Blue Owl Capital Inc

NYSE:OWLUnited States

Nov 6, 2024

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• Blue Owl Capital Corporation III Reports Third Quarter Net Investment Income Per Share of $0.41 and Net Asset Value Per Share of $15.49, from 4:38PM ET on Wednesday Nov 06, 2024 by PR Newswire

  4:38PM ET on Wednesday Nov 06, 2024 by PR Newswire
  Companies Mentioned: OBDC, OWL, OBDE

  Blue Owl Capital Corporation III (NYSE: OBDE, or the "Company") today announced financial results for its third quarter ended September 30, 2024.

  THIRD QUARTER 2024 HIGHLIGHTS

  -- Third quarter net investment income ("NII") per share of $0.41, in-line with the prior quarter and exceeding the regular dividend of $0.35 per share by 17%

• Blue Owl Capital Corporation Reports Third Quarter Net Investment Income Per Share of $0.47 and Net Asset Value Per Share of $15.28, from 4:38PM ET on Wednesday Nov 06, 2024 by PR Newswire

  4:38PM ET on Wednesday Nov 06, 2024 by PR Newswire
  Companies Mentioned: OBDC, OWL, OBDE

  Blue Owl Capital Corporation (NYSE:OBDC, or the "Company") today announced financial results for its third quarter ended September 30, 2024.

  THIRD QUARTER 2024 HIGHLIGHTS

  -- Third quarter net investment income ("NII") per share of $0.47, exceeding the regular dividend of $0.37 per share by 27% and generating an ROE of 12.4%

• Blue Owl Capital Corporation III Reports Third Quarter Net Investment Income Per Share of $0.41 and Net Asset Value Per Share of $15.49, from 4:38PM ET on Wednesday Nov 06, 2024 by Dow Jones

  4:38PM ET on Wednesday Nov 06, 2024 by Dow Jones
  Companies Mentioned: OBDC, OWL, OBDE
  
  accretion to net investment income and the elimination or reduction of certain expenses and costs due to the Mergers; (iv) the percentage of OBDC and OBDE shareholders voting in favor of the proposals submitted for their approval; (v) the possibility that competing offers or acquisition proposals will be made; (vi) the possibility that any or all of the various conditions to the consummation of the Mergers may not be satisfied or waived; (vii) risks related to diverting management's attention from ongoing business operations; (viii) the risk that shareholder litigation in connection with the Mergers may result in significant costs of defense and liability; (ix) changes in the economy, financial markets and political environment; (x) the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing war between Russia and Ukraine and the escalated conflict in the Middle-East, including the Israel-Hamas conflict, and general uncertainty surrounding the financial and political stability of the United States (including uncertainties related to the 2024 U.S. presidential election), the United Kingdom, the European Union and China, on financial market volatility, global economic markets, and various markets for commodities globally such as oil and natural gas; (xi) future changes in law or regulations; (xii) conditions to OBDC's and OBDE's operating areas, particularly with respect to business development companies or regulated investment companies; (xiii) an economic downturn, elevated interest and inflation rates, ongoing supply chain and labor market disruptions, including those as a result of strikes, work stoppages or accidents, instability in the U.S. and international banking systems, and the risk of recession or a shutdown of government services could impact business prospects of OBDC and OBDE and their portfolio companies or following the closing of the Mergers, the combined company; (xiv) the ability of Blue Owl Credit Advisors LLC (the "Adviser") to locate suitable investments for the combined company and to monitor and administer its investments; (xv) the ability of the Adviser to attract and retain highly talented professionals; and (xvi) other considerations that may be disclosed from time to time in OBDC's and OBDE's publicly disseminated documents and filings with the Securities and Exchange Commission ("SEC"). OBDC and OBDE have based the forward-looking statements included in this press release on information available to them on the date hereof, and they assume no obligation to update any such forward-looking statements. Although OBDC and OBDE undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that OBDC and OBDE in the future may file with the SEC, including the Joint Proxy Statement and the Registration Statement (each as defined below), annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
  

• Press Release: Blue Owl Capital Corporation III Reports Third Quarter Net Investment Income Per Share of $0.41 and Net Asset Value Per Share of $15.49, from 4:38PM ET on Wednesday Nov 06, 2024 by Dow Jones

  4:38PM ET on Wednesday Nov 06, 2024 by Dow Jones
  Companies Mentioned: OBDC, OWL, OBDE

• Blue Owl Capital Corporation Reports Third Quarter Net Investment Income Per Share of $0.47 and Net Asset Value Per Share of $15.28, from 4:37PM ET on Wednesday Nov 06, 2024 by Dow Jones

