Blue Owl Capital Corporation Reports Second Quarter Net Investment Income Per Share of $0.48 and Net Asset Value Per Share of $15.36
Blue Owl Capital (NYSE: OBDC) reported strong Q2 2024 results, with net investment income of $0.48 per share exceeding the regular dividend by 30%. The Board declared a total dividend of $0.43 per share, representing an 11.2% annualized yield. Net asset value (NAV) per share increased to $15.36, up $0.10 from June 2023.
OBDC announced a merger agreement with Blue Owl Capital III (NYSE: OBDE), aiming to grow its portfolio and benefit shareholders. The company's portfolio consisted of 75.4% first lien senior secured debt investments as of June 30, 2024, with a weighted average total yield of 11.9% on accruing debt and income-producing securities at fair value.
New investment commitments for Q2 2024 totaled $3.3 billion across 49 portfolio companies. The company maintained a strong liquidity position with $380 million in cash and $1.3 billion of undrawn capacity on credit facilities.
Blue Owl Capital (NYSE: OBDC) ha riportato forti risultati per il secondo trimestre del 2024, con un reddito netto da investimenti di $0.48 per azione, superando il dividendo regolare del 30%. Il Consiglio ha dichiarato un dividendo totale di $0.43 per azione, che rappresenta un rendimento annualizzato dell'11.2%. Il valore netto degli attivi (NAV) per azione è aumentato a $15.36, con un incremento di $0.10 rispetto a giugno 2023.
OBDC ha annunciato un accordo di fusione con Blue Owl Capital III (NYSE: OBDE), mirando a espandere il proprio portafoglio e beneficiare gli azionisti. Il portafoglio della società consisteva nel 75.4% in investimenti in debito senior garantito di primo grado al 30 giugno 2024, con un rendimento totale medio ponderato del 11.9% su debiti in accumulo e titoli produttori di reddito al valore equo.
I nuovi impegni di investimento per il secondo trimestre del 2024 hanno totalizzato $3.3 miliardi attraverso 49 società del portafoglio. L'azienda ha mantenuto una solida posizione di liquidità con $380 milioni in contante e $1.3 miliardi di capacità non utilizzata su strutture di credito.
Blue Owl Capital (NYSE: OBDC) reportó fuertes resultados para el segundo trimestre de 2024, con un ingreso neto por inversiones de $0.48 por acción, superando el dividendo regular en un 30%. La Junta declaró un dividendo total de $0.43 por acción, lo que representa un rendimiento anualizado del 11.2%. El valor neto de los activos (NAV) por acción aumentó a $15.36, subiendo $0.10 desde junio de 2023.
OBDC anunció un acuerdo de fusión con Blue Owl Capital III (NYSE: OBDE), con el objetivo de expandir su cartera y beneficiar a los accionistas. La cartera de la compañía consistía en un 75.4% de inversiones en deuda senior asegurada de primer nivel al 30 de junio de 2024, con un rendimiento total promedio ponderado del 11.9% sobre deudas acumulativas y valores que generan ingresos a valor justo.
Los nuevos compromisos de inversión para el segundo trimestre de 2024 totalizaron $3.3 mil millones en 49 compañías de la cartera. La empresa mantuvo una sólida posición de liquidez con $380 millones en efectivo y $1.3 mil millones de capacidad no utilizada en las líneas de crédito.
블루 올 카펫탈 (NYSE: OBDC)은 2024년 2분기 강력한 실적을 보고했습니다. 주당 순 투자 수익이 $0.48로, 정기 배당금을 30% 초과했습니다. 이사회는 주당 $0.43의 총 배당금을 선언했으며, 이는 연환산 수익률 11.2%를 나타냅니다. 주당 순자산 가치(NAV)는 $15.36로 증가했습니다, 2023년 6월에 비해 $0.10 증가했습니다.
