Companies /Financial Services

Blue Owl Capital Corp

NYSE: OBDC Asset Management
$11.33
â–² $0.05 (+0.40%) today
Markets open · 11:27am ET

Q2 2025 Earnings

Reported Aug 6, 2025, 4:47pm ET · SEC source
$0.40
Beat +0.43%
EPS · est. $0.40
$485.8M
Beat +1.19%
Revenue · est. $480.1M
−2.2%
Trailing market
OBDC vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−2%−1%0Aug 6Aug 7report 4:47pm ETearnings+0.1%−2.4%
−2%−1%0Aug 6Aug 7earnings+0.1%−2.4%
OBDC −2.4%S&P 500 +0.1%
−2%0Aug 6Aug 7report 4:47pm ETearnings+0.6%−2.4%
−2%0Aug 6Aug 7earnings+0.6%−2.4%
OBDC −2.4%NASDAQ +0.6%
−0.9%0+0.9%+1.8%Aug 5Aug 14report 4:47pm ETearnings+2.0%+1.3%
−0.9%0+0.9%+1.8%Aug 5Aug 14earnings+2.0%+1.3%
OBDC +1.3%S&P 500 +2.0%
0+2%Aug 5Aug 14report 4:47pm ETearnings+2.2%+1.3%
0+2%Aug 5Aug 14earnings+2.2%+1.3%
OBDC +1.3%NASDAQ +2.2%
−0.21%
Day of report
+0.64%
Next session
+1.56%
One week
+0.71%
30 days

S&P 500 over the same 30 days: +2.86%.

Did OBDC Beat Earnings? Q2 2025 Results

Blue Owl Capital Corporation posted a modest beat in its second quarter of 2025, with adjusted net investment income per share of $0.40 edging past the $0.40 consensus estimate by 0.43%, while total investment income of $485.84 million topped expectations by 1.19% and more than doubled year-over-year, up 101.0%. The headline driver behind the revenue strength was a surge in prepayment-related income and accelerated fee amortization, which totaled $32.10 million in the quarter versus just $8.20 million in Q1, a non-recurring tailwind that management was candid in flagging. Net asset value per share slipped to $15.03 from $15.14 sequentially, pressured by $79.20 million in net realized and unrealized losses tied to write-downs on a small number of portfolio companies. Origination activity was notably quieter, with new commitments of $1.10 billion falling well short of $1.90 billion in repayments. Looking ahead, CEO Craig Packer pointed to $3.70 billion in undrawn credit capacity as a foundation for pursuing opportunities across varying economic conditions.

Key Takeaways
  • Surge in prepayment-related income and accelerated amortization of upfront fees from unscheduled paydowns ($32.1 million vs. $8.2 million in Q1 2025)
  • Elevated repayment activity with $1.9 billion in sales and repayments during Q2
  • Portfolio of predominantly floating rate debt investments (97.6%) generating income linked to SOFR
  • Completion of OBDE merger in January 2025 expanded portfolio and drove higher management and incentive fees
  • Non-accruals improved to 0.7% of portfolio at fair value from 0.8% in Q1

“OBDC delivered another quarter of solid earnings and generated a 10.6% annualized return on adjusted net investment income.”

Blue Owl Capital CEO, on the earnings call

Forward Guidance & Outlook

The company expects that investment income will vary based on a variety of factors including the pace of originations and repayments. Management believes OBDC's liquidity and capital resources, including $3.7 billion of undrawn credit facility capacity, are sufficient to take advantage of market opportunities. CEO Craig Packer expressed confidence that OBDC is positioned to generate attractive risk-adjusted returns across any economic environment.

OBDC YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$200.0M$400.0M$241.7M$485.8MRevenue$122.2M$137.5MNet Income$124.6M$219.0MOperating Income
$0$200.0M$400.0MRevenueNet IncomeOperating Income

OBDC Revenue by Segment

First-Lien Senior Secured Debt Investments
First-Lien Senior Secured Debt$12.8B
Common Equity$1.9B
Common Equity Investments
Specialty Finance Equity
Second-Lien Senior Secured Debt$913.3M
Second-Lien Senior Secured Debt Investments
Preferred Equity Investments

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