OBDC

Blue Owl Capital Corporation

Blue Owl Capital · Q4 2025 (3 months ago)

SEC EDGAR ↗

$48.6BPortfolio FV

1140Positions(861 debt, 279 equity)

99.3¢Avg Mark

114Stressed

Portfolio Quality

Portfolio Healthⓘ

A98/ 100

Non-accrual: 2.0%

Technical NA: 1.7%

Stressed: 7.8%

Avg mark: 99.3¢

Grade: A (90+) · B (80-89) · C (70-79) · D (60-69) · F (<60)|Factors: distressed non-accruals (mark <95%), stressed positions, avg mark, first lien %

Data Quality

98%

Fair Value

98%

Spread

96%

Lien

99%

Mark

100%

Avg Spread

570bps

Fair-value weighted

Avg Mark

99.3¢

67 stressed (<90¢)

First Lien

92%

Senior secured positions

PIK Income

14%

Deferred interest yield

Non-Accrual

2.0%

0.3% distressed, 1.7% technical

Portfolio Mix

861debt

279 equity positions

Key Financials

NAV / Share

14.81$

↓

Net Asset Value per share

Dividend Coverage

0.90x

Undercovered

NII per share ÷ Dividend per share

Leverage

1.18x

Debt ÷ Equity

Total Assets

17.2B

Total portfolio value

NII / Share

0.38$

Annual

Net Investment Income per share

Dividend / Share

0.42$

Quarterly

Most recent quarterly dividend

Est. Div Yield

11.3%

Annualized

Estimated annual dividend yield

Total Debt

9.3B

Total debt outstanding

Equity

7.9B

Total assets - Total debt

Historical Trends

NAV Per Share — 8 Quarters

-4.3% over period

NAVAnnualized Div

NII vs Dividend Coverage

NII/shareCoverage

Portfolio Composition

Investment Type

1140positions

First Lien793

Equity279

Second Lien37

Unsecured22

+2 more

Rate Type

SOFR791

Fixed299

Euribor24

SONIA15

+2 more

Maturity Profile

Avg: 3.1 years

860 debt positions with maturity data

Top Sectors

Top Borrowers by FV

Include equity

Excluding 279 equity/SPV positions

Fair Value Mark Distribution

1.5% stressed(<80¢, $559M)6.6% watchlist(80–95¢, $2518M)91.9% healthy(≥95¢, $34819M)

Weighted median mark: 100.5¢

Fair value mark — cents on dollar (debt positions only, weighted by fair value)

Schedule of Investments1140 positions

PIK onlyStressed only

PIK = Payment-in-Kind (deferred interest)NA = Non-accrual (not collecting interest)⚠ = Stressed (mark <90¢)

Company	#	Sector	Total FV ▼	Avg Mark	Status(PIK● NA● ⚠)
▶Wingspire Capital Holdings LLC	5	Financials	$2.3B	—
▶Blue Owl Credit SLF LLC	4	Financials	$1.5B	—
▶Fifth Season Investments LLC	5	Financials	$1.4B	—
▶Associations, Inc.	3	Real Estate	$1.3B	100.3¢
▶Sonny's Enterprises, LLC	9	Industrials	$863.3M	100.3¢
▶LSI Financing LLC	6	Health Care	$790.7M	—	⚠ 1NA
▶Inovalon Holdings, Inc.	6	Health Care	$750.3M	98.1¢	PIK: 5
▶Rocket BidCo, Inc. (dba Recochem)	3	Materials	$716.2M	101.6¢
▶Rushmore Investment III LLC (dba Winland Foods)	2	Consumer Staples	$631.4M	101.0¢
▶HGH Purchaser, Inc. (dba Horizon Services)	5	Consumer Staples	$558.0M	93.3¢	PIK: 3⚠ 2
▶Associations Finance, Inc.	3	Real Estate	$549.8M	100.7¢
▶Eagle Infrastructure Services, LLC	7	Industrials	$548.4M	101.0¢
▶BCPE Osprey Buyer, Inc. (dba PartsSource)	9	Health Care	$545.8M	100.1¢
▶Pregis Topco LLC	6	Materials	$545.0M	101.1¢
▶Gaylord Chemical Company, L.L.C.	5	Materials	$519.3M	100.3¢
▶AAM Series 2.1 Aviation Feeder, LLC	7	Financials	$507.2M	100.1¢	PIK: 3⚠ 1NA
▶Metis HoldCo, Inc.	2	Consumer Discretionary	$503.1M	—
▶Litera Bidco LLC	3	Information Technology	$461.7M	100.3¢
▶Intelerad Medical Systems Incorporated	3	Health Care	$457.8M	99.9¢	⚠ 1NA
▶OB Hospitalist Group, Inc.	3	Health Care	$436.4M	101.0¢

Page 1 of 21 (415 companies, 1140 positions)

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