OBDC는 블루 올 카펫탈 III (NYSE: OBDE)와의 합병 계약을 발표하며 포트폴리오를 확장하고 주주들에게 이익을 제공할 계획입니다. 회사의 포트폴리오는 2024년 6월 30일 기준으로 첫 담보권 우선 부채 투자로 75.4%를 구성했으며, 가동 중인 부채와 수익 창출 증권의 균형 평균 총 수익률은 11.9%입니다.
2024년 2분기 새로운 투자 약속은 49개 포트폴리오 기업을 통해 총 $3.3억 달러에 달했습니다. 회사는 $3.8억 달러의 현금과 신용 시설에서 $13억 달러의 미사용 용량으로 강력한 유동성 위치를 유지했습니다.
Blue Owl Capital (NYSE: OBDC) a annoncé de solides résultats pour le deuxième trimestre 2024, avec un revenu net d'investissement de $0.48 par action, dépassant le dividende régulier de 30%. Le Conseil a déclaré un dividende total de $0.43 par action, représentant un rendement annualisé de 11.2%. La valeur nette d'actifs (NAV) par action a augmenté à $15.36, en hausse de $0.10 par rapport à juin 2023.
OBDC a annoncé un accord de fusion avec Blue Owl Capital III (NYSE: OBDE), visant à développer son portefeuille et à bénéficier aux actionnaires. Le portefeuille de l'entreprise était constitué à 75.4% de dettes senior sécurisées de premier rang au 30 juin 2024, avec un rendement total moyen pondéré de 11.9% sur les dettes accumulées et les titres générateurs de revenus à leur juste valeur.
Les nouveaux engagements d'investissement pour le deuxième trimestre 2024 se sont élevés à $3.3 milliards à travers 49 entreprises du portefeuille. L'entreprise a maintenu une solide position de liquidité avec $380 millions en espèces et $1.3 milliard de capacité inutilisée sur les facilités de crédit.
Blue Owl Capital (NYSE: OBDC) berichtete über starke Ergebnisse für das 2. Quartal 2024, mit einem Nettoinvestitionsertrag von $0.48 pro Aktie, der die reguläre Dividende um 30% übertraf. Der Vorstand erklärte eine Gesamtausschüttung von $0.43 pro Aktie, was einer annualisierten Rendite von 11.2% entspricht. Der Nettoinventarwert (NAV) pro Aktie stieg auf $15.36, ein Anstieg von $0.10 gegenüber Juni 2023.
OBDC kündigte eine Fusionsvereinbarung mit Blue Owl Capital III (NYSE: OBDE) an, mit dem Ziel, das Portfolio zu erweitern und den Aktionären zu nutzen. Das Portfolio des Unternehmens bestand zum 30. Juni 2024 zu 75.4% aus gesicherten Senior-Debt-Investitionen mit einer gewichteten durchschnittlichen Gesamtrendite von 11.9% auf auflaufende Schulden und einkommensproduzierende Werte zum fairen Wert.
Die neuen Investitionszusagen für das 2. Quartal 2024 beliefen sich auf insgesamt $3.3 Milliarden über 49 Portfoliounternehmen. Das Unternehmen hielt eine starke Liquiditätsposition mit $380 Millionen in Bar und $1.3 Milliarden ungenutzter Kapazität in Kreditfazilitäten bei.
- Net investment income of $0.48 per share, exceeding regular dividend by 30%
- Total dividends of $0.43 per share, representing 11.2% annualized yield
- NAV per share increased to $15.36, up $0.10 from June 2023
- New investment commitments of $3.3 billion in Q2 2024
- Strong liquidity with $380 million in cash and $1.3 billion undrawn credit capacity
- Merger agreement with OBDE to grow portfolio and benefit shareholders
- Net debt-to-equity increased to 1.20x from 1.04x in previous quarter
- Slight decline in interest income due to lower portfolio yield
- Loans on non-accrual represented 1.4% of total fair value of debt portfolio
Insights
Blue Owl Capital 's Q2 2024 results demonstrate solid financial performance and strategic growth. The $0.48 net investment income (NII) per share exceeding the regular dividend by 30% indicates strong profitability. The NAV increase to $15.36 per share shows positive portfolio valuation.
