Blue Owl Capital Corp (OBDC)

Blue Owl Capital Corporation (NYSE: OBDC) is an externally managed, closed-end investment company, formed in Maryland in October 2015, that has elected to be regulated as a business development company under the Investment Company Act of 1940 and to be treated as a regulated investment company for U.S. federal tax purposes. Its objective is to generate current income and, to a lesser extent, capital appreciation by originating loans to, and making debt and equity investments in, U.S. middle-market companies. It focuses mainly on institutionally-backed, upper middle-market businesses with more than $50 million of EBITDA. On January 13, 2025, it completed its acquisition of Blue Owl Capital Corporation III.

The company invests in senior secured or unsecured loans, subordinated or mezzanine loans, broadly syndicated loans and, to a lesser extent, equity and equity-related securities such as warrants and preferred stock. Investments may be held directly or through special purpose vehicles, specialty financing portfolio companies and joint ventures. At December 31, 2025, the portfolio by fair value was 73.1% first lien debt, 5.2% second-lien debt, 2.4% unsecured debt, 1.0% special financing debt, 2.5% joint ventures, 3.5% preferred equity, 3.9% common equity and 8.4% special financing equity. Of its debt investments, 96.4% were floating rate. Target credit investments typically have maturities of three to ten years and range from $20 million to $500 million. The company had investments in 234 portfolio companies across 30 industries, with an average position of about $70.4 million. Internet software and services was the largest industry at 11.1% of the portfolio.

Its borrowers are U.S. middle-market companies, defined generally as those with EBITDA of $25 million to $500 million and/or revenue of $125 million to $5 billion, both sponsored and non-sponsored. The company seeks to participate in transactions sponsored by private equity and venture capital firms and emphasizes large, market-leading companies offering mission-critical solutions with high switching costs. Debt portfolio companies representing 92.9% of the debt portfolio had weighted average revenue of $1.01 billion and weighted average EBITDA of $236.7 million. No more than 20% of total assets will be invested in companies whose principal place of business is outside the United States. It generally intends to distribute substantially all available earnings quarterly.

Blue Owl Credit Advisors LLC acts as both investment adviser and administrator. It is an indirect affiliate of Blue Owl Capital Inc. (NYSE: OWL) and part of Blue Owl's Credit platform, led by co-founders Douglas Ostrover, Marc Lipschultz and Craig Packer. The Blue Owl Credit Advisers managed $157.76 billion of assets at December 31, 2025, of which $115.01 billion was in direct lending. The Investment Team has more than 130 professionals and sources most investments directly, without traditional investment bank intermediaries. The company relies on an SEC exemptive order to co-invest with affiliated funds. It finances itself through a senior secured revolving credit facility, special purpose vehicle asset facilities, registered unsecured notes and collateralized loan obligation securitizations, within a regulatory limit of at least 150% asset coverage. The Adviser is located at 399 Park Avenue, New York.