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Blue Owl Capital

Blue Owl Capital (OBDC) Q3 2025 Earnings

Reported Nov 5, 2025 at 4:59 PM ET · SEC Source

Q3 25 EPS

$0.36

MISS 8.68%

Est. $0.39

Q3 25 Revenue

$453.1M

MISS 2.89%

Est. $466.6M

vs S&P Since Q3 25

-21.1%

TRAILING MARKET

OBDC -8.9% vs S&P +12.1%

Market Reaction

Did OBDC Beat Earnings? Q3 2025 Results

Blue Owl Capital Corporation delivered a soft third quarter, missing on both top and bottom lines as lower prepayment income weighed on results. Adjusted net investment income came in at $0.36 per share, falling 8.68% short of the $0.39 consensus est… Read more Blue Owl Capital Corporation delivered a soft third quarter, missing on both top and bottom lines as lower prepayment income weighed on results. Adjusted net investment income came in at $0.36 per share, falling 8.68% short of the $0.39 consensus estimate, while total investment income of $453.06 million trailed expectations by 2.89%, despite surging 68.3% year over year. The primary culprit was a sharp drop in unscheduled paydown income, which fell to $11.10 million from $32.10 million in Q2, dragging sequential revenue down from $485.84 million. Credit quality also drew attention, with non-accrual investments rising to 1.3% of portfolio fair value from 0.7% last quarter. Looking ahead, the company's announced merger with Blue Owl Capital Corporation II is expected to broaden its scale, while a new $200.00 million share repurchase authorization signals confidence in the stock. The board declared a Q4 regular dividend of $0.37 per share, reflecting an annualized yield of 9.9%.

Key Takeaways

  • • Decrease in prepayment-related income and interest income from debt investments drove sequential revenue decline
  • • Income from unscheduled paydowns decreased to $11.1 million from $32.1 million in prior quarter
  • • Lower management fees and incentive fees reduced total expenses
  • • 97.4% floating rate debt investments benefit from elevated interest rates
  • • Net portfolio growth with $963 million funded vs $797 million in sales and repayments
24/7 Wall St

OBDC YoY Financials

Q3 2025 vs Q3 2024, source: SEC Filings

24/7 Wall St

OBDC Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“OBDC delivered another quarter of strong performance. Our portfolio continues to demonstrate solid credit quality and underlying fundamentals, which have been hallmarks of our platform since inception. We are also excited to announce the merger between OBDC and OBDC II, a strategic transaction that we expect to enhance long-term value for both sets of shareholders as a combined company.”

— Craig W. Packer, Q3 2025 Earnings Press Release

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