The 11.2% annualized dividend yield is attractive for income-focused investors. However, the increased net debt-to-equity ratio of 1.20x from 1.04x suggests higher leverage, which could be a concern if economic conditions worsen.
The planned merger with OBDE is a significant move that could enhance scale and shareholder value, but integration risks should be monitored. Overall, OBDC's performance and strategic initiatives paint a positive picture for investors, balancing growth with prudent capital management.
OBDC's Q2 results reflect robust market positioning in the BDC sector. The $3.3 billion in new investment commitments across 49 companies demonstrates strong deal flow and market demand for private credit. This surge in originations, compared to $1.2 billion in Q1, indicates accelerating market activity.
The portfolio's 75.4% allocation to first lien senior secured debt and 96.5% floating rate exposure position OBDC well in the current rising rate environment. The 11.9% weighted average yield on accruing debt showcases attractive returns in the private credit market.
However, investors should note the slight increase in non-accrual loans to 1.4% of the debt portfolio's fair value, which warrants monitoring for potential credit quality trends in the broader market.
The announced merger between OBDC and OBDE is a significant legal and strategic move. Key points to consider:
- The merger requires shareholder approvals and regulatory clearances, which could impact the timeline and certainty of completion.
- The unanimous board approval from both companies' special committees suggests thorough due diligence and alignment of interests.
- Investors should review the merger agreement for potential break-up fees or material adverse change clauses.
Additionally, the appointment of Logan Nicholson as President represents a notable change in corporate governance. Shareholders should assess the implications of this leadership transition on the company's strategy and operations going forward.
SECOND QUARTER 2024 HIGHLIGHTS
- Second quarter net investment income ("NII") per share of
$0.48 30% - Based on OBDC's supplemental dividend framework, the Board of Directors (the "Board") declared a second quarter supplemental dividend of
$0.06 - Total dividends for the second quarter were
$0.43 11.2% annualized dividend yield based on second quarter net asset value ("NAV") per share - NAV per share of
$15.36 $0.10 - As a result of elevated originations and net fundings in the second quarter, net debt-to-equity increased to 1.20x as of June 30, 2024, up from 1.04x as of March 31, 2024
- Also announced today that OBDC entered into a definitive merger agreement with Blue Owl Capital Corporation III (NYSE: OBDE)
"OBDC delivered another quarter of strong earnings and generated a
OBDC to Merge with OBDE
OBDC and OBDE today announced that they have entered into a definitive merger agreement, with OBDC as the surviving company, subject to certain shareholder approvals and other customary closing conditions. Following the recommendation of each of their special committees, the boards of directors of both OBDC and OBDE have unanimously approved the transaction. A separate press release and investor presentation can be found on the Company's website, www.BlueOwlCapitalCorporation.com.
Dividend Declarations
The Company's Board declared a third quarter 2024 regular dividend of
The Board also declared a second quarter 2024 supplemental dividend of
Previously Approved 2024 Stock Repurchase Program
On May 6, 2024, the Board approved the 2024 Repurchase Program (the "Repurchase Program") under which the Company may repurchase up to
Appointment of Logan Nicholson as President
On August 6, 2024, the Board appointed Logan Nicholson to serve as the Company's President. The role of President was previously held by Craig Packer, who will continue to serve as the Company's Chief Executive Officer and as a director. Mr. Nicholson joined the Company a year ago and brings two decades of experience in the leveraged finance industry.
