Blue Owl Capital Corporation Announces September 30, 2026 Financial Results
Blue Owl Capital Corp (OBDC) filed an SEC Form 8-K — Results of Operations and Financial Condition. Blue Owl Capital Corporation Announces September 30, 2026 Financial Results NEW YORK — November 4, 2026 — Blue Owl Capital Corporation (NYSE: OBDC) (“OBDC” or the “Company”) today announced financial results for its third quarter ended September 30, 2026. THIRD QUARTER 2026 HIGHL
Facts are quoted from the filing text and checked against it.
How this was made
The 30-second read
Why it matters
The earnings release provides fresh data on profitability and dividend yield, which can influence investor positioning in the BDC sector.
Market read
The new earnings and dividend information may drive short‑term trading activity in OBDC and comparable BDCs.
What to watch
Potential pressure from higher floating‑rate loan resets could offset dividend benefits.
Blue Owl Capital Corporation Announces September 30, 2026 Financial Results
NAV per share increased to $14.32 and the Company reported positive realized and unrealized gains, while GAAP and adjusted net investment income, total investment income, and the portfolio fair value were below the prior-year period.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total investment income, three months ended September 30, 2026 ($ in thousands)GAAP | $392.1M | – | – |
| Adjusted total investment income, three months ended September 30, 2026 ($ in thousands)non-GAAP | $387.3M | – | – |
| Total operating expenses, three months ended September 30, 2026 ($ in thousands)GAAP | $221.9M | – | – |
| Interest expense, three months ended September 30, 2026 ($ in thousands)GAAP | $124.0M | – | – |
| Management fees, net, three months ended September 30, 2026 ($ in thousands)GAAP | $55.96M | – | – |
| Performance based incentive fees, three months ended September 30, 2026 ($ in thousands)GAAP | $34.37M | – | – |
| Net investment income, three months ended September 30, 2026 ($ in thousands)GAAP | $166.9M | – | – |
| Adjusted net investment income, three months ended September 30, 2026 ($ in thousands)non-GAAP | $162.2M | – | – |
| Net investment income per share, three months ended September 30, 2026GAAP | $ 0.34 | – | – |
| Adjusted net investment income per share, three months ended September 30, 2026non-GAAP | $ 0.33 | – | – |
| Net realized and unrealized gains (losses), three months ended September 30, 2026 ($ in millions)GAAP | $13M | – | – |
| Adjusted net realized and unrealized gains (losses), three months ended September 30, 2026 ($ in millions)non-GAAP | $18M | – | – |
| Net realized and unrealized gains (losses) per share, three months ended September 30, 2026GAAP | $ 0.03 | – | – |
| Adjusted net realized and unrealized gains (losses) per share, three months ended September 30, 2026non-GAAP | $ 0.04 | – | – |
| Net increase (decrease) in net assets resulting from operations, three months ended September 30, 2026 ($ in thousands)GAAP | $180.1M | – | – |
| Net increase (decrease) in net assets resulting from operations per share, three months ended September 30, 2026GAAP | $ 0.37 | – | – |
| Adjusted net increase (decrease) in net assets resulting from operations, three months ended September 30, 2026 ($ in thousands)non-GAAP | $180.1M | – | – |
| Adjusted net increase (decrease) in net assets resulting from operations per share, three months ended September 30, 2026non-GAAP | $ 0.37 | – | – |
| Earnings per share, basic and diluted, three months ended September 30, 2026GAAP | $ 0.37 | – | – |
| Total investment income, nine months ended September 30, 2026 ($ in thousands)GAAP | $1.19B | – | – |
| Total operating expenses, nine months ended September 30, 2026 ($ in thousands)GAAP | $681.5M | – | – |
| Net investment income, nine months ended September 30, 2026 ($ in thousands)GAAP | $502.3M | – | – |
| Net increase (decrease) in net assets resulting from operations, nine months ended September 30, 2026 ($ in thousands)GAAP | $221.4M | – | – |
| Earnings per share, basic and diluted, nine months ended September 30, 2026GAAP | $ 0.45 | – | – |
| Investments at fair value ($ in thousands)GAAP | $15.10B | – | – |
| Total assets ($ in thousands)GAAP | $15.64B | – | – |
| Total net assets ($ in thousands)GAAP | $7.01B | – | – |
| Net asset value per shareGAAP | $ 14.32 | – | – |
| Debt, net of unamortized debt issuance costs ($ in thousands)GAAP | $8.13B | – | – |
| Net debt-to-equityother | 1.13x | – | – |
| Cash ($ in thousands)GAAP | $371.4M | – | – |
| Percentage of debt investments at floating ratesother | 95.5 % | – | – |
