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1 Proprietary and Confidential Blue Owl Capital Corporation Quarterly Earnings Presentation NYSE: OBDC December 31, 2025
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Past performance is not a guarantee of future results. 2 NYSE: OBDC Review of Q4'25 Earnings Summary • Net asset value per share of $14.81, compared to $14.89 as of 9/30/2025 • Adjusted net investment income per share of $0.361, compared to $0.361 as of 9/30/2025 - GAAP net investment income per share of $0.38 • Adjusted net income per share of $0.231, compared to $0.251 as of 9/30/2025 - GAAP net income per share of $0.23 • Adjusted ROE on net investment income and net income of 9.7%1,2 and 6.3%1,2, respectively - GAAP ROE on net investment income and net income of 10.2%2 and 6.3%2, respectively Balance Sheet Update • $4.2 billion of liquidity in cash and undrawn debt4 • Debt to equity was 1.19x5 compared to 1.22x5 as of 9/30/2025 • Debt funding mix comprised of 54% unsecured debt (based on outstanding debt) • Weighted average debt maturity of approximately 4.3 years (based on committed debt) • Total revolver facility size of $4.0 billion • In January 2026, received Moody's upgrade to Baa2 given view on credit profile and liability management Portfolio Update • Total portfolio at fair value $16.5 billion compared to $17.1 billion as of 9/30/2025; 234 portfolio companies compared to 238 as of 9/30/2025 • Continued strong portfolio company performance - No material change to the mix of the overall portfolio risk ratings from 9/30/2025 to 12/31/2025 - Investments on non-accrual represent approximately 2.3% and 1.1% of total portfolio at cost and fair value, respectively • New investment commitments (net of sell downs) of $0.7 billion and net funded investment activity of $(0.6) billion3 Dividends & Repurchase Program • Q4'25 regular dividend of $0.37 per share and annualized dividend yield of 10.0%6 • Declared a consistent Q1’26 regular dividend of $0.37 per share on 2/18/2026 • During Q4'25, repurchased $148 million of OBDC stock under repurchase program announced in Nov. '25 • Authorized new 2026 repurchase program of up to $300 million, replacing the $200 million existing program
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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 1.19x Debt-to-Equity $16.5bn 234 10.0% Disciplined Investment Strategy & Underwriting Process 79% senior secured, 73% first lien investments, 96% floating rate debt investments9 29 bps $4.2bn Cash & Undrawn Debt Capacity $6.1bn 10.0%$237mm 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) Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Net Investment Income Per Share $0.47 $0.41 $0.42 $0.37 $0.38 Adjusted Net Investment Income Per Share1 $0.47 $0.39 $0.40 $0.36 $0.36 Net Realized and Unrealized Gains (Losses) Per Share ($0.08) $0.08 ($0.15) ($0.12) ($0.14) Adjusted Net Realized and Unrealized Gains (Losses) Per Share1 ($0.08) ($0.07) ($0.13) ($0.11) ($0.13) Net Income Per Share $0.40 $0.49 $0.27 $0.25 $0.23 Adjusted Net Income Per Share1 $0.40 $0.32 $0.27 $0.25 $0.23 Net Asset Value Per Share13 $15.26 $15.14 $15.03 $14.89 $14.81 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 $0.01 $0.02 — — Total Dividends Per Share14 $0.42 $0.38 $0.39 $0.37 $0.37 Total Net Assets $5,952,841 $7,739,089 $7,682,397 $7,611,271 $7,397,279 Total Debt15 $7,457,702 $10,160,729 $9,225,817 $9,528,525 $9,300,076 Debt to Equity at Quarter-End5 1.19x 1.26x 1.17x 1.22x 1.19x Annualized ROE on Net Investment Income2 12.4% 10.7% 11.2% 9.9% 10.2% Annualized ROE on Adjusted Net Investment Income1,2 12.4% 10.3% 10.6% 9.5% 9.7% Annualized ROE on Net Income2 10.4% 12.9% 7.1% 6.7% 6.3% Annualized ROE on Adjusted Net Income1,2 10.4% 8.5% 7.1% 6.7% 6.3% 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) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Investments at Fair Value $13,194,545 $17,692,006 $16,868,782 $17,136,548 $16,470,893 Number of Portfolio Companies 227 236 233 238 234 Average Investment Size $58,126 $74,966 $72,398 $72,002 $70,388 Asset Class: First-Lien Debt Investments 74.9% 