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Blue Owl Capital Corporation's Q1 2026 Financial Results

On May 6, 2026, Blue Owl Capital Corporation (NYSE: OBDC) announced its financial results for the first quarter of 2026, ending March 31. This report reflects critical insights into the Company’s operational performance amid a challenging economic backdrop.

Financial Highlights

• - Net Investment Income (NII): The Company achieved a GAAP net investment income per share of $0.32 for Q1 2026, a decrease from $0.38 in the previous quarter. The adjusted NII per share also saw a decline, standing at $0.31 compared to $0.36 in the previous quarter.

• - Net Asset Value (NAV): As of March 31, 2026, the net asset value per share decreased to $14.41, down from $14.81 at the end of 2025. This decrease was primarily attributed to widening credit spreads affecting the portfolio.

• - Investment Activity: The Company reported new investment commitments of $676 million during Q1 2026. This reflects a minor decline from $684 million in the previous quarter. Notably, sales and repayments surged to $1.5 billion, compared with $1.4 billion in the prior quarter.

• - Portfolio Performance: Investments at fair value accounted for approximately $15.3 billion, with investments on non-accrual representing 2.0% of the portfolio at cost and 1.0% at fair value. This marks a slight improvement from figures in December 2025, which stood at 2.3% and 1.1%, respectively.

Management Commentary

CEO Craig W. Packer remarked, “OBDC's credit performance remains robust, with no new non-accruals and stable borrower performance. Despite the current earnings environment being challenging due to lower base rates and tighter spreads, our portfolio is performing well and our balance sheet remains strong.”

The Company’s management has emphasized its ongoing commitment to shareholder value, highlighting a robust liquidity of approximately $4 billion that enables Blue Owl to pursue attractive investment opportunities in a wider spread environment.

Stock Repurchases

On February 17, 2026, the Board approved a $300 million stock repurchase program, which replaced an earlier $200 million authorization. As of March 31, 2026, the Company had repurchased roughly $35 million worth of OBDC common stock, contributing positively to the net asset value per share during Q1 2026.

Dividend Declaration

Additionally, the Board declared a base dividend of $0.31 per share for the second quarter of 2026. This dividend is for stockholders of record as of June 30, 2026, and will be payable on or before July 15, 2026. The decision to adjust the dividend aligns with the operating environment and reflects the Company’s future earnings potential considering recent trends in base rates and spread compression.

Conclusion

Blue Owl Capital Corporation continues to illustrate resilience in its investment strategy, adapting to shifting market conditions while ensuring financial stability. Investors will be keen to follow the outcomes of the upcoming conference call scheduled for May 7, 2026, to gain deeper insights into the Company's future direction and its efforts to optimize portfolio performance in a challenging landscape.

For further details, investors are encouraged to access the live conference call via Blue Owl’s official website.