Key Highlights

  • A $0.31 base Dividend was declared August 4, payable on or before October 15 to holders of record September 30.
  • GAAP net Investment income was $0.36 per share, adjusted net investment income was $0.34, and GAAP net increase was $0.13.
  • Net asset value per share was $14.26 at June 30, 2026, compared with $14.41 at March 31, 2026.
  • Total investments were $14.96 billion at Fair Value across 229 portfolio companies, with net debt-to-equity of 1.11x.

Overview

Blue Owl Capital Corporation (NYSE:OBDC) declared a third-quarter 2026 base dividend of $0.31 per share on August 4, payable on or before October 15 to holders of record on September 30. The dividend yields 11.47%. Second-quarter GAAP net investment income was $0.36 per share, while adjusted net investment income, a non-GAAP measure, was $0.34.

Dividend Program and Shareholder Returns

The board declared a third-quarter 2026 base dividend of $0.31 per share on August 4, 2026, with a Record Date of September 30 and payment on or before October 15. It trades ex-dividend on September 30.

The board also declared a second-quarter 2026 supplemental dividend of $0.02 per share, with a record date of August 31, 2026, payable on or before September 15. The supplemental dividend is separate from the base dividend. Share repurchases in the second quarter were $35 million. Each dividend remains subject to board approval.

About the Company

Blue Owl Capital Corporation is an externally managed Business Development Company that provides direct lending to middle-market companies in the United States. Its portfolio is predominantly senior secured loans originated by Blue Owl Credit investment professionals. It reports GAAP net investment income alongside adjusted net investment income, which is a non-GAAP measure.

Second-Quarter Investment Income and Net Asset Value

Total investment income was $401 million and total operating expenses were $224 million, including $123 million of interest expense. Net investment income was $176.2 million, or $0.36 per share, and adjusted net investment income was $0.34 per share, compared with $0.31 in the prior quarter.

Net asset value per share was $14.26 at June 30, 2026, compared with $14.41 at March 31, 2026. Total net Assets were $7.0 billion, and the GAAP net increase in net assets per share was $0.13.

Portfolio Activity, Non-Accruals and Dividend Coverage

New investment commitments were $319 million across five new companies and eight existing ones, principal funded was $219 million, and sales and repayments were $747 million. The portfolio held 229 companies across 30 industries, with an average investment size of $65.3 million at fair value.

Non-accrual investments were 2.8% of the portfolio at cost and 0.8% at fair value. The company issued $800 million of unsecured notes, and net debt-to-equity was 1.11x.

Craig Packer said the quarter produced a 9.6% annualized return on adjusted net investment income and healthy dividend coverage.

Outlook

Adjusted net investment income relative to the $0.31 base dividend, net asset value per share, non-accrual levels, originations and repayments, and the board's quarterly base and supplemental declarations are the relevant considerations. Second-quarter results are the most recent reported period.