Blue Owl Capital Reports Strong Financial Results in Q3, 2024

Blue Owl Capital Corporation recently announced its financial results for the third quarter ended September 30, 2024. The company’s net investment income per share stood at $0.47 for the quarter, surpassing the regular dividend of $0.37 per share by 27% and yielding a Return on Equity (ROE) of 12.4%. The Board declared a third quarter supplemental dividend of $0.05 per share, bringing the total dividends for the quarter to $0.42 per share, representing an 11.0% annualized dividend yield based on the net asset value (NAV) per share of $15.28.

The company saw a slight decrease in NAV per share from $15.36 as of June 30, 2024, to $15.28 as of September 30, 2024. Blue Owl Capital reported originations of $1.2 billion for the third quarter, offset by $1.1 billion of sales and repayments. Investments on non-accrual decreased to 0.7% of the total fair value of the debt portfolio, down from 1.4% as of June 30, 2024.

Blue Owl Capital Corporation also provided an update on its merger agreement with Blue Owl Capital Corporation III. The registration statement for the merger was declared effective by the SEC on October 21, 2024, and the special meetings for shareholder approvals are scheduled for January 8, 2025. The merger is anticipated to close shortly after the special meetings, subject to customary closing conditions.

For the upcoming quarter, the Board of Directors declared a fourth quarter 2024 regular dividend of $0.37 per share for stockholders of record as of December 31, 2024. Additionally, a third quarter 2024 supplemental dividend of $0.05 per share was declared for stockholders of record as of November 29, 2024.

In terms of portfolio and investment activity, new investment commitments totaled $1.2 billion across 23 new portfolio companies and 14 existing portfolio companies during the third quarter. The company funded $1.1 billion in new investments, with sales and repayments totaling the same amount for the period.

Blue Owl Capital Corporation’s financial performance indicated an increase in investment income from the previous year primarily due to higher dividend income, with total expenses also showing a rise. As of September 30, 2024, the company had $481.3 million in cash and restricted cash, with a total principal value of outstanding debt at $7.8 billion.

The company will host a conference call on November 7, 2024, at 10:00 a.m. Eastern Time to discuss these financial results. The call will be accessible through Blue Owl Capital Corporation’s website and dial-in numbers provided in the SEC filing.

Blue Owl Capital Corporation remains focused on its lending initiatives to U.S. middle-market companies as it navigates the evolving economic landscape and works towards completing the merger with Blue Owl Capital Corporation III.

Investors and shareholders are advised to stay informed by accessing the SEC filings and related documentation available on the company’s and affiliate’s websites for further details on the upcoming developments and financial performance of Blue Owl Capital Corporation.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Blue Owl Capital’s 8K filing here.

About Blue Owl Capital

Blue Owl Capital Corporation is a business development company. It specializes in direct and fund of fund investments. The fund makes investments in senior secured, direct lending or unsecured loans, subordinated loans or mezzanine loans and also considers equity-related securities including warrants and preferred stocks also pursues preferred equity investments, first lien, unitranche, and second lien term loans and common equity investments.