76.8% 75.0% 74.4% 73.1% Second-Lien Debt Investments 5.4% 5.0% 5.4% 5.1% 5.2% Specialty Finance Debt Investments 0.7% 0.7% 0.8% 0.9% 1.0% Unsecured Debt Investments 2.3% 2.1% 2.2% 2.3% 2.4% Preferred Equity Investments 2.8% 3.1% 3.3% 3.3% 3.5% Common Equity Investments 4.5% 4.1% 3.9% 4.1% 3.9% Specialty Finance Equity Investments 7.3% 6.1% 7.1% 7.6% 8.4% Joint Ventures 2.1% 2.1% 2.3% 2.3% 2.5% Interest Rate Type: % of Debt Investments Floating Rate 96.4% 96.5% 97.6% 97.4% 96.4% % of Debt Investments Fixed Rate 3.6% 3.5% 2.4% 2.6% 3.6% Yields: Weighted Average Total Yield of the Portfolio16 10.4% 10.2% 10.1% 9.8% 9.5% Weighted Average Total Yield of Accruing Debt and Income Producing Securities11 11.1% 10.7% 10.6% 10.3% 10.0% Weighted Average Spread Over Applicable Base Rate of all Accruing Floating Rate Investments 6.0% 5.9% 5.9% 5.7% 5.7% Fair Value as a Percentage of Principal (Debt) 95.8% 97.6% 96.8% 96.2% 96.1%
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Past performance is not a guarantee of future results. 6 NYSE: OBDC (Dollar amounts in thousands) For Three Months Ended December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Investment Activity at Par: New Investment Commitments (Net of Sell Downs) $1,679,673 $1,158,874 $1,116,767 $1,338,001 $684,369 New Investment Fundings $1,622,739 $912,859 $906,035 $963,441 $520,544 Investments Sold or Repaid ($1,579,157) ($1,078,446) ($1,906,888) ($797,122) ($1,406,521) Net Funded Investment Activity3 $43,582 $13,526 ($858,691) $272,967 ($586,935) New Investment Commitments at Par17: Number of New Investment Commitments in New Portfolio Companies 27 12 6 13 12 Average New Investment Commitment Amount in New Portfolio Companies $44,561 $43,509 $92,279 $62,419 $39,142 Weighted Average Maturity for New Investment Commitments in New Portfolio Companies (in Years) 5.4 6.0 5.9 5.6 6.3 Weighted Average Interest Rate of New Debt Investment Commitments18 9.5% 9.5% 9.7% 9.0% 8.7% Weighted Average Spread Over Applicable Base Rate of New Floating Rate Investment Commitments 5.2% 5.2% 5.4% 5.0% 4.8% 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 68.2% 73.7% 64.9% 81.7% 80.1% 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 1.2% — 22.7% — — Specialty Finance Debt Investments 0.5% 1.7% 1.1% 2.1% 0.5% Unsecured Debt Investments — 6.1% — 0.5% — Preferred Equity Investments — 5.0% 0.3% 0.7% 0.4% Common Equity Investments — 0.9% 0.5% 1.8% 4.0% Specialty Finance Equity Investments 13.3% 3.3% 9.3% 12.0% 11.5% Joint Ventures 16.8% 9.4% 1.3% 1.2% 3.5% Portfolio Highlights – New Quarterly Portfolio Activity
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Past performance is not a guarantee of future results. 7 NYSE: OBDC 73% 5% 1%2% 4% 4% 8% 3% 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: $16.5bn Portfolio Size9 30 Portfolio Industries 79% Senior Secured 234 Portfolio Companies 10.0% Debt Portfolio Yield11 $237mm Portfolio Company EBITDA10 Overall Q3'25 Q4'25 Revenue $1.0bn $1.0bn EBITDA $229mm $237mm Net LTV19 42% 42% Interest Coverage 1.9x 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 Top 10 positions represent 23% of the portfolio at fair value Portfolio Highlights - Diversification 11.1% 9.0% 6.5% 6.3% 6.3% 5.3% 5.0% 4.6% 4.4% 3.8% 37.7% Internet software and services Healthcare providers and services Asset based lending and fund finance Insurance Healthcare technology Manufacturing Food and beverage Buildings and real estate Healthcare equipment and services Financial services Other (20 Industries) Associa, 3.9% Wingspire, 3.7% Blue Owl Credit SLF, 2.5% Fifth Season, 2.4% Winland, 2.2% Sonny's, 1.9% OB Hospitalist, 1.9% Recochem, 1.6% Inspira Financial, 1.6% Amergin, 1.5% Remaining, 76.8%