PORTFOLIO AND INVESTING ACTIVITY
For the three months ended June 30, 2024, new investment commitments totaled
For the three months ended June 30, 2024, the principal amount of new investments funded was
For the three months ended March 31, 2024, the principal amount of new investments funded was
As of June 30, 2024 and March 31, 2024, the Company had investments in 212 and 198 portfolio companies with an aggregate fair value of
As of June 30, 2024, based on fair value, the portfolio consisted of
As of March 31, 2024, based on fair value, the portfolio consisted of
As of June 30, 2024 and March 31, 2024, approximately
As of June 30, 2024 and March 31, 2024, the weighted average total yield of accruing debt and income-producing securities at fair value (which includes interest income and amortization of fees and discounts) was
As of June 30, 2024, loans on non-accrual represented
RESULTS OF OPERATIONS FOR THE SECOND QUARTER ENDED JUNE 30, 2024
Investment Income
Investment income increased to
Expenses
Total expenses remained consistent at
Liquidity and Capital Resources
As of June 30, 2024, the Company had
CONFERENCE CALL AND WEBCAST INFORMATION
Conference Call Information:
The conference call will be broadcast live on August 8, 2024 at 10:00 a.m. Eastern Time on the Events section of OBDC's website at www.BlueOwlCapitalCorporation.com. Please visit the website to test your connection before the webcast.
Participants are also invited to access the conference call by dialing one of the following numbers:
- Domestic: (877) 737-7048
- International: +1 (201) 689-8523
All callers will need to reference "Blue Owl Capital Corporation" once connected with the operator. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected.
Replay Information:
An archived replay will be available for 30 days via a webcast link located on the Events section of OBDC's website, and via the dial-in numbers listed below:
- Domestic: (877) 660-6853
- International: +1 (201) 612-7415
- Conference ID: 13746907
ABOUT BLUE OWL CAPITAL CORPORATION
Blue Owl Capital Corporation (NYSE: OBDC) is a specialty finance company focused on lending to
Certain information contained herein may constitute "forward-looking statements" that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about OBDC, its current and prospective portfolio investments, its industry, its beliefs and opinions, and its assumptions. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "outlook," "potential," "predicts" and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond OBDC's control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors identified in OBDC's filings with the SEC. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date on which OBDC makes them. OBDC does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.
INVESTOR CONTACTS
Investor Contact:
BDC Investor Relations
Michael Mosticchio
credit-ir@blueowl.com
Media Contact:
Prosek Partners
Josh
pro-blueowl@prosek.com
FINANCIAL HIGHLIGHTS | ||||
For the Three Months Ended | ||||
($ in thousands, except per share amounts) | June 30, | March 31, | June 30, | |
Investments at Fair Value | $ 13,341,982 | $ 12,414,384 | $ 12,892,943 | |
Total Assets | $ 13,866,620 | $ 13,329,632 | $ 13,393,278 | |
Net Asset Value Per Share | $ 15.36 | $ 15.47 | $ 15.26 | |
Investment Income | $ 396,760 | $ 399,577 | $ 394,223 | |
Net Investment Income | $ 189,134 | $ 182,765 | $ 186,676 | |
Net Income | $ 122,220 | $ 182,517 | $ 195,562 | |
Net Investment Income Per Share | $ 0.48 | $ 0.47 | $ 0.48 | |
Net Realized and Unrealized Gains (and Losses) Per Share | $ (0.17) | $ — | $ 0.02 | |
Net Income Per Share | $ 0.31 | $ 0.47 | $ 0.50 | |
Distributions Declared from Net Investment Income Per Share | $ 0.37 | $ 0.37 | $ 0.33 | |
Supplemental Distributions Declared from Net Investment Income Per Share | $ 0.06 | $ 0.05 | $ 0.07 | |