| Percentage of senior secured debt investmentsother | 78.9 % | – | – |
| Weighted average spread over base rate of floating rate debt investmentsother | 5.6 % | – | – |
| Weighted average total yield of accruing debt and income-producing securities at fair valueother | 10.1 % | – | – |
| Weighted average total yield of accruing debt and income-producing securities at costother | 10.2 % | – | – |
| Percentage of investments on non-accrual of the portfolio at fair valueother | 0.8 % | – | – |
| Number of portfolio companiesother | 233 | – | – |
| New investment commitments, three months ended September 30, 2026 ($ in thousands)other | $891.1M | – | – |
| Total principal amount of new investments funded, three months ended September 30, 2026 ($ in thousands)other | $641.5M | – | – |
| Total principal amount of investments sold or repaid, three months ended September 30, 2026 ($ in thousands)other | −$633.9M | – | – |
| Weighted average interest rate of new investment commitmentsother | 9.3 % | – | – |
| Weighted average spread over applicable base rate of new debt investment commitments at floating ratesother | 5.2 % | – | – |
Capital returns
- Repurchased $35 million of common stock during the quarter, which was accretive to third quarter NAV per share.
- Dividends declared totaled $0.32 per share, consisting of a base dividend declared per share of $0.31 and a supplemental dividend declared per share of $0.01.
- On November 3, 2026, the Board declared a fourth quarter 2026 base dividend of $0.31 per share for stockholders of record as of December 31, 2026, payable on or before January 15, 2027.
- The Board declared a third quarter 2026 supplemental dividend of $0.01 per share for stockholders of record as of November 30, 2026, payable on or before December 15, 2026.
What drove it
- Investment income decreased to $392 million from $401 million, primarily driven by lower non-recurring other income from the elevated level in the prior quarter, partially offset by higher dividend income.
- Total expenses decreased to $222 million from $224 million, primarily due to lower management fees from a decrease in average adjusted gross assets and lower performance-based incentive fees from lower pre-incentive fee net investment income.
- New investment commitments totaled $891 million across 14 new portfolio companies and 7 existing portfolio companies.
- The Company reported $642 million of principal amount funded and $634 million of aggregate principal amount of sales and repayments.
- The portfolio had investments in 233 portfolio companies across 29 industries, with an aggregate portfolio size of $15.1 billion at fair value and an average investment size of $64.8 million at fair value.
- First-lien senior secured debt investments represented 73.1 % of total investments at fair value.
Concerns
- GAAP net investment income per share was $0.34, compared with $0.37 for the three months ended September 30, 2025 and $0.36 for the three months ended June 30, 2026.
- Adjusted net investment income per share was $0.33, compared with $0.36 for the three months ended September 30, 2025 and $0.34 for the three months ended June 30, 2026.
- Net asset value per share was $14.32, compared with $14.89 as of September 30, 2025.
- Investments on non-accrual represented 2.9% of the portfolio at cost and 0.8% at fair value, compared with 2.8% and 0.8% as of June 30, 2026.
- Net debt-to-equity was 1.13x, compared with 1.11x as of June 30, 2026.
What to watch
- The pace of originations and repayments, spreads of new deployments, and base rate movements, which the Company identified as factors affecting investment income.
- Funding of investments originated at wider spreads and the effect of higher base rates as floating-rate loans reset.
- Portfolio credit performance, including investments on non-accrual, which were 2.9% of the portfolio at cost and 0.8% at fair value.
- The fourth quarter 2026 base dividend of $0.31 per share and the third quarter 2026 supplemental dividend of $0.01 per share.
Balance sheet and cash flow
- As of September 30, 2026, the Company had $373 million in cash and restricted cash.
- The Company had $8.3 billion in total principal value of debt outstanding, $3.2 billion of undrawn capacity on its credit facilities, and $4.3 billion of unsecured notes.
- The funding mix was composed of 47.8% secured and 52.2% unsecured borrowings as of September 30, 2026 on an outstanding basis.
- Closed on a $292 million CLO priced at S+160, marginally reducing OBDC's cost of secured financing.
- Operating cash flow and free cash flow were not reported.
Analysis
OBDC reported third-quarter GAAP net investment income of $166,926 thousand, or $0.34 per share, and adjusted net investment income of $162,161 thousand, or $0.33 per share. Both measures were lower than the June 30, 2026 and September 30, 2025 comparison periods. Total investment income was $392,056 thousand, compared with $401,342 thousand in the prior quarter and $453,065 thousand in the prior-year quarter. Management attributed the sequential decline primarily to lower non-recurring other income, partly offset by higher dividend income.
Expense control provided a partial offset. Total operating expenses were $221,914 thousand, below $224,457 thousand in the prior quarter and $259,889 thousand in the prior-year quarter. The Company cited lower management fees associated with lower average adjusted gross assets and lower performance-based incentive fees due to lower pre-incentive fee net investment income. Positive valuation performance drove net realized and unrealized gains of $13 million, compared with losses of $110 million in the prior quarter and $62 million in the prior-year quarter, producing net increase in net assets resulting from operations of $180,058 thousand, or $0.37 per share.
Portfolio activity accelerated from the prior quarter. New investment commitments were $891,104 thousand, against $319,324 thousand in the second quarter, and the Company funded $641,508 thousand while sales and repayments totaled $633,889 thousand. The weighted average interest rate on new investment commitments was 9.3 %, and the weighted average spread on new floating-rate debt commitments was 5.2 %. The portfolio remained primarily floating rate, with 95.5 % of debt investments at floating rates, and carried a 10.1 % weighted average total yield of accruing debt and income-producing securities at fair value.
NAV per share increased to $14.32 from $14.26 as of June 30, 2026, which the Company attributed primarily to net unrealized appreciation from higher portfolio marks and accretive share repurchases. NAV remained below $14.89 as of September 30, 2025. Credit metrics were broadly stable sequentially at fair value, with non-accruals at 0.8 % of the portfolio, while non-accruals at cost increased to 2.9 % from 2.8 %. Net debt-to-equity increased to 1.13x from 1.11x, and debt net of unamortized debt issuance costs rose to $8,134,655 thousand from $7,903,533 thousand.
Capital allocation included $35 million of common-stock repurchases during the quarter and declared dividends totaling $0.32 per share. The Board declared a fourth-quarter 2026 base dividend of $0.31 per share and a third-quarter supplemental dividend of $0.01 per share. The release provided no quantitative operating outlook, but management pointed to wider investment spreads beginning to fund and potential support from higher base rates as floating-rate loans reset.
Management, verbatim
We are very pleased with OBDC's results this quarter, resulting in a 10.3% annualized return on net income. Earnings continued to comfortably cover the base dividend and NAV increased 40 basis points. Our borrowers have sustained year-over-year growth and credit quality remained strong, with no new issuers added to non-accrual.
Craig W. Packer, Chief Executive Officer
Looking ahead, we are well positioned to benefit from improved market economics as investments originated at wider spreads begin to fund, while higher base rates could provide an additional tailwind as our floating-rate loans reset.
Craig W. Packer, Chief Executive Officer
Not in the filing
stated, not guessed- Quantitative financial guidance was not provided.
- Previous-period outlook was not provided.
- Gross margin was not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Cash dividend yield comparison periods were not reported.
- Segment reporting was not provided.
- Portfolio-composition line-item metrics for every investment category are not separately included in key_metrics.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Blue Owl Capital Corp (NYSE: OBDC) filed an SEC Form 8‑K reporting its third‑quarter 2026 financial results, including net investment income, NAV per share, and dividend declarations.
Ticker impact
Blue Owl Capital Corp disclosed Q3 2026 GAAP net investment income of $0.34 per share, NAV of $14.32 and declared a supplemental dividend, providing fresh earnings data.
likely modest upside as investors price in higher NAV and dividend yield
The new financial results show improved NAV and a solid dividend, which are positive fundamentals for a dividend‑focused asset manager.
Market effects
Provides a benchmark for other asset‑management and BDC firms on dividend policy and NAV trends.
US listed BDCs may see slight uplift as investors compare yields.
Limited to the asset‑management sector; no broad macro impact.
Counterpoint
If the market had already priced in the dividend and NAV increase, the stock could face a short‑term pullback.
Key entities
- companyBlue Owl Capital Corp
Asset management and BDC firm reporting Q3 2026 results.
- executiveCraig W. Packer
CEO of Blue Owl Capital Corp who commented on the results.