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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) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Assets Investments at Fair Value $13,194,545 $17,692,006 $16,868,782 $17,136,548 $16,470,893 Cash (Including Restricted Cash and Foreign Cash) $514,156 $514,212 $360,189 $321,299 $568,542 Interest and Dividend Receivable $105,881 $121,568 $112,742 $105,395 $104,576 Receivable from a Controlled Affiliate $16,970 $19,702 $26,230 $25,165 $26,846 Prepaid Expenses and Other Assets $34,012 $28,193 $30,533 $16,684 $15,508 Total Assets $13,865,564 $18,375,681 $17,398,476 $17,605,091 $17,186,365 Liabilities Total Debt15 $7,457,702 $10,160,729 $9,225,817 $9,528,525 $9,300,076 Management Fee Payable $49,058 $64,225 $64,587 $62,098 $63,145 Incentive Fee Payable $39,082 $42,067 $43,649 $38,822 $38,899 Distribution Payable $144,381 $189,088 $189,088 $189,088 $184,877 Payables to Affiliates $6,083 $10,349 $10,066 $12,842 $12,572 Payable for Investments Purchased — — $802 $9,997 — Accrued Expenses and Other Liabilities $216,417 $170,134 $182,070 $152,448 $189,517 Total Liabilities $7,912,723 $10,636,592 $9,716,079 $9,993,820 $9,789,086 Total Net Assets $5,952,841 $7,739,089 $7,682,397 $7,611,271 $7,397,279 Total Liabilities and Net Assets $13,865,564 $18,375,681 $17,398,476 $17,605,091 $17,186,365 Net Asset Value Per Share $15.26 $15.14 $15.03 $14.89 $14.81 Debt to Equity at Quarter-End5 1.19x 1.26x 1.17x 1.22x 1.19x 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 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Investment Income Interest From Investments – Interest and Dividend Income20 $370,922 $450,781 $448,401 $437,883 $426,796 Interest From Investments – Income Associated with Unscheduled Paydowns21 $17,496 $8,216 $32,107 $11,120 $16,016 Total Interest From Investments $388,418 $458,997 $480,508 $449,003 $442,812 Other Income22 $5,974 $5,649 $5,335 $4,062 $4,938 Total Investment Income $394,392 $464,646 $485,843 $453,065 $447,750 Adjusted Total Investment Income1 $394,392 $456,816 $474,907 $446,307 $439,500 Expenses Interest Expense $115,388 $148,532 $151,571 $151,019 $144,630 Management Fees $49,058 $62,158 $64,586 $62,096 $63,144 Performance Based Incentive Fees $39,082 $41,029 $43,649 $38,822 $38,900 Other Operating Expenses $6,181 $7,879 $7,043 $7,952 $5,939 Total Expenses $209,709 $259,598 $266,849 $259,889 $252,613 Net Investment Income before Taxes $184,683 $205,048 $218,994 $193,176 $195,137 Income Tax Expense (Benefit), Including Excise Taxes $437 $3,746 $2,286 $3,092 $2,877 Net Investment Income $184,246 $201,302 $216,708 $190,084 $192,260 Adjusted Net Investment Income1 $184,246 $193,472 $205,772 $183,326 $184,010 Net Realized and Change in Unrealized Gain (Loss) ($29,361) $41,333 ($79,206) ($61,903) ($73,175) Adjusted Net Realized and Change in Unrealized Gain (Loss)1 ($29,361) ($33,759) ($68,270) ($55,145) ($64,924) Net Income $154,885 $242,635 $137,502 $128,181 $119,085 Adjusted Net Income1 $154,885 $159,713 $137,502 $128,181 $119,086 Weighted Average Shares Outstanding for the Period 390,217 494,826 511,048 511,048 507,285 Shares Outstanding at End of Period 390,217 511,048 511,048 511,048 499,448 Quarterly Operating Results Detail
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Past performance is not a guarantee of future results. 11 NYSE: OBDC $14.89 $0.38 ($0.02) ($0.37) $0.05 ($0.14) $0.02 $14.81 Q3'25 NAV Per Share Q4'25 Net Investment Income Per Share Q4'25 Reversal of Amortization of Purchase Discount Per Share Q4'25 Regular Dividend Per Share Q4'25 Per Share Accretion from Share Repurchases Q4'25 Realized & Change in Unrealized Gain (Loss) and Other Per Share Q4'25 Reversal of Realized & Unrealized Gain (Loss) Resulting from Purchase Discount Per Share Q4'25 NAV Per Share Adjusted NII Per Share1: $0.36 Note: Totals 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. Adjusted Net Realized & Unrealized Gain/(Loss)1: ($0.13) 1 1 Net Asset Value Per Share Bridge
