Companies /Financial Services

Blue Owl Capital Corp

NYSE: OBDC Asset Management
$11.28
â–² $0.03 (+0.27%) today
Markets closed · 7:25am ET

Q3 2025 Earnings

Reported Nov 5, 2025, 4:59pm ET · SEC source
$0.36
Miss −8.68%
EPS · est. $0.39
$453.1M
Miss −2.89%
Revenue · est. $466.6M
+8.4%
Beating market
OBDC vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−3%0Nov 5Nov 6report 4:59pm ETearnings−0.9%−3.4%
−3%0Nov 5Nov 6earnings−0.9%−3.4%
OBDC −3.4%S&P 500 −0.9%
−3%0Nov 5Nov 6report 4:59pm ETearnings−1.6%−3.4%
−3%0Nov 5Nov 6earnings−1.6%−3.4%
OBDC −3.4%NASDAQ −1.6%
−6%−3%0+3%Nov 4Nov 13report 4:59pm ETearnings−0.9%−5.2%
−6%−3%0+3%Nov 4Nov 13earnings−0.9%−5.2%
OBDC −5.2%S&P 500 −0.9%
−6%−3%0+3%Nov 4Nov 13report 4:59pm ETearnings−2.4%−5.2%
−6%−3%0+3%Nov 4Nov 13earnings−2.4%−5.2%
OBDC −5.2%NASDAQ −2.4%
−5.32%
Day of report
+0.33%
Next session
−1.16%
One week
+10.25%
30 days

S&P 500 over the same 30 days: +1.90%.

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 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

“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.”

Blue Owl Capital CEO, on the earnings call

Forward Guidance & Outlook

The company expects investment income to vary based on the pace of originations and repayments. OBDC announced a definitive merger agreement with OBDC II, which is expected to enhance long-term value for both sets of shareholders. The merger is subject to shareholder approvals and customary closing conditions. A new $200 million share repurchase program was authorized for up to 18 months. The weighted average interest rate on new investment commitments was 9.0%, reflecting the lower SOFR environment (3.98% as of September 30, 2025 vs. 4.59% a year ago).

OBDC YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$200.0M$400.0M$269.2M$453.1MRevenue$140.1M$193.2MOperating Income$135.4M$128.2MNet Income
$0$200.0M$400.0MRevenueOperating IncomeNet Income

OBDC Revenue by Segment

First-Lien Senior Secured Debt Investments$12.8B
First-Lien Senior Secured Debt
Common Equity
Common Equity Investments$694.0M
Specialty Finance Equity$1.3B
Second-Lien Senior Secured Debt
Second-Lien Senior Secured Debt Investments$871.5M
Preferred Equity Investments$566.0M

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