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1 Proprietary and Confidential Blue Owl Capital Corporation Quarterly Earnings Presentation NYSE: OBDC September 30, 2025
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Past performance is not a guarantee of future results. 2 NYSE: OBDC 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 Review of Q3 2025 • 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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Past performance is not a guarantee of future results. 3 NYSE: OBDC Publicly traded specialty financing company focused on lending to upper middle-market companies Top 3 Public Market Player7 Well-Positioned in Current Environment Market Cap7 Annualized Current Dividend Yield6 Leverage5 Liquidity4 Credit Ratings Profile8 4 Investment Grade Ratings Portfolio Size9 Portfolio Companies Portfolio Company EBITDA10 Debt Portfolio Yield11 Annual Net Loss Rate Since Inception12 1.22x Debt-to-Equity $17.1bn 238 9.9% Disciplined Investment Strategy & Underwriting Process 80% senior secured, 74% first lien investments, 97% floating rate debt investments9 27 bps $3.2bn Cash & Undrawn Debt Capacity $6.7bn 10.3%$229mm Overview of Blue Owl Capital Corporation (NYSE: OBDC)
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Past performance is not a guarantee of future results. 4 NYSE: OBDC (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 Share13 $15.28 $15.26 $15.14 $15.03 $14.89 Quarterly Regular Dividend Declared Per Share14 $0.37 $0.37 $0.37 $0.37 $0.37 Supplemental Dividend Per Share Based on Quarterly Earnings14 $0.05 $0.05 $0.01 $0.02 — Total Dividends Per Share14 $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 Debt15 $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 Income2 12.3% 12.4% 10.7% 11.2% 9.9% Annualized ROE on Adjusted Net Investment Income1,2 12.3% 12.4% 10.2% 10.6% 9.5% Annualized ROE on Net Income2 9.0% 10.4% 12.9% 7.1% 6.7% Annualized ROE on Adjusted Net Income1,2 9.0% 10.4% 8.5% 7.1% 6.7% Financial Highlights
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Past performance is not a guarantee of future results. 5 NYSE: OBDC Portfolio Highlights - Selected Metrics 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% 4% 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 Portfolio16 11.0% 10.4% 10.2% 10.1% 9.8% Weighted Average Total Yield of Accruing Debt and Income Producing Securities11 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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Past performance is not a guarantee of future results. 6 NYSE: OBDC (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 Activity3 ($33,816) $43,583 ($165,587) ($1,000,852) $166,319 New Investment Commitments at Par17: 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 5.3 6.0 5.9 5.6 Weighted Average Interest Rate of New Debt Investment Commitments18 9.7% 9.5% 9.5% 9.7% 9.0% Weighted Average Spread Over Applicable Base Rate of New Floating Rate Investment Commitments 5.1% 5.2% 5.2% 5.4% 5.0% Asset Mix – New Investment Fundings at Par: F i r s t - L i e n D e b t I n v e s t m e n t s 95% 68% 74% 65% 82% S e c o n d - L i e n D e b t I n v e s t m e n t s — 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% Portfolio Highlights – New Quarterly Portfolio Activity
