Blue Owl Capital Corporation (OBDC) investor relations material

Business overview and strategy

• Second largest publicly traded BDC by total assets, with $16.5 billion across 234 portfolio companies.

• Focuses on debt and equity investments in U.S. upper middle-market companies, emphasizing non-cyclical, defensive industries.

• Portfolio is 79% senior secured, 73% first lien, and 96% floating rate debt investments.

• Managed by a leading global alternative asset manager with $158 billion in credit AUM and 120+ direct lending professionals.

• Extensive sponsor relationships and selective investment process, closing only ~5% of reviewed transactions.

Portfolio composition and risk management

• Highly diversified portfolio with 234 companies across 30 industries; top 10 positions represent 23% of portfolio value.

• Focus on large, upper-middle market, sponsor-backed companies, providing operational and financial support.

• Conservative construction with 79% senior secured and 73% first-lien positions, offering downside protection.

• Average net loan-to-value of 42% and 1.9x interest coverage ratio.

• Non-accruals represent 2.3% at cost and 1.1% at fair value as of Q4 2025.

Financial performance and returns

• Net asset value per share at $14.81 as of Q4 2025; adjusted net investment income per share of $0.36.

• Annualized ROE on adjusted net investment income at 9.7% and on net income at 6.3% for Q4 2025.

• Declared regular Q4 2025 dividend of $0.37 per share, with a 10% annualized dividend yield.

• Delivered ~14% annualized total return and 136% total return since inception.

• Average annual net loss rate of 8 basis points since inception of direct lending business in 2016.