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Blue Owl Capital Corporation (NYSE: OBDC) is a specialty finance and business development company focused on providing direct lending solutions to U.S. middle-market companies. The company aims to generate current income and capital appreciation by targeting investment opportunities with favorable risk-adjusted returns.
OBDC's portfolio includes senior secured, subordinated, mezzanine loans, and equity-related instruments, promoting strong credit performance and capital preservation. As of June 30, 2023, OBDC had investments in 187 portfolio companies with an aggregate fair value of $12.9 billion.
The company operates under the Investment Company Act of 1940 and is managed externally by Blue Owl Credit Advisors LLC, an SEC-registered investment adviser affiliated with Blue Owl Capital Inc. (NYSE: OWL). Blue Owl's Credit Platform, the division managing OBDC, focuses on direct lending, boasting approximately $71.6 billion in assets under management as of March 31, 2023.
OBDC has a strong track record of financial performance, achieving record net investment income for consecutive quarters. Recently, OBDC declared a third quarter 2023 dividend of $0.33 per share and a second quarter supplemental dividend of $0.07 per share. Notably, the company has an active stock repurchase program, enhancing shareholder value through strategic buybacks.
Additionally, OBDC's diversified investment portfolio is primarily composed of senior secured debt, ensuring stability and reduced risk. The portfolio is structured to benefit from floating rates, which accounted for 98.1% of debt investments based on fair value as of June 30, 2023.
The company regularly updates investors through quarterly financial results and conference calls, ensuring transparency and engagement. For more detailed and up-to-date information, visit the official website at www.blueowlcapitalcorporation.com.
Wingspire Equipment Finance has provided $10 million in equipment financing to a global agricultural manufacturing company to modernize its flagship Canadian facility. The funding, structured as a Capital Lease, will support the replacement of aging equipment with state-of-the-art technologies to enhance manufacturing capabilities and reduce downtime.
The recipient is a private equity-backed company specializing in high-precision components and parts for agricultural soil preparation, serving OEM and aftermarket channels across North America, Europe, and Latin America. The company also maintains a strong portfolio in agriculture, construction, and gardening tools.
Blue Owl Capital III (NYSE: OBDE) has declared a special dividend of $0.52 per share, payable by January 31, 2025, to shareholders of record as of December 31, 2024. The dividend payment timing is linked to the proposed merger with Blue Owl Capital (NYSE: OBDC), expected to close after the shareholder meetings scheduled for January 8, 2025. The special dividend represents OBDE's estimated remaining undistributed taxable income at merger closing and includes any unpaid special dividends previously declared during OBDE's January 2024 listing.
KBRA has assigned a BBB+ rating with a Stable outlook to Blue Owl Capital 's (NYSE: OBDC) $400 million, 5.95% senior unsecured notes due 2029. The rating reflects OBDC's connection to the $128.4 billion Blue Owl Credit platform and its strong position in the private credit market. The company maintains a $13.4 billion investment portfolio across 219 companies, focusing on senior secured first lien loans. Key strengths include solid liquidity with $1.3 billion in available credit lines, $427 million in unrestricted cash, and a diverse funding profile. OBDC plans to merge with Blue Owl Capital III (OBDE) in Q1 2025, potentially becoming the second-largest publicly traded BDC with approximately $17.7 billion in investments.
Wingspire Equipment Finance has provided a $35 million equipment financing deal to a sponsor-backed medical technology company focused on sterile liquid medicines and vaccines. The financing will fund custom Blow-Fill-Seal (BFS) machines to enhance production capacity. The client company recently achieved significant innovations in prefilled injection devices, reducing costs by nearly 50%. The new BFS machines will improve unit production output, consolidate operations, reduce carbon footprint, and lower transportation costs. The capital lease structure was chosen over equity investment as a more cost-effective solution.
Blue Owl Capital (NYSE: OBDC) reported third quarter 2024 financial results with net investment income of $0.47 per share, exceeding the regular dividend of $0.37 by 27%. The company declared total dividends of $0.42 per share, including a $0.05 supplemental dividend, representing an 11.0% annualized yield based on NAV. Net Asset Value per share was $15.28, compared to $15.36 in June 2024.