Weighted Average Yield of Accruing Debt and Income Producing Securities at Fair Value | 11.9 % | 12.1 % | 12.2 % | |
Weighted Average Yield of Accruing Debt and Income Producing Securities at Amortized Cost | 12.0 % | 12.3 % | 12.2 % | |
Percentage of Debt Investment Commitments at Floating Rates | 96.5 % | 97.3 % | 98.1 % | |
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES | ||||
(Amounts in thousands, except share and per share amounts) | ||||
June 30, 2024 | December 31, 2023 | |||
Assets | ||||
Investments at fair value | ||||
Non-controlled, non-affiliated investments (amortized cost of | $ 11,705,361 | $ 11,264,956 | ||
Non-controlled, affiliated investments (amortized cost of | 32,357 | 19,988 | ||
Controlled, affiliated investments (amortized cost of | 1,604,264 | 1,428,404 | ||
Total investments at fair value (amortized cost of | 13,341,982 | 12,713,348 | ||
Cash (restricted cash of | 377,914 | 658,702 | ||
Foreign cash (cost of | 2,070 | 956 | ||
Interest receivable | 109,300 | 112,260 | ||
Receivable from a controlled affiliate | 30,354 | 22,978 | ||
Prepaid expenses and other assets | 5,000 | 3,152 | ||
Total Assets | $ 13,866,620 | $ 13,511,396 | ||
Liabilities | ||||
Debt (net of unamortized debt issuance costs of | $ 7,414,920 | $ 7,077,088 | ||
Distribution payable | 144,380 | 136,407 | ||
Management fee payable | 48,005 | 47,711 | ||
Incentive fee payable | 40,119 | 42,217 | ||
Payables to affiliates | 7,313 | 3,835 | ||
Payable for investments purchased | 9,130 | — | ||
Accrued expenses and other liabilities | 208,469 | 182,745 | ||
Total Liabilities | 7,872,336 | 7,490,003 | ||
Commitments and contingencies (Note 7) | ||||
Net Assets | ||||
Common shares | 3,902 | 3,897 | ||
Additional paid-in-capital | 5,931,419 | 5,924,002 | ||
Accumulated undistributed (overdistributed) earnings | 58,963 | 93,494 | ||
Total Net Assets | 5,994,284 | 6,021,393 | ||
Total Liabilities and Net Assets | $ 13,866,620 | $ 13,511,396 | ||
Net Asset Value Per Share | $ 15.36 | $ 15.45 | ||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
(Amounts in thousands, except share amounts) | |||||||
(Unaudited) | |||||||
For the Three Months | For the Six Months | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Investment Income | |||||||
Investment income from non-controlled, non-affiliated investments: | |||||||
Interest income | $ 287,360 | $ 297,992 | $ 581,810 | $ 586,670 | |||
Payment-in-kind ("PIK") interest income | 44,272 | 44,803 | 85,507 | 87,858 | |||
Dividend income | 16,313 | 17,607 | 37,649 | 35,440 | |||
Other income | 5,988 | 7,243 | 11,301 | 10,207 | |||
Total investment income from non-controlled, non-affiliated investments | 353,933 | 367,645 | 716,267 | 720,175 | |||
Investment income from non-controlled, affiliated investments: | |||||||
Interest income | 40 | — | 108 | — | |||
Payment-in-kind ("PIK") interest income | 132 | — | 132 | — | |||
Dividend income | 46 | 177 | 62 | 177 | |||
Total investment income from non-controlled, affiliated investments: | 218 | 177 | 302 | 177 | |||
Investment income from controlled, affiliated investments: | |||||||
Interest income | 7,169 | 5,553 | 15,171 | 8,227 | |||
Payment-in-kind ("PIK") interest income | 527 | — | 703 | — | |||
Dividend income | 34,735 | 20,662 | 63,524 | 42,688 | |||
Other Income | 178 | 186 | 370 | 578 | |||
Total investment income from controlled, affiliated investments | 42,609 | 26,401 | 79,768 | 51,493 | |||
Total Investment Income | 396,760 | 394,223 | 796,337 | 771,845 | |||
Expenses | |||||||
Interest expense | 109,125 | 110,017 | 228,254 | 213,972 | |||
Management fees | 48,005 | 48,024 | 95,248 | 96,116 | |||
Performance based incentive fees | 40,119 | 39,598 | 78,887 | 77,326 | |||
Professional fees | 4,113 | 4,131 | 7,709 | 7,804 | |||
Directors' fees | 320 | 257 | 640 | 515 | |||
Other general and administrative | 3,534 | 3,140 | 6,050 | 5,811 | |||
