Q1 25 EPS
$0.39
MISS 9.58%
Est. $0.43
Q1 25 Revenue
$464.6M
MISS 1.05%
Est. $469.6M
vs S&P Since Q1 25
-44.5%
TRAILING MARKET
OBDC -11.4% vs S&P +33.0%
Market Reaction
Did OBDC Beat Earnings? Q1 2025 Results
Blue Owl Capital delivered a disappointing first quarter, missing on both top and bottom lines as the aftermath of its transformative OBDE merger weighed heavily on per-share metrics. Adjusted net investment income came in at $0.39 per share, falling… Read more Blue Owl Capital delivered a disappointing first quarter, missing on both top and bottom lines as the aftermath of its transformative OBDE merger weighed heavily on per-share metrics. Adjusted net investment income came in at $0.39 per share, falling 9.58% short of the $0.43 consensus estimate, while revenue of $464.65 million edged 1.05% below expectations, even as that figure represented a robust 48.3% surge year-over-year. The culprit was dilution, with roughly 121 million additional weighted average shares issued in the January merger compressing per-share earnings despite total GAAP net investment income climbing to $201.30 million from $184.25 million the prior quarter. The expanded portfolio, now spanning $17.69 billion across 236 companies, underscores the BDC's enhanced scale, though NAV per share slipped to $15.14 and non-accruals ticked up to 0.8%. Some analysts view widening credit spreads as a net positive for future yield profitability, and management expressed confidence in the portfolio's defensive positioning, though with weighted average yields already compressing to 10.7%, the pace of originations and rate movements will be closely watched heading into the second quarter.
Key Takeaways
- • Merger with OBDE significantly expanded asset base and investment income
- • Increase in interest income from larger par value of debt investments acquired through the Merger
- • 96.5% of debt investments at floating rates providing interest rate sensitivity
- • 10.2% annualized return on equity in Q1 2025
- • 77.5% of portfolio in first-lien senior secured debt providing defensive positioning
OBDC YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
OBDC Revenue by Segment
With YoY comparisons, source: SEC Filings
“OBDC's first quarter results reflect a solid start to the year, delivering a 10.2% annualized return on equity, supported by the continued resilience and quality of our portfolio.”
— Craig W. Packer, Q1 2025 Earnings Press Release
OBDC Earnings Trends
OBDC vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
OBDC EPS Trend
Earnings per share: estimate vs actual
OBDC Revenue Trend
Quarterly revenue: estimate vs actual
OBDC Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $0.35 | $0.31 | -10.74% | $396.8M | -5.91% |
| Q4 25 BEAT FY | $0.36 | $0.36 | +1.12% | $447.8M | -0.71% |
| FY Full Year | $1.52 | $1.24 | -18.47% | $1.85B | +0.09% |
| Q3 25 MISS | $0.39 | $0.36 | -8.68% | $453.1M | -2.89% |
| Q2 25 BEAT | $0.40 | $0.40 | +0.43% | $485.8M | +1.19% |
| Q1 25 MISS | $0.43 | $0.39 | -9.58% | $464.6M | -1.05% |