The company reported $1.2 billion in originations and $1.1 billion in sales/repayments. Portfolio quality improved with non-accrual investments decreasing to 0.7% from 1.4%. Investment income increased to $406.0 million, while total expenses rose to $217.6 million. The company maintains $481.3 million in cash and restricted cash with $1.6 billion undrawn capacity on credit facilities.
Blue Owl Capital III (NYSE: OBDE) reported its Q3 2024 financial results with net investment income of $0.41 per share, maintaining the previous quarter's performance and exceeding the regular dividend of $0.35 by 17%. The company's NAV per share was $15.49, slightly down from $15.56 in Q2. Q3 originations were $575.1 million, with $649.1 million in sales and repayments. The portfolio showed strong credit quality with non-accrual investments decreasing to 0.2% of debt portfolio fair value.
The company announced a merger agreement with Blue Owl Capital (NYSE: OBDC), expected to close after special meetings scheduled for January 8, 2025. The Board declared a Q4 2024 dividend of $0.35 per share and confirmed the third special dividend of $0.06 per share.
Blue Owl Capital (NYSE: OBDC) celebrates the five-year anniversary of its investment in Wingspire Capital, a premier asset-backed direct lender. Since its launch in fall 2019, Wingspire has closed over $4.5 billion in financing commitments across its two business units: Wingspire Equipment Finance and Wingspire Corporate Finance.
OBDC plans to continue supporting Wingspire's growth through organic expansion, acquisitions, and new product offerings. Wingspire specializes in providing flexible financing solutions for middle-market businesses with bank-adjacent credit profiles. The company recently completed its inaugural equipment finance asset-backed securitization, WEF 2024-1, marking a significant milestone in the industry.
Wingspire Capital currently has over $1 billion in assets under management and offers senior secured credit facilities of up to $200 million. The company serves various industries, including automotive, business services, healthcare, and technology applications.
Blue Owl Capital (NYSE: OBDC) has announced the schedule for its third quarter 2024 financial results release and earnings call. The company will release its financial results for the quarter ended September 30, 2024, on Wednesday, November 6, 2024 after market close. A webcast and conference call to discuss these results will be held on Thursday, November 7, 2024, at 10:00 a.m. Eastern Time.
Interested parties can access the conference call via the Events section of OBDC's website or by dialing in. Domestic callers should use (877) 737-7048, while international callers can dial +1 (201) 689-8523. Participants are advised to dial in 10-15 minutes early. An archived replay will be available on the company's website for one year and via dial-in for 14 days after the call.
Wingspire Equipment Finance has successfully completed its inaugural asset-backed securitization (ABS), WEF 2024-1, raising $201 million. This marks the first large-ticket equipment ABS to receive ratings from a major rating agency for an inaugural issuance. The transaction included five classes of notes, with the top classes receiving F1+/K1+ and AAA ratings from Fitch Ratings and Kroll Bond Rating Agency. The ABS was backed by a diverse portfolio of equipment loans and leases across various industries and was more than 3x oversubscribed, indicating strong investor demand. Over 20 prominent investors participated, reflecting confidence in Wingspire's portfolio quality, management expertise, and underwriting standards.
Blue Owl Capital III (NYSE: OBDE) reported strong Q2 2024 results, with net investment income (NII) per share of $0.41, exceeding the regular dividend of $0.35 by over 15%. The company declared a Q3 2024 dividend of $0.35 per share and announced the second of five special dividends of $0.06 per share. Net Asset Value (NAV) per share increased to $15.56, up $0.28 from June 30, 2023.
OBDE's portfolio grew significantly, with new investment commitments totaling $1.0 billion across 31 new and 24 existing portfolio companies. The portfolio consisted of 85.0% first lien senior secured debt investments, with a weighted average total yield of 11.5% on accruing debt and income-producing securities.
Importantly, OBDE announced a definitive merger agreement with Blue Owl Capital (NYSE: OBDC), subject to shareholder approvals and closing conditions.
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