Blue Owl Capital Corporation (OBDC)

Executive Summary

Blue Owl Capital Corporation closed at $10.30 on October 2, or 72% of its $14.26 June 30 net asset value, a wider discount than ARCC, BXSL or GBDC. The base dividend was cut 16% to $0.31 in May and second-quarter adjusted net investment income covered it 1.10 times. Non-accruals rose at cost but fell at fair value, with one name accounting for much of the increase. The gap to NAV prices in a third of the book defaulting at a 60% recovery.

What’s Inside The Full Report

• Executive summary and key points
• Seventy-Two Cents On The Dollar
• What OBDC Owns
• The Earnings Reset
• Credit Is Getting Worse Slowly
• What The Price Assumes
• Risks I Take Seriously
• The Verdict
• TTCM rating and position disclosure