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Past performance is not a guarantee of future results. 7 NYSE: OBDC 74% 5% 1%2% 3% 4% 8% 2% First-Lien Debt Investments Second-Lien Debt Investments Specialty Finance Debt Investments Unsecured Debt Investments Preferred Equity Investments Common Equity Investments Specialty Finance Equity Investments Joint Ventures Weighted Average Borrower Statistics10: $17.1bn Portfolio Size9 30 Portfolio Industries 80% Senior Secured 238 Portfolio Companies 10.3% Debt Portfolio Yield11 $229mm Portfolio Company EBITDA10 Overall Q2'25 Q3'25 Revenue $997mm $1,024mm EBITDA $222mm $229mm Net LTV19 42% 42% Interest Coverage 1.8x 1.9x Portfolio Highlights - Asset Mix
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Past performance is not a guarantee of future results. 8 NYSE: OBDC Borrower Diversification Industry Diversification 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% Top 10 positions represent 22% of the portfolio at fair value Portfolio Highlights - Diversification 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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Past performance is not a guarantee of future results. 9 NYSE: OBDC As of (Dollar amounts in thousands, except per share data; per share data is based period end shares) September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Assets Investments at Fair Value $13,447,536 $13,194,545 $17,692,006 $16,868,782 $17,136,548 Cash (Including Restricted Cash and Foreign Cash) $481,315 $514,156 $514,212 $360,189 $321,299 Interest and Dividend Receivable $121,082 $105,881 $121,568 $112,742 $105,395 Receivable from a Controlled Affiliate $24,244 $16,970 $19,702 $26,230 $25,165 Prepaid Expenses and Other Assets $16,603 $34,012 $28,193 $30,533 $16,684 Total Assets $14,090,780 $13,865,564 $18,375,681 $17,398,476 $17,605,091 Liabilities Total Debt15 $7,741,075 $7,457,702 $10,160,729 $9,225,817 $9,528,525 Management Fee Payable $49,264 $49,058 $64,225 $64,587 $62,098 Incentive Fee Payable $39,224 $39,082 $42,067 $43,649 $38,822 Distribution Payable $144,380 $144,381 $189,088 $189,088 $189,088 Payables to Affiliates $10,719 $6,083 $10,349 $10,066 $12,842 Payable for Investments Purchased — — — $802 $9,997 Accrued Expenses and Other Liabilities $144,269 $216,417 $170,134 $182,070 $152,448 Total Liabilities $8,128,931 $7,912,723 $10,636,592 $9,716,079 $9,993,820 Total Net Assets $5,961,849 $5,952,841 $7,739,089 $7,682,397 $7,611,271 Total Liabilities and Net Assets $14,090,780 $13,865,564 $18,375,681 $17,398,476 $17,605,091 Net Asset Value Per Share $15.28 $15.26 $15.14 $15.03 $14.89 Debt to Equity at Quarter-End5 1.23x 1.19x 1.26x 1.17x 1.22x Quarterly Statements of Financial Condition
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Past performance is not a guarantee of future results. 10 NYSE: OBDC (Dollar and share amounts in thousands) For the Three Months Ended September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Investment Income Interest From Investments – Interest and Dividend Income20 $394,214 $370,921 $450,781 $448,402 $437,883 Interest From Investments – Income Associated with Unscheduled Paydowns21 $6,297 $17,497 $8,216 $32,106 $11,120 Total Interest From Investments $400,512 $388,418 $458,997 $480,508 $449,003 Other Income22 $5,517 $5,974 $5,649 $5,335 $4,062 Total Investment Income $406,029 $394,392 $464,646 $485,843 $453,065 Adjusted Total Investment Income1 $406,029 $394,392 $456,816 $474,907 $446,307 Expenses Interest Expense $121,273 $115,388 $148,532 $151,571 $151,019 Management Fees $49,264 $49,058 $62,158 $64,586 $62,096 Performance Based Incentive Fees $39,224 $39,082 $41,029 $43,649 $38,822 Other Operating Expenses $7,797 $6,181 $7,879 $7,043 $7,952 Total Expenses $217,558 $209,709 $259,598 $266,849 $259,889 Net Investment Income before Taxes $188,471 $184,683 $205,048 $218,994 $193,176 Income Tax Expense (Benefit), Including Excise