Total Operating Expenses | 205,216 | 205,167 | 416,788 | 401,544 | |||
Net Investment Income (Loss) Before Taxes | 191,544 | 189,056 | 379,549 | 370,301 | |||
Income tax expense (benefit) | 2,410 | 2,380 | 7,650 | 5,765 | |||
Net Investment Income (Loss) After Taxes | $ 189,134 | $ 186,676 | $ 371,899 | $ 364,536 | |||
Net Realized and Change in Unrealized Gain (Loss) | |||||||
Net change in unrealized gain (loss): | |||||||
Non-controlled, non-affiliated investments | $ (64,868) | $ 3,869 | $ (65,819) | $ 69,292 | |||
Non-controlled, affiliated investments | 180 | (4) | 394 | (5) | |||
Controlled, affiliated investments | (7,393) | 6,127 | 1,945 | 16,381 | |||
Translation of assets and liabilities in foreign currencies | 12,184 | 1,360 | 10,238 | 2,570 | |||
Income tax (provision) benefit | — | (2,415) | (10) | (2,696) | |||
Total Net Change in Unrealized Gain (Loss) | (59,897) | 8,937 | (53,252) | 85,542 | |||
Net realized gain (loss): | |||||||
Non-controlled, non-affiliated investments | 153 | 118 | (5,040) | (52,365) | |||
Foreign currency transactions | (7,170) | (169) | (8,870) | (308) | |||
Total Net Realized Gain (Loss) | (7,017) | (51) | (13,910) | (52,673) | |||
Total Net Realized and Change in Unrealized Gain (Loss) | (66,914) | 8,886 | (67,162) | 32,869 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ 122,220 | $ 195,562 | $ 304,737 | $ 397,405 | |||
Earnings Per Share - Basic and Diluted | $ 0.31 | $ 0.50 | $ 0.78 | $ 1.02 | |||
Weighted Average Shares Outstanding - Basic and Diluted | 390,103,640 | 389,930,979 | 389,918,254 | 390,487,912 | |||
PORTFOLIO AND INVESTMENT ACTIVITY | ||||
For the Three Months Ended June 30, | ||||
($ in thousands) | 2024 | 2023 | ||
New investment commitments | ||||
Gross originations | $ 3,296,799 | $ 182,955 | ||
Less: Sell downs | — | — | ||
Total new investment commitments | $ 3,296,799 | $ 182,955 | ||
Principal amount of investments funded: | ||||
First-lien senior secured debt investments | $ 2,098,353 | $ 110,178 | ||
Second-lien senior secured debt investments | 10,000 | — | ||
Unsecured debt investments | 132,135 | — | ||
Preferred equity investments | 884 | — | ||
Common equity investments | 26,433 | 16,535 | ||
Joint Ventures | 37,625 | 42,875 | ||
Total principal amount of investments funded | $ 2,305,430 | $ 169,588 | ||
Principal amount of investments sold or repaid: | ||||
First-lien senior secured debt investments | $ (872,157) | $ (528,569) | ||
Second-lien senior secured debt investments | (125,596) | (35,850) | ||
Unsecured debt investments | (118,699) | — | ||
Preferred equity investments | (30,321) | (1,589) | ||
Common equity investments | — | (195) | ||
Joint Ventures | — | — | ||
Total principal amount of investments sold or repaid | $ (1,146,773) | $ (566,203) | ||
Number of new investment commitments in new portfolio companies(1) | 25 | 5 | ||
Average new investment commitment amount | $ 98,945 | $ 23,800 | ||
Weighted average term for new debt investment commitments (in years) | 5.7 | 3.7 | ||
Percentage of new debt investment commitments at floating rates | 96.8 % | 100.0 % | ||
Percentage of new debt investment commitments at fixed rates | 3.2 % | — % | ||
Weighted average interest rate of new debt investment commitments(2) | 10.9 % | 11.9 % | ||
Weighted average spread over applicable base rate of new floating rate debt investment commitments | 5.4 % | 6.6 % | ||
________________ | |
(1) | Number of new investment commitments represents commitments to a particular portfolio company. |
(2) | For the three months ended June 30, 2024, assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was |
Forward-Looking Statements
