Want to see OBDC full AI Analyst Report?
EarningsQ2 2026 Earnings Report
OBDC Q2 2026 EPS Results
Actual EPS$0.34
Consensus EPS$0.32
Beat/MissBeat by +$0.02
One Year Ago EPS$0.42
OBDC Q2 2026 Revenue Results
Actual Revenue$387.26M
Expected Revenue$394.23M
Beat/MissMissed by -$6.97M
YoY Revenue Growth-23.57%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeAfter Close
Conference CallWednesday, August 5, 2026
OBDC Upcoming Earnings
Blue Owl Capital's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
OBDC Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
Overall the call communicated a largely positive operational and financial update: NII and ROE improved, dividend coverage was healthy with a supplemental payout, leverage was reduced to the lowest level in over two years, liquidity and funding structure were strengthened, and the portfolio continued to show stable credit metrics and diversified, defensive exposures. The primary negatives were a modest NAV decline driven by a single-name markdown (Loparex), muted new-deal activity and refinancing in the market, some reliance on one-time realizations for elevated income, and modestly higher funding costs — but these negatives were isolated and outweighed by the quarter's constructive developments.Company Guidance
Adjusted NII and ROE Improvement
Adjusted net investment income (NII) was $0.34 per share in Q2, up from $0.31 in Q1 (~+9.7%), translating into a 9.6% annualized ROE — up over 100 basis points quarter-over-quarter and providing a healthy cushion above the base dividend.
Dividend Coverage and Supplemental Dividend
Base dividend coverage was ~110% this quarter; the board declared a Q3 base dividend of $0.31 per share and a $0.02 per share supplemental dividend. Spillover income remained ~ $0.29 per share, supporting dividend sustainability.
Large Realization: Mavis Tire Repayment
Repaid preferred equity in Mavis Tire generated ~ $274 million in cash (including $66 million of accrued PIK) and produced a 1.5x MOIC. This was the largest PIK realization to date and drove elevated fee income (~$0.03 per share).
PIK Exposure Decline
PIK as a percentage of total investment income declined to 10.7% in Q2, down from peak levels of over 13% two years ago, reflecting realized exits and portfolio evolution.
Strengthened Balance Sheet and Liquidity
Net leverage decreased to 1.11x (lowest in >2 years) after $429 million of fundings vs $747 million of repayments. Total liquidity post-July actions remained robust at approximately $3.5 billion (cash + undrawn capacity), comfortably exceeding unfunded commitments.
Capital Markets and Funding Actions
Issuer executed financing improvements including issuing ~ $800 million of unsecured debt, extending a $4 billion revolver (all banks extended, pricing unchanged), and eliminating two higher-cost secured facilities — improving the funding profile.
Share Repurchases and NAV Accretion
Repurchased $35 million of stock in Q2 (and ~$220 million since Q4 prior year), which was accretive to NAV by ~$0.03 per share and demonstrates disciplined capital allocation alongside maintaining leverage flexibility.
Portfolio Credit Health and Diversification
Portfolio remains diversified across 30+ industries with average position size ~40 bps. Revenue and EBITDA grew mid- to high-single digits YoY; interest coverage ~2x; portfolio company net leverage averaged 5.8x; LTVs ~47%. Non-accruals at fair value were low at 0.8%.
Strong Specialty Finance Results
Life sciences vehicle LSI delivered notable returns: LSI has generated >15% returns to OBDC since inception and realized a high-return repayment (ITM Radio Pharma) that produced >20% IRR on a $140 million position driving incremental dividend income this quarter.
OBDC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed