnotes for additional information. OBDC is Well-Positioned to Deliver for Investors OBDC Highlights 80% senior secured, first-lien focused Stable portfolio with low non- accruals representing 1.3% of portfolio at fair value ~4% NAV growth since inception 94% total return since inception2 Second largest publicly traded BDC by total assets Net loss of 27 bps1 since inception Incremental ROE expansion through optimization of portfolio and capital structure Focus on downside protection through primarily senior secured portfolio Tenured management team with decades of experience across credit cycles Market leader in upper-middle market direct lending with ability to lead transactions Deep, diversified financing sources with well-laddered debt maturities Broad origination funnel supported by the broader Blue Owl Credit platform and strong, long-standing relationships with over 800 sponsors
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OBDC Financial Highlights
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15NYSE: OBDC Past performance is not a guarantee of future results. See endnotes for additional information and non-GAAP disclosures. Review of Q3 2025 Balance Sheet Update • $3.2 billion4 of liquidity in cash and undrawn debt • Debt to equity was 1.22x5, up from 1.17x5 as of 6/30/2025 • Debt funding mix comprised of 52% unsecured debt (based on outstanding debt) • Weighted average debt maturity of approximately 4.6 years (based on committed debt) • Total revolver facility size of $3.9 billion Portfolio Update Earnings Summary • Net asset value per share of $14.89, compared to $15.03 as of 6/30/2025 • Adjusted net investment income per share of $0.361, compared to $0.401 as of 6/30/2025 - GAAP net investment income per share of $0.37 • Adjusted net income per share of $0.251, compared to $0.271 as of 6/30/2025 - GAAP net income per share of $0.25 • Adjusted ROE on net investment income and net income of 9.5%1,2 and 6.7%1,2, respectively - GAAP ROE on net investment income and net income of 9.9%2 and 6.7%2, respectively Dividends & Repurchase Program • Q3'25 regular dividend of $0.37 per share and annualized dividend yield of 9.9%6 • Declared a consistent Q4’25 regular dividend of $0.37 per share on 11/4/2025 • Implemented new $200 million repurchase program, replacing existing $150 million program • Total portfolio at fair value $17.1 billion compared to $16.9 billion as of 6/30/2025; 238 portfolio companies compared to 233 as of 6/30/2025 • Continued strong portfolio company performance - No material change to the mix of the overall portfolio risk ratings from 6/30/2025 to 9/30/2025 - Investments on non-accrual represent 2.7% and 1.3% of total portfolio at cost and fair value, respectively • New investment commitments (net of sell downs) of $1.3 billion and net fundings of $0.2 billion3
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16NYSE: OBDC Financial Highlights (Dollar amounts in thousands, except per share data; per share data is based on weighted average shares outstanding during the period, except as otherwise noted) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net Investment Income Per Share $0.47 $0.47 $0.41 $0.42 $0.37 Adjusted Net Investment Income Per Share1 $0.47 $0.47 $0.39 $0.40 $0.36 Net Realized and Unrealized Gains (Losses) Per Share ($0.13) ($0.08) $0.08 ($0.15) ($0.12) Adjusted Net Realized and Unrealized Gains (Losses) Per Share1 ($0.13) ($0.08) ($0.07) ($0.13) ($0.11) Net Income Per Share $0.35 $0.40 $0.49 $0.27 $0.25 Adjusted Net Income Per Share1 $0.35 $0.40 $0.32 $0.27 $0.25 Net Asset Value Per Share2 $15.28 $15.26 $15.14 $15.03 $14.89 Quarterly Regular Dividend Declared Per Share3 $0.37 $0.37 $0.37 $0.37 $0.37 Supplemental Dividend Per Share Based on Quarterly Earnings3 $0.05 $0.05 $0.01 $0.02 — Total Dividends Per Share3 $0.42 $0.42 $0.38 $0.39 $0.37 Total Net Assets $5,961,849 $5,952,841 $7,739,089 $7,682,397 $7,611,271 Total Debt4 $7,741,075 $7,457,702 $10,160,729 $9,225,817 $9,528,525 Debt to Equity at Quarter-End5 1.23x 1.19x 1.26x 1.17x 1.22x Annualized ROE on Net Investment Income6 12.3% 12.4% 10.7% 11.2% 9.9% Annualized ROE on Adjusted Net Investment Income1,6 12.3% 12.4% 10.2% 10.6% 9.5% Annualized ROE on Net Income6 9.0% 10.4% 12.9% 7.1% 6.7% Annualized ROE on Adjusted Net Income1,6 9.0% 10.4% 8.5% 7.1% 6.7% Past performance is not a guarantee of future results. See endnotes for additional information and non-GAAP disclosures.
