Blue Owl Capital Corporation
- Open
- 11.14
- Day high
- 11.29
- Day low
- 10.96
- Prev close
- 11.19
- Volume
- 3.1M
- Mkt cap
- $5.5B
- P/E (TTM)
- 15.7
- EPS (TTM)
- $0.70
- P/B
- 0.8
- P/S
- 4.2
- Yield
- 13.10%
- Per share
- $1.44
- ▲Insiders net buying $23K over the last 3 months (3 open-market buys, 0 sales)
- 🏛Institutions mixed (13F)
Blue Owl Capital Corporation (OBDC) is a Financial Services company listed on NYSE. The stock is down 27% over the past year. Over the trailing 3 months, insiders filed 3 open-market buys and 0 sales (SEC Form 4). Drillr has 2 published research articles covering OBDC.
Blue Owl Capital Corporation (OBDC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
OBDC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.35 | $0.31 | -11.4% | $397M | -6.0% |
| Feb 18, 2026 | $0.35 | $0.36 | +2.9% | $408M | -8.3% |
| Nov 5, 2025 | $0.39 | $0.36 | -7.7% | $292M | -35.8% |
| Aug 6, 2025 | $0.39 | $0.40 | +2.6% | $507M | +5.5% |
| Feb 19, 2025 | $0.46 | $0.47 | +2.2% | $276M | -30.1% |
| Feb 21, 2024 | $0.49 | $0.51 | +4.1% | $205M | -47.9% |
| May 11, 2023 | $0.43 | $0.45 | +4.7% | $218M | -40.1% |
| Feb 22, 2023 | $0.40 | $0.41 | +2.5% | $213M | -37.2% |
| Nov 2, 2022 | $0.34 | $0.67 | +99.2% | $281M | -4.4% |
| Jun 30, 2022 | $0.31 | $-0.09 | -128.2% | $-18M | -106.8% |
| Mar 31, 2022 | $0.33 | $0.11 | -66.2% | $60M | -78.2% |
| Dec 31, 2021 | — | $0.44 | — | $189M | — |
OBDC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 12, 2026 | Kaye Eric A.director | Buy | 1,000 | $11.21 |
| Apr 27, 2026 | Kaye Eric A.director | Buy | 328 | $11.90 |
| Apr 27, 2026 | Kaye Eric A.director | Buy | 672 | $11.92 |
| Mar 2, 2026 | Nicholson Loganofficer: President | Buy | 5,525 | $11.32 |
| Mar 2, 2026 | Nicholson Loganofficer: President | Buy | 4,475 | $11.32 |
| Dec 1, 2025 | Reddy Neenaofficer: Vice President and Secretary | Buy | 7,890 | $13.06 |
| Nov 19, 2025 | Packer Craigdirector, officer: Chief Executive Officer | Buy | 41,600 | $11.75 |
| Nov 19, 2025 | Nicholson Loganofficer: President | Buy | 25,000 | $11.75 |
| Nov 14, 2025 | Temple Chrisdirector | Buy | 8,000 | $12.03 |
| Nov 12, 2025 | Weiler Melissadirector | Buy | 10,000 | $11.99 |
| Aug 18, 2025 | Nicholson Loganofficer: President | Buy | 850 | $14.19 |
| Aug 18, 2025 | Nicholson Loganofficer: President | Buy | 14,703 | $14.19 |
| May 28, 2025 | Woolridge Victordirector | Buy | 6,915 | $14.45 |
| Mar 10, 2025 | Temple Chrisdirector | Buy | 15,000 | $14.80 |
| Jan 15, 2025 | Nicholson Loganofficer: President | Grant | 12,468 | — |
Source: OBDC SEC Form 4 filings, latest May 12, 2026. For informational purposes only — not investment advice.
See the full OBDC insider & 13F page →OBDC research & analysis
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Blue Owl Capital Corporation company profile
Overview
Blue Owl Capital Corporation (NYSE:OBDC) is a business development company that was originally founded as Owl Rock Capital Corporation and went public in July 2019. The company operates as a direct lender focused on providing debt financing to middle-market companies in the United States. In January 2025, OBDC completed a significant merger with Blue Owl Capital Corporation III (OBDE), making it the second-largest publicly traded business development company by total assets. The combined entity manages over $18 billion in portfolio investments and has established itself as a leading player in the private credit market, focusing primarily on senior secured lending to upper middle-market businesses.
Business
Blue Owl Capital Corporation operates as a business development company (BDC), which is a specialized type of investment company that provides debt and equity financing to small and medium-sized businesses. BDCs are regulated investment companies that must distribute at least 90% of their taxable income to shareholders as dividends, similar to Real Estate Investment Trusts (REITs). The company's core business involves direct lending, which means it originates and holds loans directly rather than purchasing them in secondary markets. OBDC focuses specifically on the upper middle market, targeting companies with annual EBITDA (earnings before interest, taxes, depreciation, and amortization) between $10 million and $250 million, or annual revenues between $50 million and $2.5 billion. This market segment sits between smaller businesses served by banks and larger corporations that access public capital markets. The company's investment portfolio consists primarily of first lien senior secured loans, which represent approximately 77% of its portfolio. These are the most senior debt instruments in a company's capital structure, meaning they have first priority for repayment in case of default or bankruptcy. The remaining portfolio includes subordinated debt, mezzanine financing, and equity-related securities such as warrants and preferred stock. OBDC typically provides financing for various corporate purposes including growth initiatives, acquisitions, market expansion, refinancings, and recapitalizations. The company has expanded its capabilities beyond traditional direct lending through strategic acquisitions, including Atalaya Capital Management and IPI Partners, allowing it to offer alternative credit solutions and infrastructure investments. However, the core BDC business remains focused on sponsor-backed transactions, where private equity firms acquire companies using a combination of debt and equity financing.
