The following is a summary of the Blue Owl Capital Corporation (OBDC) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Blue Owl Capital Corporation reported a ROE of 12.4% for the third quarter, marking its seventh consecutive quarter of double-digit ROE.

• Net Asset Value (NAV) per share stood at $15.28, maintaining near historical highs.

• Net Investment Income for the quarter was $0.47 per share, with the base dividend coverage at 127%, indicating strong earnings above the base dividend rate.

• A supplemental dividend of $0.05 per share was declared due to over-earning of the base dividend, contributing to the company's robust financial standing.

Business Progress:

• OBDC is actively managing its portfolio with strategic mergers, such as the announced acquisition of IPI Partners, enhancing its platform and deal flow.

• Maintained strong origination activity with about $1.2 billion in new investment commitments during the quarter.

• Advanced operational efficiencies and scale through increased revolver capacity and a pending merger with OBDE expected to close in January 2025.

Opportunities:

• The shift to a lower rate environment and easing inflation presents an opportunity for sustained base dividend coverage and potential for additional supplemental dividends.

• Continued strategic acquisitions, such as Atalaya Capital Management and IPI Partners, diversify and strengthen OBDC's platform, presenting new avenues for growth and investment.

Risks:

• The market for mergers and acquisitions (M&A) remains subdued, impacting potential deal flows. However, the company uses its scale and incumbent advantages to navigate this challenge effectively.

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