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17NYSE: OBDC Past performance is not a guarantee of future results. See endnotes for additional information and non-GAAP disclosures. Note: Numbers may not sum due to rounding. Per share data was derived using weighted average shares outstanding for the quart er, except for NAV per share which is based on shares outstanding at the end of the period, and total dividends per share which is based on shares outstanding at the record date of the dividend. Net Asset Value Per Share Bridge Adjusted NII Per Share1: $0.36 Total Dividends: $0.39 Adjusted Net Realized & Unrealized Gain/(Loss)1: $(0.11) 1 1
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18NYSE: OBDC Portfolio Highlights - Selected Metrics Past performance is not a guarantee of future results. See endnotes for additional information and non-GAAP disclosures. As of (Dollar amounts in thousands; dollar amounts and percentages at fair value) September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Investments at Fair Value $13,447,536 $13,194,545 $17,692,006 $16,868,782 $17,136,548 Number of Portfolio Companies 219 227 236 233 238 Average Investment Size $61,404 $58,126 $74,966 $72,398 $72,002 Asset Class: First-Lien Debt Investments 75% 75% 77% 75% 74% Second-Lien Debt Investments 5% 5% 5% 6% 5% Specialty Finance Debt Investments <1% <1% <1% <1% <1% Unsecured Debt Investments 2% 2% 2% 2% 2% Preferred Equity Investments 3% 3% 3% 3% 3% Common Equity Investments 4% 5% 4% 4% 4% Specialty Finance Equity Investments 7% 7% 6% 7% 8% Joint Ventures 3% 2% 2% 2% 2% Interest Rate Type: % of Debt Investments Floating Rate 96% 96% 97% 98% 97% % of Debt Investments Fixed Rate 4% 4% 3% 2% 3% Yields: Weighted Average Total Yield of the Portfolio 1 11.0% 10.4% 10.2% 10.1% 9.8% Weighted Average Total Yield of Accruing Debt and Income Producing Securities2 11.5% 11.1% 10.7% 10.6% 10.3% Weighted Average Spread Over Applicable Base Rate of all Accruing Floating Rate Investments 6.2% 6.0% 5.9% 5.8% 5.7% Fair Value as a Percentage of Principal (Debt) 96.6% 95.8% 97.6% 96.8% 96.2%
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19NYSE: OBDC Portfolio Highlights – New Quarterly Portfolio Activity Past performance is not a guarantee of future results. See endnotes for additional information and non-GAAP disclosures. (Dollar amounts in thousands) For Three Months Ended September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Investment Activity at Par: New Investment Commitments (Net of Sell Downs) $1,151,667 $1,679,673 $1,158,874 $1,116,767 $1,338,001 New Investment Fundings $1,080,803 $1,622,739 $912,859 $906,035 $963,441 Investments Sold or Repaid ($1,114,619) ($1,579,156) ($1,078,446) ($1,906,887) ($797,122) Net Funded Investment Activity1 ($33,816) $43,583 ($165,587) ($1,000,852) $166,319 New Investment Commitments at Par2: Number of New Investment Commitments in New Portfolio Companies 23 27 12 6 13 Average New Investment Commitment Amount in New Portfolio Companies $42,251 $44,561 $43,509 $92,279 $62,419 Weighted Average Maturity for New Investment Commitments in New Portfolio Companies (in Years) 4.4 5.4 6.0 5.9 5.6 Weighted Average Interest Rate of New Debt Investment Commitments3 9.7% 9.5% 9.5% 9.7% 9.1% Weighted Average Spread Over Applicable Base Rate of New Floating Rate Investment Commitments 5.1% 5.2% 5.2% 5.4% 5.1% Asset Mix – New Investment Fundings at Par: First‐Lien Debt Investments 95% 68% 74% 65% 82% Second‐Lien Debt Investments — 1% — 23% — Specialty Finance Debt Investments 1% <1% 2% 1% 2% Unsecured Debt Investments — — 6% — <1% Preferred Equity Investments <1% <1% 5% <1% 1% Common Equity Investments — — 1% <1% 2% Specialty Finance Equity Investments 1% 13% 3% 9% 12% Joint Ventures 2% 17% 9% 1% 1%