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Past performance is not a guarantee of future results. 12 NYSE: OBDC 11.1% 10.7% 10.6% 10.3% 10.0% 6.0% 5.9% 5.9% 5.7% 5.7% 5.8% 5.6% 5.5% 5.8% 5.6% 4.3% 4.3% 4.3% 4.0% 3.7% 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) Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 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 December 31, 2025, investments on non-accrual as a percentage of the total portfolio were 2.3% and 1.1% at cost and fair value, respectively (Dollar amounts in thousands) Internal Performance Rating March 31, 2025 June 30, 2025 September 30, 2025 December 31, 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 $1,095,883 6.2% $1,319,253 7.8% $1,416,089 8.3% $1,358,369 8.2% 2 $15,067,944 85.2% $14,098,562 83.6% $14,296,880 83.4% $13,595,328 82.5% 3 $1,355,945 7.7% $1,310,589 7.8% $1,180,467 6.9% $1,285,575 7.8% 4 $157,102 0.9% $40,883 0.2% $143,238 0.8% $122,826 0.7% 5 $15,132 0.1% $99,495 0.6% $99,874 0.6% $108,795 0.7% Total $17,692,006 100.0% $16,868,782 100.0% $17,136,548 100.0% $16,470,893 100.0% Portfolio Highlights - Internal Ratings
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Past performance is not a guarantee of future results. 14 NYSE: OBDC 54% Unsecured Borrowings (based on outstanding debt) $4.2bn Available Liquidity4 4.3 Years Weighted Average Debt Maturity (based on committed debt) 4 Investment Grade Ratings8 $3.6bn Undrawn Debt Capacity4 Funding Sources Debt Maturities24 ($mm) Based on Committed Debt Diverse Financing Profile $50 $3,975 $1,500 $1,075 $950 $1,800 $3,623$1,500 $1,125 $950 $5,775 $3,623 Revolver Other 2026 2027 2028 2029 2030 & Beyond Principal Amount Committed Principal Amount Outstanding Interest Rate Maturity Date Revolving Credit Facility $4,025 million $1,012 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 $384 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 + 223 3/20/2029 CLO I $390 million $390 million SOFR + 27627 2/20/2036 CLO III $260 million $260 million SOFR + 19127 4/20/2036 CLO IV $275 million $275 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 4/20/2037 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 $12,973 million $9,390 million
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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 $0.33 $0.33 $0.33 $0.33 $0.35 $0.37 $0.37 $0.37 $0.37 $0.37 $0.37 $0.37 $0.37 $0.04 $0.06 $0.07 $0.08 $0.08 $0.05 $0.06 $0.05 $0.05 $0.01 $0.02 8.8% 8.7% 8.7% 8.6% 9.1% 9.6% 9.6% 9.7% 9.7% 9.8% 9.8% 9.9% 10.0% 9.9% 10.3% 10.5% 10.7% 11.2% 10.9% 11.2% 11.0% 11.0% 10.0% 10.4% 9.9% 10.0% Regular Dividend Supplemental DividendRegular Dividend YieldTotal Dividend Yield Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25
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Past performance is not a guarantee of future results. 16 NYSE: OBDC Declaration Date Record Date Payment Date Dividend Type Dividend Per Share 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 11/2/2021 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 11/1/2022 11/30/2022 12/15/2022 Q3'22 Supplemental Dividend $0.03 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 Declaration Date Record Date Payment Date Dividend Type Dividend Per Share 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 12/29/2023 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 2/18/2026 3/31/2026 4/15/2026 Q1'26 Regular Dividend $0.37 Historic Dividends Declared
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NYSE: OBDC 17 Past performance is not a guarantee of future results. Note: Figures are as of the quarter-ended December 31, 2025 unless otherwise noted. Past performance is not a guarantee of future results. Totals may not sum due to rounding. 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 includes net drawdown (repayments) on revolvers and delayed draw term loans. 4. Undrawn debt is based on committed debt less debt outstanding as of 12/31/25. 5. Based on principal value of debt outstanding net of cash. 6. Dividend yield based on annualized Q4'25 regular dividend of $0.37 per share payable to shareholders of record as of December 31, 2025 and Q4'25 net asset value per share of $14.81. 7. Source: Bloomberg as of 1/31/2026. 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 92.9% of our total debt portfolio based on fair value as of 12/31/2025 (94.4% of our total debt portfolio based on fair value as of 09/30/2025) 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 Past performance is not a guarantee of future results. 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. 32. Amounts round to less than $1 million and per share amounts round to less than $0.01.