  4:37PM ET on Wednesday Nov 06, 2024 by Dow Jones
  Companies Mentioned: OBDC, OWL, OBDE
  Total investment income from non-controlled, affiliated investments: 674 36 976 213 --------------- --------------- --------------- --------------- Investment income from controlled, affiliated investments: Interest income 7,589 5,717 22,760 13,944 Payment-in-kind ("PIK") interest income 359 773 1,062 773 Dividend income 29,627 24,032 93,151 66,720 Other Income 180 182 550 760 --------------- --------------- --------------- --------------- Total investment income from controlled, affiliated investments 37,755 30,704 117,523 82,197 --------------- --------------- --------------- --------------- Total Investment Income 406,029 399,022 1,202,366 1,170,867 --------------- --------------- --------------- --------------- Expenses Interest expense 121,273 110,445 349,527 324,416 Management fees 49,264 47,796 144,512 143,911 Performance based incentive fees 39,224 40,314 118,111 117,640 Professional fees 3,476 3,890 11,185 11,697 Directors' fees 320 445 960 960 Other general and administrative 4,001 3,349 10,051 9,158 --------------- --------------- --------------- --------------- Total Operating Expenses 217,558 206,239 634,346 607,782 --------------- --------------- --------------- --------------- Net Investment Income (Loss) Before Taxes 188,471 192,783 568,020 563,085 --------------- --------------- --------------- --------------- Income tax expense (benefit) 3,559 2,730 11,209 8,495 --------------- --------------- --------------- --------------- Net Investment Income (Loss) After Taxes $ 184,912 $ 190,053 $ 556,811 $ 554,590 =============== =============== =============== =============== Net Realized and Change in Unrealized Gain (Loss) Net change in unrealized gain (loss): Non-controlled, non-affiliated investments $ 33,552 $ 22,371 $ (32,267) $ 91,855 Non-controlled, affiliated investments (143) 507 251 502 Controlled, affiliated investments (24,132) (2,076) (22,187) 14,113 Translation of assets and liabilities in foreign currencies (2,321) (2,292) 7,917 278 Income tax (provision) benefit (1,178) (1,521) (1,188) (4,217) --------------- --------------- --------------- --------------- Total Net Change in Unrealized Gain (Loss) 5,778 16,989 (47,474) 102,531 --------------- --------------- --------------- --------------- Net realized gain (loss): Non-controlled, non-affiliated investments $ (55,368) $ 235 $ (60,408) $ 353 Non-controlled, affiliated investments -- -- -- (52,482) Foreign currency transactions 36 (339) (8,834) (647) --------------- --------------- --------------- --------------- Total Net Realized Gain (Loss) (55,332) (104) (69,242) (52,776) --------------- --------------- --------------- --------------- Total Net Realized and Change in Unrealized Gain (Loss) (49,554) 16,885 (116,716) 49,755 --------------- --------------- --------------- --------------- Net Increase (Decrease) in Net Assets Resulting from Operations $ 135,358 $ 206,938 $ 440,095 $ 604,345 =============== =============== =============== =============== Earnings Per Share - Basic and Diluted $ 0.35 $ 0.53 $ 1.13 $ 1.55 --------------- --------------- --------------- --------------- Weighted Average Shares Outstanding - Basic and Diluted 390,217,304 389,703,612 390,018,665 390,223,606 --------------- --------------- --------------- --------------- PORTFOLIO AND INVESTMENT ACTIVITY For the Three Months Ended September 30, ($ in thousands) 2024 2023 ---------------- ----------------- New investment commitments Gross originations $ 1,151,667 $ 510,987 Less: Sell downs -- (10,803) ---------------- ----------------- Total new investment commitments $ 1,151,667 $ 500,184 ---------------- ----------------- Principal amount of investments funded: First-lien senior secured debt investments $ 1,044,951 $ 363,504 Second-lien senior secured debt investments -- -- Unsecured debt investments -- -- Preferred equity investments 1,097 -- Common equity investments 13,318 22,266 Joint ventures 21,437 875 ---------------- ----------------- Total principal amount of investments funded $ 1,080,803 $ 386,645 ---------------- ----------------- Principal amount of investments sold or repaid: First-lien senior secured debt investments $ (1,027,432) $ (342,060) Second-lien senior secured debt investments (65,812) (42,663) Unsecured debt investments -- -- Preferred equity investments (21,360) (4,963) Common equity investments (15) -- Joint ventures -- -- ---------------- ----------------- Total principal amount of investments sold or repaid $ (1,114,619) $ (389,686) ---------------- ----------------- Number of new investment commitments in new portfolio companies(1) 23 7 Average new investment commitment amount $ 42,251 $ 61,240 Weighted average term for new debt investment commitments (in years) 4.4 4.3 Percentage of new debt investment commitments at floating rates 98.8 % 92.2 % Percentage of new debt investment commitments at fixed rates 1.2 % 7.8 % Weighted average interest rate of new debt investment commitments(2) 9.7 % 11.7 % Weighted average spread over applicable base rate of new floating rate debt investment commitments 5.1 % 6.3 % ____________________ (1) Number of new investment commitments represents commitments to a particular portfolio company. (2) For the three months ended September 30, 2024, assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 4.59% as of September 30, 2024. For the three months ended September 30, 2023, assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 5.40% as of September 30, 2023.