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20NYSE: OBDC Portfolio Highlights – Internal Portfolio Ratings Internal Rating Definition 1 The borrower is performing above expectations, and the trends and risk factors for this investment since origination or acquisition are generally favorable 2 The borrower is generally performing as expected and the risk factors are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a rating of 2 3 The borrower is performing below expectations and the loan’s risk has increased somewhat since origination or acquisition 4 The borrower is performing materially below expectations and the loan’s risk has increased materially since origination or acquisition. In addition to the borrower being generally out of compliance with debt covenants, loan payments may be past due (but generally not more than 120 days past due) 5 The borrower is performing substantially below expectations and the loan’s risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 5 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered As of September 30, 2025, non-accrual investments as a percentage of the total portfolio were 2.7% and 1.3% at cost and fair value, respectively (Dollar amounts in thousands) Internal Performance Rating December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Investments at Fair Value % of Total Portfolio Investments at Fair Value % of Total Portfolio Investments at Fair Value % of Total Portfolio Investments at Fair Value % of Total Portfolio 1 $762,081 5.8% $1,095,883 6.1% $1,319,253 7.8% $1,416,089 8.3% 2 $11,142,304 84.5% $15,067,944 85.2% $14,098,562 83.6% $14,296,880 83.4% 3 $1,110,470 8.4% $1,355,945 7.7% $1,310,589 7.8% $1,180,467 6.9% 4 $162,207 1.2% $157,102 0.9% $40,883 0.2% $143,238 0.8% 5 $17,483 0.1% $15,132 0.1% $99,495 0.6% $99,874 0.6% Total $13,194,545 100.0% $17,692,006 100.0% $16,868,782 100.0% $17,136,548 100.0%
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21 Endnotes Note: Figures are as of the quarter-ended 9/30/2025 at fair value unless otherwise noted. Past performance is not a guarantee of future results. Page 2: Blue Owl Capital Corporation (NYSE: OBDC) 1. Average of the annual net realized gain/loss rates since inception (where the annual net realized gain/loss rate is calculated as the total net realized gains/losses for a particular year divided by the average quarterly investments at amortized cost in such year). 2. Fair value. 3. Weighted average total yield of debt and income producing securities at fair value. For non-stated rate income producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divided by (b) the ending fair value. In instances where historical dividend or interest income data is not available or not representative for the trailing twelve months ended, the dividend or interest income is annualized. 4. Based on principal value of debt outstanding net of cash. 5. Annualized quarterly adjusted net investment income or net income per share divided by beginning period net asset value per share. 6. Please see non-GAAP disclosures on page 23 and 24 for reconciliations. 7. Dividend yield based on annualized Q3 2025 regular dividend of $0.37 per share payable to shareholders of record as of 9/30/2025 and Q3 2025 net asset value per share of $14.89. 8. Source: Bloomberg as of 10/31/2025. Based on market capitalization. 9. A security rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. For complete ratings definitions please visit www.moodys.com, www.standardandpoors.com, www.fitchratings.com and www.krollbondratings.com. Page 4: Blue Owl Manages a Market Leading Credit Business 1. Includes Strategic Equity and Healthcare Opportunities. Page 9: Scaled and Senior Secured Focused Portfolio 1. Fair value. 2. Borrower financials are derived from the most recently available portfolio company financial statements, typically a quarter in arrears, have not been independently verified by Blue Owl, and may reflect a normalized or adjusted amount. Accordingly, Blue Owl makes no representation or warranty in respect of this information. This represents 94.4% of our total debt portfolio based on fair value as of 9/30/2025 (and 94.3% of our total debt portfolio based on fair value as of 6/30/2025) and excludes certain investments that fall outside of our typical borrower profile. 