Taxes $3,559 $437 $3,746 $2,286 $3,092 Net Investment Income $184,912 $184,246 $201,302 $216,708 $190,084 Adjusted Net Investment Income1 $184,912 $184,246 $193,472 $205,772 $183,326 Net Realized and Change in Unrealized Gain (Loss) ($49,554) ($29,361) $41,333 ($79,202) ($61,903) Adjusted Net Realized and Change in Unrealized Gain (Loss)1 ($49,554) ($29,361) ($33,758) ($68,266) ($55,145) Net Income $135,358 $154,885 $242,635 $137,506 $128,181 Adjusted Net Income1 $135,358 $154,885 $159,713 $137,506 $128,181 Weighted Average Shares Outstanding for the Period 390,217 390,217 494,826 511,048 511,048 Shares Outstanding at End of Period 390,217 390,217 511,048 511,048 511,048 Quarterly Operating Results Detail
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Past performance is not a guarantee of future results. 11 NYSE: OBDC $15.03 $0.37 $(0.01) $(0.02) $(0.37) $(0.12) $0.01 $14.89 Q2'25 NAV Per Share Q3'25 Net Investment Income Per Share Q3'25 Reversal of Amortization of Purchase Discount Per Share Q2'25 Supplemental Dividend Per Share (Paid in Q3'25) Q3'25 Regular Dividend Per Share Q3'25 Realized & Change in Unrealized Gain (Loss) and Other Per Share Q3'25 Reversal of Realized & Unrealized Gain (Loss) Resulting from Purchase Discount Per Share Q3'25 NAV Per Share Adjusted NII Per Share1: $0.36 Note: Numbers may not sum due to rounding. Per share data was derived using weighted average shares outstanding for the quarter, 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. Total Dividends: $0.39 Adjusted Net Realized & Unrealized Gain/(Loss)1: $(0.11) 1 1 Net Asset Value Per Share Bridge
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Past performance is not a guarantee of future results. 12 NYSE: OBDC 11.5% 11.1% 10.7% 10.6% 10.3% 6.2% 6.0% 5.9% 5.8% 5.7%5.8% 5.8% 5.6% 5.5% 5.8% 4.6% 4.3% 4.3% 4.3% 4.0% Weighted Average Total Yield of Accruing Debt and Income Producing Securities Weighted Average Spread Over Applicable Base Rate of all Accruing Floating Rate Investments Average Stated Interest Rate on Debt Outstanding 3 Month Secured Overnight Financing Rate (SOFR) Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 2% 4% 6% 8% 10% 12% 14% 11 9 Portfolio Highlights - Net Interest Margin 23
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Past performance is not a guarantee of future results. 13 NYSE: OBDC 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% Portfolio Highlights - Internal Ratings
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Past performance is not a guarantee of future results. 14 NYSE: OBDC Principal Amount Committed Principal Amount Outstanding Interest Rate Maturity Date Secured Revolver $3,900 million $1,222 million SOFR + 153 - 20025 11/22/202926 SPV Asset Facility II $300 million $162 million SOFR + 195 4/17/2036 SPV Asset Facility V $525 million $394 million SOFR + 190 3/15/2030 SPV Asset Facility VI $500 million $300 million SOFR + 170 12/2/2029 SPV Asset Facility VII $300 million $210 million SOFR + 224 3/20/2029 CLO I $390 million $390 million SOFR + 27927 2/20/2036 CLO III $260 million $260 million SOFR + 19127 4/20/2036 CLO IV $293 million $293 million SOFR + 16427 8/20/2033 CLO V $510 million $510 million SOFR + 19327 4/20/2034 CLO VII $331 million $331 million SOFR + 14527 4/20/2038 CLO X $272 million $272 million SOFR + 14427 7/20/2037 CLO XIV $260 million $260 million SOFR + 25027 10/20/2035 2026 Notes $500 million $500 million Fixed Coupon: 4.25% 1/15/2026 July 2026 Notes $1,000 million $1,000 million Fixed Coupon: 3.40% 7/15/2026 2027 Notes $500 million $500 million Fixed Coupon: 2.625% Interest Rate