Companies /Financial Services

Blue Owl Capital Corp

NYSE: OBDC Asset Management
$11.27
â–² $0.02 (+0.21%) today
Markets open · 2:33pm ET

Q2 2026 Earnings

Reported Aug 5, 2026, 4:23pm ET · SEC source
$0.34
Beat +5.99%
EPS · est. $0.32 Adjusted
$401.3M
Beat +2.06%
Revenue · est. $393.2M
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
0+2%Aug 5Aug 6report 4:23pm ETearnings−0.3%+2.5%
0+2%Aug 5Aug 6earnings−0.3%+2.5%
OBDC +2.5%S&P 500 −0.3%
0+2%Aug 5Aug 6report 4:23pm ETearnings−0.2%+2.5%
0+2%Aug 5Aug 6earnings−0.2%+2.5%
OBDC +2.5%NASDAQ −0.2%
0+3%+6%+9%Aug 4Aug 13report 4:23pm ETearnings+0.9%+8.2%
0+3%+6%+9%Aug 4Aug 13earnings+0.9%+8.2%
OBDC +8.2%S&P 500 +0.9%
0+3%+6%+9%Aug 4Aug 13report 4:23pm ETearnings+2.1%+8.2%
0+3%+6%+9%Aug 4Aug 13earnings+2.1%+8.2%
OBDC +8.2%NASDAQ +2.1%
+3.10%
Day of report
+2.92%
Next session
+5.31%
One week

Did OBDC Beat Earnings? Q2 2026 Results

Blue Owl Capital Corp posted a solid beat across the board in Q2 2026, with adjusted net investment income per share of $0.34 clearing the $0.32 consensus estimate by 5.99%, while total investment income of $401.34 million edged past the $393.25 million consensus by 2.06%, extending a year-over-year revenue gain of 34.4%. The headline figures were helped in part by higher dividend income and non-recurring other income tied to a preferred equity realization, which lifted sequential results even as the portfolio itself contracted to $14.96 billion across 229 companies amid subdued new commitments of just $319 million against $747 million in repayments. Net asset value per share slipped to $14.26 from $14.41 the prior quarter, weighed by markdowns on select names, though leverage improved to a two-year low of 1.11x net debt-to-equity, a point management leaned on as evidence that the company is well positioned to deploy capital selectively as market conditions stabilize; some institutional investors appear to share that view, with notable buying reported in recent months despite mixed sentiment in the analyst community.

Key Takeaways
  • Higher dividend income and non-recurring other income from preferred equity realization drove sequential investment income increase
  • Decline in average investments over the period partially offset income growth
  • Lower interest expense from decline in daily average borrowings from $9.3 billion to $8.4 billion
  • Accretive share repurchases of approximately $35 million
  • Net portfolio contraction as repayments of $747 million exceeded $219 million in fundings

“We are pleased with OBDC's performance this quarter, generating strong earnings resulting in a 9.6% annualized return on adjusted net investment income and healthy dividend coverage. Portfolio company operating trends remained stable, and credit performance continued to track in line with expectations.”

Blue Owl Capital CEO, on the earnings call

Forward Guidance & Outlook

OBDC expects investment income to vary based on the pace of originations and repayments, spreads of new deployments, and base rate movements. Management sees market conditions stabilizing and investment opportunities becoming increasingly attractive, and believes the company is well positioned to deploy capital selectively with leverage at a two-year low and strong liquidity.

OBDC YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$200.0M$400.0M$298.6M$401.3MRevenue$137.5M$65.7MNet Income
$0$200.0M$400.0MRevenueNet Income

OBDC Revenue by Segment

First-Lien Senior Secured Debt Investments$10.9B
First-Lien Senior Secured Debt
Common Equity
Common Equity Investments$714.7M
Specialty Finance Equity$1.4B
Second-Lien Senior Secured Debt
Second-Lien Senior Secured Debt Investments$674.2M
Preferred Equity Investments$262.5M

Figures from SEC filings and company reports. Not investment advice.