3. Fair value. Excludes joint ventures (Blue Owl Credit SLF LLC and Blue Owl Cross-Strategy Opportunities LLC) and equity investments in Wingspire, Amergin AssetCo, LSI and Fifth Season. Page 10: Well-Diversified Portfolio with High-Quality Borrowers 1. “Net LTV” represents the net ratio of “loan to value” for each portfolio company, weighted based on the fair value of OBDC’s loan investment. The “attachment point” is the principal amount of debt that is senior to OBDC’s loan investment, and that amount plus the principal amount of the loan in which OBDC invested and other equally ranked debt is the “last dollar” amount. “Value” represents an estimate of enterprise value of each portfolio company, a calculation that will vary by portfolio company. Page 11: Diverse and Flexible Capital Structure 1. Par value. 2. Based on principal value of debt outstanding net of cash. 3. The amount available reflects limitations related to each credit facility’s borrowing base. 4. A security rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. For complete ratings definitions please visit www.moodys.com, www.standardandpoors.com, www.fitchratings.com and www.krollbondratings.com. Page 12: Attractive Total Returns 1. Average of the annual net realized gain/loss rates since inception (where the annual net realized gain/loss rate is calculated as the total net realized gains/losses for a particular year divided by the average quarterly investments at amortized cost in such year). 2. Total return since inception is calculated as the change in quarterly net asset value per share plus total dividends per share divided by net asset value per share at inception. Page 13: OBDC is Well-Positioned to Deliver for Investors 1. Average of the annual net realized gain/loss rates since inception (where the annual net realized gain/loss rate is calculated as the total net realized gains/losses for a particular year divided by the average quarterly investments at amortized cost in such year). 2. Total return since inception is calculated as the change in quarterly net asset value per share plus total dividends per share divided by net asset value per share at inception. Page 15: Review of Q3 2025 1. Please see non-GAAP disclosures on page 23 and 24 for reconciliations. 2. Annualized quarterly net investment income or net income per share divided by beginning period net asset value per share. 3. Net funded investment activity excludes net drawdown (repayments) on revolvers and delayed draw term loans. 4. The amount available reflects limitations related to each credit facility’s borrowing base. 5. Based on principal value of debt outstanding net of cash. 6. Dividend yield based on OBDC’s annualized Q3 2025 regular dividend of $0.37 per share payable to shareholders of record as of September 30, 2025, and Q3 2025 NAV per share of $14.89.
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22 Endnotes Page 16: Financial Highlights 1. Please see non-GAAP disclosures on page 23 and 24 for reconciliations. 2. Based on period end shares. 3. Dividend amount based on shares outstanding as of record date. 4. Net of debt issuance costs. 5. Based on principal value of debt outstanding net of cash. 6. Annualized quarterly net investment income or net income per share divided by beginning period net asset value per share. Page 17: Net Asset Value Per Share Bridge 1. Please see non-GAAP disclosures on page 23 and 24 for reconciliations. Page 18: Portfolio Highlights – Selected Metrics 1. Weighted average total yield of the portfolio at fair value. Calculated based on the interest rate and the accretion of OID. OID represents OID earned on the investment by a Blue Owl BDC. Separately, a Blue Owl adviser may engage in certain origination activities and receive attendant arrangement, structuring or similar fees. As such OID could have been higher had the Blue Owl Advisers not collected this fee. 2. Weighted average total yield of debt and income producing securities at fair value. For non-stated rate income producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divided by (b) the ending fair value. In instances where historical dividend or interest income data is not available or not representative for the trailing twelve months ended, the dividend or interest income is annualized. Page 19: Portfolio Highlights – New Quarterly Portfolio Activity 1. Net funded investment activity excludes net drawdown (repayments) on revolvers and delayed draw term loans. 2. Excludes investments made through a joint venture in which OBDC is invested. 3. Assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR as of the applicable reporting date.