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NYSE: OBDC 19 Past performance is not a guarantee of future results. 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 with Blue Owl Capital Corporation III, completed on January 13, 2025. 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 Past performance is not a guarantee of future results. 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 2024 2025 December 31, March 31, June 30, September 30, December 31, ($ in millions, except per share amounts) Amount Per Share Amount Per Share Amount Per Share Amount Per Share Amount Per Share Total Investment Income $394 $1.01 $465 $0.94 $486 $0.95 $453 $0.89 $448 $0.88 Less: Purchase discount amortization $— $— ($8) $— ($11) ($0.02) ($7) ($0.01) ($8) ($0.02) Adjusted, non-GAAP, Total Investment Income $394 $1.01 $457 $0.92 $475 $0.93 $446 $0.87 $440 $0.87 For the Three Months Ended 2024 2025 December 31, March 31, June 30, September 30, December 31, ($ in millions, except per share amounts) Amount Per Share Amount Per Share Amount Per Share Amount Per Share Amount Per Share Net Realized and Unrealized Gains (Losses) ($29) ($0.08) $41 $0.08 ($79) ($0.15) ($62) ($0.12) ($73) ($0.14) Net change in unrealized (appreciation) depreciation due to the purchase discount $— $— ($75) ($0.15) $11 $0.02 $7 $0.01 $10 $0.02 Realized (gain) loss due to purchase discount32 $— $— $— $— $— $— $— $— ($2) $— Adjusted, non-GAAP, Net Realized and Unrealized Gains (Losses) ($29) ($0.08) ($34) ($0.07) ($68) ($0.13) ($55) ($0.11) ($65) ($0.13) For the Three Months Ended 2024 2025 December 31, March 31, June 30, September 30, December 31, ($ in millions, except per share amounts) Amount Per Share Amount Per Share Amount Per Share Amount Per Share Amount Per Share Net Income $155 $0.40 $243 $0.49 $138 $0.27 $128 $0.25 $119 $0.23 Less: Purchase discount amortization $— $— ($8) ($0.02) ($11) ($0.02) ($7) ($0.01) ($8) ($0.02) Net change in unrealized (appreciation) depreciation due to the purchase discount $— $— ($75) ($0.15) $11 $0.02 $7 $0.01 $10 $0.02 Realized (gain) loss due to the purchase discount32 $— $— $— $— $— $— $— $— ($2) $— Adjusted, non-GAAP, Net Income $155 $0.40 $160 $0.32 $138 $0.27 $128 $0.25 $119 $0.23 For the Three Months Ended 2024 2025 December 31, March 31, June 30, September 30, December 31, ($ in millions, except per share amounts) Amount Per Share Amount Per Share Amount Per Share Amount Per Share Amount Per Share Net Investment Income $184 $0.47 $201 $0.41 $217 $0.42 $190 $0.37 $192 $0.38 Less: Purchase discount amortization $— $— ($8) ($0.02) ($11) ($0.02) ($7) ($0.01) ($8) ($0.02) Adjusted, non-GAAP, Net Investment Income $184 $0.47 $193 $0.39 $206 $0.40 $183 $0.36 $184 $0.36 Non-GAAP Reconciliation Tables
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NYSE: OBDC 21 Past performance is not a guarantee of future results. 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. 2026. 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