Blue Owl Capital Corporation (NYSE: OBDC) reported fourth‑quarter and full‑year 2025 results on February 18, 2026, delivering a net investment income per share of $0.38 and an adjusted net investment income per share of $0.36. Total investments at fair value were $16.5 billion, a net asset value per share of $14.81, and a net debt‑to‑equity ratio of 1.19x. Revenue for the year reached $447.75 million, while the company declared a regular dividend of $0.37 per share for the first quarter of 2026, payable on or before April 15, 2026.
The adjusted earnings per share of $0.36 beat the Zacks Consensus Estimate of $0.35 by $0.01, a 1.9% beat, but one analyst view noted the figure was slightly below expectations of $0.37. Revenue of $447.75 million surpassed the Zacks Consensus Estimate of $446.15 million by 0.36% and also beat the FactSet estimate of $446.8 million. However, a separate estimate of $464.58 million was missed by $16.83 million, illustrating the range of analyst expectations. The earnings beat was largely driven by strong credit performance and a portfolio of 234 senior‑secured loans, which helped maintain income levels despite modest increases in interest and management expenses.
Blue Owl Capital announced the sale of $1.4 billion of direct‑lending investments, including $400 million from OBDC, across three of its BDCs. The transaction is expected to reduce leverage and increase capital flexibility for new opportunities. The company also completed a $148 million share repurchase during the quarter, the largest quarterly repurchase in its history, and authorized a new $300 million share‑repurchase program. In January 2026, Moody’s upgraded the company’s credit rating to Baa2, reinforcing confidence in its balance‑sheet management.
Chief Executive Officer Craig W. Packer highlighted that “OBDC closed the year with strong fourth‑quarter earnings and credit performance, reflecting the health of our borrowers and our defensive, senior‑secured strategy focused on the upper middle market.” He added that the repurchase activity was “accretive to NAV per share and the largest quarterly repurchase activity in our history,” underscoring the company’s commitment to shareholder value and balance‑sheet strength. The company’s portfolio quality remained solid, with losses remaining low and credit quality described as “solid.”
Investors responded favorably to the earnings release, citing the asset sale and Moody’s upgrade as key drivers of confidence in Blue Owl Capital’s future prospects. No forward guidance was disclosed in the release, leaving the company’s outlook for the next quarter and full year unchanged.
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