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23 On a supplemental basis, the Company is disclosing certain adjusted financial measures, each of which is calculated and presented on a basis of methodology other than in accordance with GAAP (“non-GAAP”). 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. 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. • “Adjusted Total Investment Income” and “Adjusted Total Investment Income Per Share”: represents total investment income excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the Merger. • “Adjusted Net Investment Income” and “Adjusted Net Investment Income Per Share”: represents net investment income, excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the Merger. • “Adjusted Net Realized and Unrealized Gains (Losses)” and “Adjusted Net Realized and Unrealized Gains (Losses) Per Share”: represents net realized and unrealized gains (losses) excluding any net realized and unrealized gains (losses) resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the Merger. • “Adjusted Net Increase (Decrease) in Net Assets Resulting from Operations” and “Adjusted Net Increase (Decrease) in Net Assets Resulting from Operations Per Share”: represents the sum of (i) Adjusted Net Investment Income and (ii) Adjusted Net Realized and Unrealized Gains (Losses). The Merger was accounted for as an asset acquisition in accordance with the asset acquisition method of accounting as detailed in ASC 805-50, Business Combinations—Related Issues (“ASC 805”). The consideration paid to the stockholders of OBDE was allocated to the individual assets acquired and liabilities assumed based on the relative fair values of the net identifiable assets acquired other than “non-qualifying” assets, which established a new cost basis for the acquired investments under ASC 805 that, in aggregate, was different than the historical cost basis of the acquired investments prior to the Merger. Additionally, immediately following the completion of the Merger, the acquired investments were marked to their respective fair values under ASC 820, Fair Value Measurements, which resulted in unrealized appreciation/depreciation. The new cost basis established by ASC 805 on debt investments acquired will accrete/amortize over the life of each respective debt investment through interest income, with a corresponding adjustment recorded to unrealized appreciation/depreciation on such investment acquired through its ultimate disposition. The new cost basis established by ASC 805 on equity investments acquired will not accrete/amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, the Company will recognize a realized gain/loss with a corresponding reversal of the unrealized appreciation/depreciation on disposition of such equity investments acquired.The Company’s management uses the non-GAAP financial measures described above internally to analyze and evaluate financial results and performance and to compare its financial results with those of other business development companies that have not adjusted the cost basis of certain investments pursuant to ASC 805. The Company’s management believes “Adjusted Total Investment Income”, “Adjusted Total Investment Income Per Share”, “Adjusted Net Investment Income” and “Adjusted Net Investment Income Per Share” are useful to investors as an additional tool to evaluate ongoing results and trends for the Company without giving effect to the income resulting from the new cost basis of the investments acquired in the Merger because these amounts do not impact the fees payable to Blue Owl Credit Advisors LLC (the “Adviser”) under the fourth amended and restated investment advisory agreement (the “Investment Advisory Agreement”) between the Company and the Adviser, and specifically as its relates to “Adjusted Net Investment Income” and “Adjusted Net Investment Income Per Share”. In addition, the Company’s management believes that “Adjusted Net Realized and Unrealized Gains (Losses)”, “Adjusted Net Realized and Unrealized Gains (Losses) Per Share”, “Adjusted Net Increase (Decrease) in Net Assets Resulting from Operations” and “Adjusted Net Increase (Decrease) in Net Assets Resulting from Operations Per Share” are useful to investors as they exclude the non-cash income and gain/loss resulting from the Merger and are used by management to evaluate the economic earnings of its investment portfolio. Moreover, these metrics more closely align the Company’s key financial measures with the calculation of incentive fees payable to the Adviser under the Investment Advisory Agreement (i.e., excluding amounts resulting solely from the lower cost basis of the acquired investments established by ASC 805 that would have been to the benefit of the Adviser absent such exclusion). Non-GAAP Disclosures
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24 Non-GAAP Reconciliation Tables The following table provides a reconciliation of total investment income (the most comparable U.S. GAAP measure) to adjusted total investment income for the periods presented: The following table provides a reconciliation of net investment income (the most comparable U.S. GAAP measure) to adjusted net i nvestment income for the periods presented: The following table provides a reconciliation of net realized and unrealized gains (losses) (the most comparable U.S. GAAP measure) to adjusted net realized and unrealized gains (losses) for the periods presented: The following table provides a reconciliation of net increase (decrease) in net assets resulting from operations (the most comparable U.S. GAAP measure, or net income) to adjusted net increase (decrease) in net assets resulting from operations (or adjusted net income) for the periods presented: For the Three Months Ended ($ in millions, except per share amounts) September 30, 2025 June 30, 2025 September 30, 2024 Amount Per Share Amount Per Share Amount Per Share Total investment income $453 $0.89 $486 $0.95 $406 $1.04 Less: Purchase discount amortization ($7) ($0.01) ($11) ($0.02) — — Adjusted, non-GAAP, total investment income $446 $0.87 $475 $0.93 $406 $1.04 For the Three Months Ended ($ in millions, except per share amounts) September 30, 2025 June 30, 2025 September 30, 2024 Amount Per Share Amount Per Share Amount Per Share Net realized and unrealized gains (losses) ($62) ($0.12) ($79) ($0.15) ($50) ($0.13) Net change in unrealized (appreciation) depreciation due to the purchase discount $7 $0.01 $11 $0.02 — — Realized (gain) loss due to purchase discount ($0) ($0.00) ($0) ($0.00) — — Adjusted, non-GAAP, net realized and unrealized gains (losses) ($55) ($0.11) ($68) ($0.13) ($50) ($0.13) For the Three Months Ended ($ in millions, except per share amounts) September 30, 2025 June 30, 2025 September 30, 2024 Amount Per Share Amount Per Share Amount Per Share Net income $128 $0.25 $138 $0.27 $135 $0.35 Less: Purchase discount amortization ($7) ($0.01) ($11) ($0.02) — — Net change in unrealized (appreciation) depreciation due to the purchase discount $7 $0.01 $11 $0.02 — — Realized (gain) loss due to the purchase discount ($0) ($0.00) ($0) ($0.00) — — Adjusted, non-GAAP, net income $128 $0.25 $138 $0.27 $135 $0.35 For the Three Months Ended ($ in millions, except per share amounts) September 30, 2025 June 30, 2025 September 30, 2024 Amount Per Share Amount Per Share Amount Per Share Net investment income $190 $0.37 $217 $0.42 $185 $0.47 Less: Purchase discount amortization ($7) ($0.01) ($11) ($0.02) — — Adjusted, non-GAAP, net investment income $183 $0.36 $206 $0.40 $185 $0.47 Note: Numbers may not sum due to rounding.
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25 Forward-Looking Statements Certain statements made in this presentation are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 because they relate to future events, future performance or financial condition of Blue Owl Capital Corporation (NYSE: OBDC). When used in this presentation, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “would,” “should,” “future,” “propose,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside OBDC’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Any such forward-looking statements are made pursuant to the safe harbor provisions available under applicable securities laws and speak only as of the date of this presentation. OBDC assumes no obligation to update or revise any such forward-looking statements except as required by law. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with (i) the expected synergies and savings associated with the merger; (ii) the ability to realize the anticipated benefits of the merger, including the expected accretion to net investment income and the elimination or reduction of certain expenses and costs due to the merger; (iv) changes in the economy, financial markets and political environment; (v) the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing war between Russia and Ukraine and the escalated conflict in the Middle-East, including the Israel-Hamas conflict, and general uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China, on financial market volatility, global economic markets, and various markets for commodities globally such as oil and natural gas; (vi) future changes in law or regulations; (vii) conditions to OBDC’s operating areas, particularly with respect to business development companies or regulated investment companies; (viii) an economic downturn, elevated interest and inflation rates, ongoing supply chain and labor market disruptions, including those as a result of strikes, work stoppages or accidents, instability in the U.S. and international banking systems, and the risk of recession or a shutdown of government services could impact business prospects of OBDC and its portfolio companies; (ix) the ability of Blue Owl Credit Advisors LLC to locate suitable investments for OBDC and to monitor and administer its investments; (xi) the ability of Blue Owl Credit Advisors LLC to attract and retain highly talented professionals; and (xii) other considerations that may be disclosed from time to time in OBDC’s publicly disseminated documents and filings with the Securities and Exchange Commission (“SEC”). The information contained in this presentation is summary information that is intended to be considered in the context of OBDC’s filings with the SEC and other public announcements that OBDC may make, by press release or otherwise, from time to time. OBDC also use its website to distribute company information, including performance information, and such information may be deemed material. Accordingly, investors should monitor OBDC’s website (www.blueowlcapitalcorporation.com). OBDC undertakes no duty or obligation to publicly update or revise the forward-looking statements or other information contained in this presentation. These materials contain information about OBDC and its affiliates and certain of its personnel and affiliates, information about its historical performance and general information about the market. You should not view information related to the past performance of OBDC or information about the market, as indicative of future results, the achievement of which cannot be assured. Industry and Market Data This presentation may contain information obtained from third parties. Such information has not been independently verified and, accordingly, OBDC makes no representation or warranty in respect of this information. Reproduction and distribution of third party content in any form is prohibited except with the prior written permission of the related third party. Third party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. THIRD PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. THIRD PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES, OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF THEIR CONTENT, INCLUDING RATINGS. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes and should not be relied on as investment advice. Disclosures
