Special Meeting

Proxy materials in connection with OBDC’s proposed merger with OBDE were recently filed with the SEC. Your support for this transaction will provide meaningful benefits for OBDC shareholders, and these benefits are highlighted in the press release announcing the transaction here.

If you are an investor in OBDC, your participation in this Special Meeting is extremely important. You can vote by going to www.proxyvote.com or by calling 1-800-690-6903 and providing the control number which is listed in the email or proxy card you received.1

Please click the link below to read the joint prospectus/proxy statement for this meeting.

OBDC Joint Prospectus / Proxy Statement

Vote Here at ProxyVote.com

1 You must be a shareholder of record as of the close of business on October 18, 2024 to vote. The meeting is scheduled for January 8, 2025.

About Blue Owl Capital Corp.

A leading BDC focused on lending to private U.S. middle-market companies

Blue Owl Capital Corporation (NYSE: OBDC) is a specialty finance company and business development company (BDC) focused on providing direct lending solutions to U.S. middle-market companies. We seek to generate current income and, to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns, including senior secured, subordinated, or mezzanine loans and equity-related instruments. Our investment strategy is intended to generate favorable returns across credit cycles with an emphasis on preserving capital. We intend to pay a quarterly dividend and shareholders can learn more about our dividend history here.

OBDC is externally managed by Blue Owl Credit Advisors LLC, an indirect affiliate of Blue Owl Capital Inc. (NYSE: OWL) and a part of Blue Owl's Credit platform. Blue Owl's Credit platform, is a New York-based direct lending platform with approximately $128.4 billion of assets under management as of September 30, 2024. Its team of investment professionals works with borrowers across industries and sectors with a focus on serving as the capital partner of choice for leading private companies. The relationship-oriented approach of Blue Owl's Credit platform to investing can provide companies with sizeable commitments to facilitate transactions and support their growth needs with certainty, speed, and transparency throughout the entire investment process.

Our investment approach

  • We originate, execute, and manage debt and equity investments in predominantly U.S. middle-market companies
  • We invest in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity-related securities and warrants
  • We focus on first lien, unitranche, and second lien term loans
  • We focus on long-term credit performance and principal protection
  • We are long-term investors with the ability to provide sizeable commitments to facilitate transactions and support the growth-related needs of our borrowers
  • We seek to provide certainty, speed, and transparency throughout the entire investment process
  • We have the ability to lead or anchor debt financings of up to $1 billion across the Credit platform

Our investment criteria1

  • Companies with earnings before interest expense, income tax expense, depreciation, and amortization, or “EBITDA,” between $10 million and $250 million annually and/or annual revenue of $50 million to $2.5 billion at the time of investment
  • Established companies with positive cash flow
  • Companies with strong competitive positioning in their industries
  • Companies with experienced management teams
  • Companies with diverse customer and supplier bases
  • Investments with maturities typically between three and ten years
  • Investments generally ranging in size between $20 million and $250 million

What do our portfolio companies use our capital for?

  • Growth
  • Acquisitions
  • Market or product expansion
  • Refinancings
  • Recapitalizations

1. Not all of these criteria will be met or will be equally important in connection with each of our investments.

OBDC at a glance

$13.4B
Portfolio size
219
Portfolio companies

Learn more about our portfolio

View our portfolio holdings

As of September 30, 2024 • Q3'24 10-Q

Our differentiated direct lending advantage

Lender of choice for financial sponsors

  • We are a scaled direct lending business with a $13.4 billion portfolio
  • Blue Owl's Credit platform has a large pool of capital with the ability to lead or anchor debt financings of up to $1 billion across our platform
  • We are founded and led by industry veterans, each with decades of experience
  • We provide a full suite of financing solutions including first lien, second lien, and unitranche loans
  • We have a large team of senior originators who have relationships with more than 760 sponsors

