Blue Owl Capital Corporation (OBDC) is a prominent alternative asset management firm focused on private credit and direct lending, catering specifically to institutional investors. With a commitment to delivering tailored investment solutions, the company fosters long-term partnerships across diverse sectors, ensuring alignment of interests with its clients. Backed by a strong portfolio and an adept management team, Blue Owl is well-equipped to seize market opportunities and expertly navigate the private capital landscape, all while maintaining a steadfast dedication to transparency and value creation, solidifying its status as a trusted leader in the investment arena.
| Revenue (TTM) | $1.70B |
| Gross Profit (TTM) | $1.70B |
| EBITDA | — |
| Operating Margin | 74.70% |
| Return on Equity | 3.92% |
| Return on Assets | 4.88% |
| Revenue/Share (TTM) | $3.38 |
| Book Value | $14.81 |
| Price-to-Book | 0.76 |
| Price-to-Sales (TTM) | 3.15 |
| EV/Revenue | 31.47 |
| EV/EBITDA | — |
| Quarterly Earnings Growth (YoY) | -50.70% |
| Quarterly Revenue Growth (YoY) | -17.40% |
| Shares Outstanding | $490.03M |
| Float | 0 |
| % Insiders | 0.28% |
| % Institutions | 56.27% |
Volatility is currently expanding
Blue Owl Capital is rated a 'Strong Buy' due to robust asset quality, strong dividend coverage, and a 24% discount to NAV. OBDC's Q3 results beat estimates, with a ~110% dividend coverage ratio and a stable 0.8% non-accrual rate. The company benefits from 95.5% variable-rate loans, positioning it for higher NII if the Fed continues rate increases in 2027.
Blue Owl Capital Corporation saw its NAV rise to $14.32 per share, halting a multi-quarter decline and reflecting improved portfolio marks, buybacks, and earnings. OBDC trades at a steep 25% discount to NAV, implying the market expects significant portfolio losses, despite a long-term net loss rate of only 0.33% annually. Share repurchases at deep discounts have added seven cents to NAV YTD, with $194.5M remaining for further buybacks, potentially boosting NAV by another 14 cents.
Blue Owl Capital Corporation ( OBDC ) Q3 2026 Earnings Call November 5, 2026 10:00 AM EST Company Participants Michael Mosticchio - Head of Investor Relations Craig Packer - CEO & Director Logan Nicholson - Senior MD & President Jonathan Lamm - CFO & COO Conference Call Participants Christopher Muller - Citizens JMP Securities, LLC, Research Division Dylan Ritter - Compass Point Research & Trading, LLC, Research Division Robert Dodd - CGS International Arren Cyganovich - Truist Securities, Inc., Research Division Paul Johnson - Keefe, Bruyette, & Woods, Inc., Research Division Erik Zwick - Lucid Capital Markets, LLC, Research Division Derek Hewett - BofA Securities, Research Division Mickey Schleien - Clear Street LLC John Hecht - Jefferies LLC, Research Division Christopher Nolan - Ladenburg Thalmann & Co. Inc., Research Division Presentation Operator Good morning, everyone, and welcome to the Blue Owl Capital Corporation's Third Quarter 2026 Earnings Call. As a reminder, this call is being recorded.
NEW YORK, Nov. 4, 2026 /PRNewswire/ -- 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 HIGHLIGHTS Third quarter GAAP net investment income ("NII") per share of $0.34 Third quarter adjusted NII per share(1) of $0.33, as compared to the prior quarter of $0.34 Based on OBDC's supplemental dividend framework, the Board of Directors (the "Board") declared a third quarter supplemental dividend of $0.01 per share Dividends declared totaled $0.32 per share, representing an annualized dividend yield of 8.9%(2) Net asset value ("NAV") per share of $14.32, as compared to $14.26 as of June 30, 2026, primarily reflecting net unrealized appreciation from higher portfolio marks and accretive share repurchases New investment commitments for the third quarter were $891 million and sales and repayments were $634 million, as compared to $319 million of new investment commitments and $747 million of sales and repayments for the three months ended June 30, 2026 Investments on non-accrual represented 2.9% and 0.8% of the portfolio at cost and fair value, respectively, as compared to 2.8% and 0.8% as of June 30, 2026 Repurchased $35 million of common stock during the quarter, which was accretive to third quarter NAV per share Closed on a $292 million CLO priced at S+160, marginally reducing OBDC's cost of secured financing "We are very pleased with OBDC's results this quarter, resulting in a 10.3% annualized return on net income.
The consensus price target hints at a 26% upside potential for Blue Owl Capital Corporation (OBDC). While empirical research shows that this sought-after metric is hardly effective, an upward trend in earnings estimate revisions could mean that the stock will witness an upside in the near term.
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
Every so often, the market hands investors high-yielding opportunities on a platter after throwing out the baby with the bathwater. I detail why I think there are certain BDCs that this applies to right now. I discuss the specifics of what I am looking for as well as some of my top picks of the moment.
Three business development companies have already slashed their dividends this year, and two of the biggest names in private credit are showing the same warning signs that preceded every cut. Here is what the numbers inside their latest filings reveal.
Five major BDCs—Blue Owl Technology Finance Corp., FS KKR Capital Corp, Morgan Stanley Direct Lending Fund, Blue Owl Capital Corporation, and Oaktree Specialty Lending Corporation—trade at steep discounts to NAV, implying extreme loan losses not reflected in credit performance. Current market prices require annualized loan losses far exceeding historical peaks, despite portfolios of senior secured, diversified loans and low non-accruals. Buybacks at deep discounts signal management confidence in loan valuations, with OTF and FSK notably active in repurchasing shares.
BDC valuations have dropped to levels seen only a few times in the sector's history, which creates a rare entry point for patient investors. The usual household names may not be the safe haven many assume, especially as a credit cycle looms. I highlight 2 lesser-known BDCs that come out ahead on fees, portfolio quality and leverage.
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