Swap: SOFR + 17728 1/15/2027 April 2027 Notes $325 million $325 million Fixed Coupon: 3.125% 4/13/2027 July 2027 Notes $250 million $250 million Fixed Coupon: 7.58% 7/21/2027 2028 Notes $850 million $850 million Fixed Coupon: 2.875% 6/11/2028 June 2028 Notes $100 million $100 million Fixed Coupon: 8.10% 6/29/2028 2029 Notes $1,000 million $1,000 million Fixed Coupon: 5.95% Interest Rate Swap: SOFR + 21229 3/15/2029 2030 Notes $500 million $500 million Fixed Coupon: 6.20% Interest rate swap: SOFR + 23930 7/15/2030 Total Debt 24 $12,865 million $9,627 million 52% Unsecured Borrowings (based on outstanding debt) $3.2bn Available Liquidity4 4.6 Years Weighted Average Debt Maturity (based on committed debt) 4 Investment Grade Ratings8 $2.9bn Undrawn Debt Capacity4 Funding Sources Debt Maturities24 ($mm) Based on Committed Debt Diverse Financing Profile $50 $1,500 $1,075 $950 $1,800 $3,640 $0 $1,500 $1,125 $950 $5,650 $3,640 Revolver Other 2025 2026 2027 2028 2029 2030 & Beyond
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Past performance is not a guarantee of future results. 15 NYSE: OBDC Supplemental Dividend Framework: 50% of quarterly adjusted net investment income in excess of regular quarterly dividend, rounded to the nearest penny Dividends & Dividend Yield Based on NAV per Share31 Historic Dividend Yield $0.31 $0.33 $0.33 $0.33 $0.33 $0.35 $0.37 $0.37 $0.37 $0.37 $0.37 $0.37 $0.37 $0.03 $0.04 $0.06 $0.07 $0.08 $0.08 $0.05 $0.06 $0.05 $0.05 $0.01 $0.02 8.4% 8.8% 8.7% 8.7% 8.6% 9.1% 9.6% 9.6% 9.7% 9.7% 9.8% 9.8% 9.9%9.2% 9.9% 10.3% 10.5% 10.7% 11.2% 10.9% 11.2% 11.0% 11.0% 10.0% 10.4% 9.9% Regular Dividend Supplemental DividendRegular Dividend YieldTotal Dividend Yield Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25
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Past performance is not a guarantee of future results. 16 NYSE: OBDC Date Declared Record Date Payment Date Dividend Type Dividend Per Share 6/4/2019 6/14/2019 8/15/2019 Q2'19 Regular Dividend $0.44 5/28/2019 9/30/2019 11/15/2019 Q3'19 Regular Dividend $0.31 5/28/2019 9/30/2019 11/15/2019 Q3'19 Special Dividend $0.02 10/30/2019 12/31/2019 1/31/2020 Q4'19 Regular Dividend $0.31 5/28/2019 12/31/2019 1/31/2020 Q4'19 Special Dividend $0.04 2/19/2020 3/31/2020 5/15/2020 Q1'20 Regular Dividend $0.31 5/28/2019 3/31/2020 5/15/2020 Q1'20 Special Dividend $0.08 5/5/2020 6/30/2020 8/14/2020 Q2'20 Regular Dividend $0.31 5/28/2019 6/30/2020 8/14/2020 Q2'20 Special Dividend $0.08 8/4/2020 9/30/2020 11/13/2020 Q3'20 Regular Dividend $0.31 5/28/2019 9/30/2020 11/13/2020 Q3'20 Special Dividend $0.08 11/3/2020 12/31/2020 1/19/2021 Q4'20 Regular Dividend $0.31 5/28/2019 12/31/2020 1/19/2021 Q4'20 Special Dividend $0.08 2/23/2021 3/31/2021 5/14/2021 Q1’21 Regular Dividend $0.31 5/5/2021 6/30/2021 8/13/2021 Q2’21 Regular Dividend $0.31 8/3/2021 9/30/2021 11/15/2021 Q3’21 Regular Dividend $0.31 11/5/2021 12/31/2021 1/31/2022 Q4’21 Regular Dividend $0.31 2/23/2022 3/31/2022 5/13/2022 Q1’22 Regular Dividend $0.31 5/3/2022 6/30/2022 8/15/2022 Q2’22 Regular Dividend $0.31 8/2/2022 9/30/2022 11/15/2022 Q3’22 Regular Dividend $0.31 11//2022 11/30/2022 12/15/2022 Q3’22 Supplemental Dividend $0.03 Date Declared Record Date Payment Date Dividend Type Dividend Per Share 11/1/2022 12/30/2022 1/13/2023 Q4’22 Regular Dividend $0.33 2/21/2023 3/3/2023 3/17/2023 Q4’22 Supplemental Dividend $0.04 2/21/2023 3/31/2023 4/14/2023 Q1’23 Regular Dividend $0.33 5/9/2023 5/31/2023 6/15/2023 Q1’23 Supplemental Dividend $0.06 5/9/2023 6/30/2023 7/14/2023 Q2’23 Regular Dividend $0.33 8/8/2023 8/31/2023 9/15/2023 Q2’23 Supplemental Dividend $0.07 8/8/2023 9/29/2023 10/13/2023 Q3’23 Regular Dividend $0.33 11/7/2023 11/30/2023 12/15/2023 Q3’23 Supplemental Dividend $0.08 11/7/2023 11/29/2023 1/12/2024 Q4’23 Regular Dividend $0.35 2/21/2024 3/1/2024 3/15/2024 Q4’23 Supplemental Dividend $0.08 2/21/2024 3/29/2024 4/15/2024 Q1’24 Regular Dividend $0.37 5/7/2024 5/31/2024 6/14/2024 Q1’24 Supplemental Dividend $0.05 5/7/2024 6/28/2024 7/15/2024 Q2’24 Regular Dividend $0.37 8/6/2024 8/30/2024 9/13/2024 Q2’24 Supplemental Dividend $0.06 8/6/2024 9/30/2024 10/15/2024 Q3’24 Regular Dividend $0.37 11/5/2024 11/29/2024 12/13/2024 Q3’24 Supplemental Dividend $0.05 11/5/2024 12/31/2024 1/15/2025 Q4’24 Regular Dividend $0.37 2/18/2025 2/28/2025 3/17/2025 Q4’24 Supplemental Dividend $0.05 2/18/2025 3/31/2025 4/15/2025 Q1’25 Regular Dividend $0.37 5/6/2025 5/30/2025 6/13/2025 Q1’25 Supplemental Dividend $0.01 5/6/2025 6/30/2025 7/15/2025 Q2’25 Regular Dividend $0.37 8/5/2025 8/29/2025 9/15/2025 Q2’25 Supplemental Dividend $0.02 8/5/2025 9/30/2025 10/15/2025 Q3'25 Regular Dividend $0.37 11/4/2025 12/31/2025 1/15/2026 Q4'25 Regular Dividend $0.37 Historic Dividends Declared
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NYSE: OBDC 17 Note: Figures are as of the quarter-ended 9/30/2025 unless otherwise noted. Past performance is not a guarantee of future results. 1. Please see non-GAAP disclosures on pages 19 and 20 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 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. 7. Source: Bloomberg as of 10/31/2025. Based on market capitalization. 8. 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.standardandpoors.com, www.fitchratings.com, www.moodys.com, and www.krollbondratings.com. 9. Fair value. 10. 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. 11. 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. 12. 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). 13. Based on period end shares. 14. Based on shares outstanding as of record date. 15. Net of debt issuance costs. 16. 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. 17. Excludes investments made through a joint venture in which OBDC is invested. 18. 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. 19. “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. 20. Interest from Investments – Interest and Dividend Income includes accrued interest and dividend income, amortization of purchase discounts (premiums) and certain fees, and accelerated amortization of upfront fees from scheduled principal payments. 21. Interest from Investments – Income Associated with Unscheduled Paydowns includes prepayment fees and accelerated amortization of upfront fees from unscheduled paydowns. 22. Other Income includes amendment fees, syndication fees, loan origination and structuring fees, and other income. 23. Interest rate on debt outstanding includes the swap-adjusted interest expense related to our unsecured notes where applicable. Average interest rate on debt outstanding excludes net change in unrealized gain (loss) on effective interest rate swaps and hedged items. 24. Par value. 25. Amounts drawn under the Revolving Credit Facility with respect to the commitments maturing on November 22, 2029 will bear interest at the relevant rate (including any applicable credit adjustment spread) plus margin of either 1.775% per annum or, (x) if the gross borrowing base is greater than or equal to the product of 1.60 and the combined debt amount but less than the product of 2.00 and the combined debt amount, 1.650% per annum or (y) if the gross borrowing base is greater than or equal to the product of 2.00 and the combined debt amount, 1.525% per annum. 26. The Revolving Credit Facility will mature on 8/26/2027 with respect to $50 million of commitments and on 11/22/2029 with respect to the remaining commitments. Endnotes
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NYSE: OBDC 18 Endnotes (Cont'd.) 27. Interest rates represent the weighted average spread over 3-month or 6-month SOFR for the various floating rate tranches of issued notes within each CLO, excluding tranches retained by the company in each respective CLO. The weighted average interest rate for each CLO excludes tranches with a fixed interest rate. 28. In connection with the note offering, OBDC entered into an interest rate swap to continue to align the interest rates of our liabilities with our investment portfolio, which consists of p r e d o m i n a t e l y f l o a t i n g r a t e l o a n s . A s a r e s u l t o f t h e s w a p , o u r e f f e c t i v e i n t e r e s t r a t e o n t h e n o t e s w a s o n e - m o n t h S O F R p l u s C S A p l u s 1 7 6 . 9 b a s i s p o i n t s , w h i c h r e f l e c t s t h e c u r r e n t terms. 29. In connection with the initial note offering, OBDC entered into an interest rate swap to continue to align the interest rates of our liabilities with our investment portfolio, which consists of p r e d o m i n a t e l y f l o a t i n g r a t e l o a n s . A s a r e s u l t o f t h e s w a p , o u r e f f e c t i v e i n t e r e s t r a t e o n t h e n o t e s w a s o n e - m o n t h S O F R p l u s C S A p l u s 2 1 2 . 2 b a s i s p o i n t s , w h i c h r e f l e c t s t h e c u r r e n t terms. In connection with the re-opening of the note offering, OBDC entered into an interest rate swap to continue to align the interest rates of our liabilities with our investment p o r t f o l i o , w h i c h c o n s i s t s o f p r e d o m i n a t e l y f l o a t i n g r a t e l o a n s . A s a r e s u l t o f t h e s w a p , o u r e f f e c t i v e b l e n d e d i n t e r e s t r a t e o n t h e n o t e s w a s o n e - m o n t h S O F R p l u s 2 0 3 . 9 b a s i s p o i n t s , which reflects the current terms. 30. In connection with the note offering, OBDC entered into an interest rate swap to continue to align the interest rates of our liabilities with our investment portfolio, which consists of p r e d o m i n a t e l y f l o a t i n g r a t e l o a n s . A s a r e s u l t o f t h e s w a p , o u r e f f e c t i v e i n t e r e s t r a t e o n t h e n o t e s w a s o n e - m o n t h S O F R p l u s C S A p l u s 2 3 9 . 1 5 b a s i s p o i n t s , w h i c h r e f l e c t s t h e c u r r e n t terms. 31. Totals at the top of each bar represents the total quarterly dividend per share (including any supplemental dividends per share) divided by the period end net asset value per share. The Board of Directors must approve each quarter’s dividend. In quarters where there was a supplemental dividend, period end net asset value per share is adjusted down by the amount of the supplemental dividend.
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NYSE: OBDC 19 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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NYSE: OBDC 20 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 investment 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 Non-GAAP Reconciliation Tables Note: Numbers may not sum due to rounding.
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NYSE: OBDC 21 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 Funds 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. Important Information