High-quality, senior-oriented, diversified portfolio

  • Our portfolio consists of 81% senior-secured investments; 76% of our portfolio is comprised of first-lien loans
  • We focus on upper middle-market companies; as of September 30, 2024, our borrowers generated average annual EBITDA of $197 million1
  • Our portfolio is well diversified by borrower, sector, sponsor, and position size
  • A majority of our borrowers are sponsor-backed. We believe that a financial sponsor’s willingness to invest significant sums of equity capital into a company is an explicit endorsement of the quality of their investment. Further, financial sponsors of portfolio companies with significant investments at risk have the ability and a strong incentive to contribute additional capital in difficult economic times should operational issues arise

Disciplined investment strategy

  • We have a highly selective investment process, having evaluated more than 10,000 opportunities and closed on approximately 5%
  • Our average loan-to-value is 43% across our portfolio
  • Our focus is on non-cyclical, recession-resistant businesses

Conservative balance sheet

  • We target debt-to-equity of 0.9x – 1.25x
  • We maintain significant liquidity, with $2.1 billion of cash and undrawn debt capacity
  • Our liability structure is well-diversified with a meaningful share of debt in the form of unsecured financing. 56% of funded debt capital is in unsecured debt
  • We have four investment-grade ratings

Strong shareholder alignment & transparency

  • Approximately $600 million committed to Credit products by executives and employees
  • Our board has approved share repurchase authorizations totaling $550 million since IPO; most recently, on May 8th 2024, OBDC announced a new authorization of $150 million
  • An independent valuation firm values every investment in our portfolio each quarter

As of 9/30/24 unless otherwise noted. Past performance is not a guarantee of future results. The views expressed are Credit's views as of 9/30/24 and may change without notice as market and other conditions change.

1. Borrower financials are derived from the most recently available portfolio company financial statements, have not been independently verified by Blue Owl's Credit platform, and may reflect a normalized or adjusted amount. Accordingly, Blue Owl's Credit platform makes no representation or warranty in respect of this information. This represents 90.1% of our total debt portfolio based on fair value and excludes certain investments that fall outside of our typical borrower profile.

OBDC borrower highlights

$875M
Weighted average portfolio company revenue
$197M
Weighted average portfolio company EBITDA
43%
Weighted average loan-to-value

As of September 30, 2024 • Q3'24 10-Q


Borrower financials are derived from the most recently available portfolio company financial statements, have not been independently verified by Blue Owl's Credit platform, and may reflect a normalized or adjusted amount. Accordingly, Blue Owl's Credit platform makes no representation or warranty in respect of this information. This represents 90.1% of our total debt portfolio based on fair value and excludes certain investments that fall outside of our typical borrower profile. Diversification will not guarantee profitability or protection against loss.

About our portfolio

We have embedded ESG into our investment process

At Blue Owl's Credit platform, we believe incorporating material environmental, social, and governance (ESG) factors into our corporate and investment practices can significantly contribute to our long-term success and the long-term success of the companies in which we invest.

Our adviser's ESG principles

  • Responsibility 
  • Dual-purpose investments
  • Due diligence 
  • Transparency 
  • Like-minded partnerships
  • Continuous improvements
ESG responsibility at Credit

Explore our connection with the broader Credit platform

Blue Owl Capital Corporation (NYSE: OBDC) is a BDC externally managed by Blue Owl Credit Advisors, LLC, an indirect affiliate of Blue Owl Capital Inc. (NYSE: OWL) and a part of Blue Owl's Credit platform.

About Credit

How BDCs promote capital investment

Business development companies (BDCs) serve as vehicles for investors to access ownership in a diversified pool of private credit assets and enable small and middle-market businesses with access to debt and equity capital.

Learn more about BDCs

Founded and led by industry veterans

Blue Owl Capital Corporation was founded in 2016 by Doug Ostrover, Marc Lipschultz, and Craig Packer who each have decades of experience building successful credit, underwriting, and alternative investment businesses.

Today, Doug Ostrover and Marc Lipschultz serve as Co-Chief Executive Officers and Co-Presidents of Blue Owl Capital. Craig Packer is Chief Executive Officer of each of the Credit’s BDCs, including Blue Owl Capital Corporation, and Co-President of Blue Owl Capital. All three are also members of Credit’s investment committee.

Learn more about our Management & Officers
View Board of Directors