Some of the statements in this press release constitute forward-looking statements because they relate to future events, future performance or financial condition of OBDC or OBDE or the two-step merger (collectively, the "Mergers") of OBDE with and into OBDC. The forward-looking statements may include statements as to: future operating results of OBDC and OBDE and distribution projections; business prospects of OBDC and OBDE and the prospects of their portfolio companies; and the impact of the investments that OBDC and OBDE expect to make. In addition, words such as "anticipate," "believe," "expect," "seek," "plan," "should," "estimate," "project" and "intend" indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this press release involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with (i) the timing or likelihood of the Mergers closing; (ii) the expected synergies and savings associated with the Mergers; (iii) the ability to realize the anticipated benefits of the Mergers, including the expected accretion to net investment income and the elimination or reduction of certain expenses and costs due to the Mergers; (iv) the percentage of OBDC and OBDE shareholders voting in favor of the proposals submitted for their approval; (v) the possibility that competing offers or acquisition proposals will be made; (vi) the possibility that any or all of the various conditions to the consummation of the Mergers may not be satisfied or waived; (vii) risks related to diverting management's attention from ongoing business operations; (viii) the risk that shareholder litigation in connection with the Mergers may result in significant costs of defense and liability; (ix) changes in the economy, financial markets and political environment; (x) the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing war between
Additional Information and Where to Find It
In connection with the Merger, OBDC and OBDE plan to file with the SEC and mail to their respective shareholders a joint proxy statement/prospectus (the "Joint Proxy Statement") and OBDC plan to file with the SEC a registration statement on Form N-14 (the "Registration Statement") that will include the Joint Proxy Statement and a prospectus of OBDC. The Joint Proxy Statement and the Registration Statement will contain important information about OBDC, OBDE, the Merger and related matters. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. SHAREHOLDERS OF OBDC AND OBDE ARE URGED TO READ THE JOINT PROXY STATEMENT AND THE REGISTRATION STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT OBDC, OBDE, THE MERGER AND RELATED MATTERS. Investors and security holders will be able to obtain the documentation filed with the SEC free of charge at the SEC's website, http://www.sec.gov and for documents filed by OBDC, from OBDC's website at https://www.blueowlcapitalcorporation.com and for documents filed by OBDE, from OBDE's website at https://www.blueowlcapitalcorporationiii.com.
Participation in the Solicitation
OBDC, its directors, certain of its executive officers and certain employees and officers of Blue Owl Credit Advisors LLC and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Merger. Information about directors and executive officers of OBDC is set forth in its proxy statement for its 2024 Annual Meeting of Shareholders, which was filed with the SEC on March 28, 2024. OBDE, its directors, certain of its executive officers and certain employees and officers of Blue Owl Diversified Credit Advisors LLC and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Merger. Information about directors and executive officers of OBDE is set forth in its proxy statement for its 2024 Annual Meeting of Shareholders, which was filed with the SEC on March 28, 2024. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the OBDC and OBDE shareholders in connection with the Merger will be contained in the Joint Proxy Statement when such document becomes available. These documents may be obtained free of charge from the sources indicated above.
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SOURCE Blue Owl Capital Corporation
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