Revenue model
Blue Owl Capital Corporation generates revenue primarily through interest income from its loan portfolio and fee income from various services provided to borrowers. The company's business model is built around originating loans at attractive spreads over base rates (typically SOFR or Prime), with most loans being floating-rate instruments that benefit from rising interest rate environments. The company's paying customers are primarily middle-market companies backed by private equity sponsors, though it also selectively lends to non-sponsored businesses. These borrowers typically use OBDC's financing for leveraged buyouts, growth capital, acquisition financing, and refinancing existing debt. The company charges origination fees, commitment fees, and ongoing management fees in addition to interest income. Several factors influence OBDC's profitability margins. Interest rate movements significantly impact returns since most loans are floating-rate - rising rates increase income while falling rates reduce it. Credit spreads in the private credit market affect new origination yields, with tighter spreads reducing profitability on new investments. Competition from other BDCs, banks, and alternative lenders can compress pricing and reduce deal flow. Economic conditions affect both the availability of attractive investment opportunities and the credit quality of existing borrowers. The company's cost of capital is influenced by its ability to access debt financing through credit facilities and securitizations, as well as its stock price performance which affects equity raising costs. Portfolio credit performance directly impacts returns, with the company maintaining a low non-accrual rate of approximately 0.8% at fair value. The company's focus on recession-resistant, service-oriented businesses helps maintain stable cash flows even during economic downturns.
Competitive moat
Blue Owl Capital Corporation's competitive moat is moderately strong but faces ongoing competitive pressures in the increasingly crowded private credit market. The company's primary advantages stem from its scale and platform capabilities. As the second-largest publicly traded BDC following the OBDE merger, OBDC can offer larger check sizes (average $350 million deals versus $200 million historically) and compete for more substantial transactions that smaller lenders cannot accommodate. The company benefits from established relationships with private equity sponsors, which provide a steady pipeline of deal flow. Approximately 50% of 2024 originations came from existing portfolio companies, demonstrating the value of these relationships for repeat business and add-on financing. OBDC's ability to lead or co-lead approximately 90% of its transactions indicates strong market positioning and borrower preference. However, the barriers to entry in direct lending are relatively low, with numerous competitors including other BDCs, banks, credit funds, and alternative lenders. The company faces pressure from spread compression as more capital enters the private credit market, with management acknowledging that spreads have tightened from historical levels. Regulatory changes affecting BDCs or changes in tax treatment could impact the business model's attractiveness. The company's underwriting expertise and credit discipline provide some differentiation, evidenced by its low default rates and selective approach (approximately 5% of opportunities reviewed result in investments). Its focus on defensive, service-oriented sectors and structural protections in loan documentation help maintain credit quality. The permanent capital structure of a BDC provides stability compared to private credit funds that must return capital to investors, allowing for longer-term relationships with borrowers.
Risks & safety
Blue Owl Capital Corporation demonstrates a strong margin of safety with solid liquidity and conservative leverage metrics, though it operates in an inherently leveraged business model. **Liquidity and Solvency:** - Cash and short-term investments: $439 million as of Q1 2025 - Total liquidity: Over $3 billion including available credit facilities - Current ratio: 3.2x indicating strong short-term liquidity - Net leverage: 1.26x, well below the 2.0x regulatory maximum for BDCs - Total available capacity provides substantial cushion for new investments and operational needs **Debt Management:** - Debt-to-equity ratio: 1.31x, reflecting moderate leverage usage - Diversified funding sources including credit facilities and securitizations - Investment-grade rating profile supports access to capital markets - Interest coverage appears adequate given floating-rate asset base **Valuation Metrics:** - Price-to-book ratio: 0.94x, trading slightly below net asset value - Price-to-earnings ratio: 7.5x based on recent earnings - Dividend yield support through spillover income of approximately $0.34 per share - NAV per share: $15.14 versus market price around $13.71 **Other Considerations:** - Low non-accrual rate of 0.8% at fair value indicates strong credit quality - Diversified portfolio with average investment representing less than 45 basis points - Strong free cash flow generation supports dividend sustainability
Recent development
Over the past few years, Blue Owl Capital Corporation has executed several significant strategic initiatives to strengthen its market position and expand its capabilities. The most transformative development was the merger with Blue Owl Capital Corporation III (OBDE) completed in January 2025, which created the second-largest publicly traded BDC by total assets and is expected to generate over $5 million in operational synergies annually. The company has significantly expanded its platform capabilities through strategic acquisitions, including Atalaya Capital Management and IPI Partners, broadening its reach into alternative credit, investment-grade credit, and data center investments. This expansion allows OBDC to offer more comprehensive financing solutions while maintaining its core focus on upper middle-market direct lending. OBDC has scaled its average deal size substantially, growing from approximately $200 million in 2021 to $350 million currently, reflecting its enhanced ability to compete for larger transactions. The company has maintained its market leadership position by leading or co-leading approximately 90% of its transactions, with roughly 50% of 2024 originations coming from existing portfolio companies, demonstrating strong sponsor relationships. The company has optimized its portfolio composition toward higher-quality assets, increasing first lien investments from 68% to 77% of the portfolio over recent years. This shift toward senior secured lending provides better downside protection while maintaining attractive returns. Management has also focused on defensive sectors including healthcare, business services, and software, which tend to be more recession-resistant. From a capital management perspective, OBDC has implemented a progressive dividend policy, increasing its base dividend by 10% in 2024 to $1.72 per share annually, while maintaining supplemental dividends supported by strong spillover income. The company established a $750 million market equity issuance program to support growth and has authorized share repurchase programs to manage capital efficiently.
OBDC company profile · for informational purposes only — not investment advice.
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