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26 Past performance is not a guide to future results and is not indicative of expected realized returns. The information contained in this presentation should be viewed in conjunction with the Company’s most recently-filed Quarterly Report on Form 10-Q or Annual Report on Form 10-K. The information contained herein may not be used, reproduced or distributed to others, in whole or in part, for any other purpose without the prior written consent of the Company. This presentation contains proprietary information regarding Blue Owl Capital Inc. ("Blue Owl"), its affiliates and investment program, funds sponsored by Blue Owl, including the Credit Funds, the Real Assets and the GP Strategic Capital Funds (collectively the "Blue Owl Funds") as well as investment held by the Blue Owl Funds. This presentation and the information contained in this presentation may not be reproduced or distributed to persons other than the recipient or its advisors. This investor presentation may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. These statements represent the Company’s belief regarding certain future events that, by their nature, are uncertain and outside of the Company’s control. Any forward-looking statement made by us in this presentation speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ, possibly materially from our expectations, include, but are not limited to, the risks, uncertainties and other factors we identify in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in filings we make with the Securities and Exchange Commission, and it is not possible for us to predict or identify all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The views expressed and, except as otherwise indicated, the information provided are as of the Report Date and are subject to change, update, revision, verification, and amendment, materially or otherwise, without notice, as market or other conditions change. Since these conditions can change frequently, there can be no assurance that the trends described herein will continue or that any forecasts are accurate. This presentation contains information from third party sources which Blue Owl has not verified. No representation or warranty, express or implied, is given by or on behalf of the Blue Owl Entities as to the accuracy, fairness, correctness or completeness of the information or opinions contained in this presentation and no liability whatsoever (in negligence or otherwise) is accepted by the Blue Owl Entities for any loss howsoever arising, directly or indirectly, from any use of this presentation or its contents, or otherwise arising in connection therewith. Performance Information: Where performance returns have been included in this presentation, Blue Owl has included herein important information relating to the calculation of these returns as well as other pertinent performance related definitions. All investments are subject to risk, including the loss of the principal amount invested. These risks may include limited operating history, uncertain distributions, inconsistent valuation of the portfolio, changing interest rates, leveraging of assets, reliance on the investment advisor, potential conflicts of interest, payment of substantial fees to the investment advisor and the dealer manager, potential illiquidity, and liquidation at more or less than the original amount invested. Diversification will not guarantee profitability or protection against loss. Performance may be volatile, and the NAV may fluctuate. This material is for informational purposes only and is not an offer or a solicitation to sell or subscribe for any fund and does not constitute investment, legal, regulatory, business, tax, financial, accounting, or other advice or a recommendation regarding any securities of Blue Owl, of any fund or vehicle managed by Blue Owl, or of any other issuer of securities. Only a definitive offering document (i.e.: Prospectus or Private Placement Memorandum) can make such an offer. Neither the Securities and Exchange Commission, the Attorney General of the State of New York nor any state securities commission has approved or disapproved of these securities or determined if the Prospectus or Private Placement Memorandum is truthful or complete. Any representation to the contrary is a criminal offense. Within the United States and Canada, securities are offered through Blue Owl Securities LLC, member of FINRA/SIPC, as Dealer Manager. Copyright© Blue Owl Capital Inc. 2025. All rights reserved. This investor presentation is proprietary and may not be reproduced, transferred, or distributed in any form without prior written permission from Blue Owl. It is delivered on an “as is” basis without warranty or liability by accepting the information, you agree to abide by all applicable copyright and other laws, as well as any additional copyright notices or restrictions contained in the information. Disclaimer
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