Blue Owl Capital Corporation Announces Preliminary Fourth Quarter Financial Results and Portfolio Update
Blue Owl Capital (NYSE: OBDC) has released preliminary Q4 2024 financial results and announced the completion of its merger with Blue Owl Capital III (OBDE) on January 13, 2025. The combined entity shows strong financial metrics with total assets of $18.3 billion and total net assets of $7.8 billion.
Key Q4 2024 metrics for OBDC include total investment income per share of $1.01, net investment income per share of $0.47, and a return on equity of 12.3%. The pro forma portfolio consists of 236 portfolio companies with a focus on first lien senior secured debt investments (77.9%). The portfolio shows strong diversification across industries, with internet software and services (11.1%), insurance (8.3%), and food and beverage (6.8%) being the top sectors.
The merger is expected to enhance liquidity, achieve lower financing costs, and generate operational efficiencies. The combined entity maintains a healthy portfolio quality with only 0.3% of investments on non-accrual status.
Blue Owl Capital (NYSE: OBDC) ha rilasciato i risultati finanziari preliminari per il quarto trimestre 2024 e ha annunciato il completamento della sua fusione con Blue Owl Capital III (OBDE) il 13 gennaio 2025. L'entità combinata mostra forti indicatori finanziari con attività totali di 18,3 miliardi di dollari e attività nette totali di 7,8 miliardi di dollari.
I principali indicatori per il quarto trimestre 2024 di OBDC includono un reddito da investimenti totale per azione di 1,01 dollari, un reddito netto da investimenti per azione di 0,47 dollari e un ritorno sul capitale proprio del 12,3%. Il portafoglio pro forma è composto da 236 società portafoglio con un focus sugli investimenti in debito senior garantito di primo livello (77,9%). Il portafoglio mostra una forte diversificazione tra i settori, con software e servizi internet (11,1%), assicurazioni (8,3%) e alimenti e bevande (6,8%) ai primi posti.
Si prevede che la fusione migliori la liquidità, raggiunga costi di finanziamento più bassi e generi efficienze operative. L'entità combinata mantiene una buona qualità del portafoglio con solo lo 0,3% degli investimenti in stato di non accrual.
Blue Owl Capital (NYSE: OBDC) ha publicado los resultados financieros preliminares del cuarto trimestre de 2024 y ha anunciado la finalización de su fusión con Blue Owl Capital III (OBDE) el 13 de enero de 2025. La entidad combinada muestra métricas financieras sólidas con total de activos de 18.3 mil millones de dólares y activos netos totales de 7.8 mil millones de dólares.
Las métricas clave para el cuarto trimestre de 2024 de OBDC incluyen un ingreso total por inversiones por acción de 1.01 dólares, un ingreso neto por inversiones por acción de 0.47 dólares y un retorno sobre el capital del 12.3%. La cartera pro forma consta de 236 empresas en cartera con un enfoque en inversiones en deuda senior garantizada de primer nivel (77.9%). La cartera muestra una fuerte diversificación a través de industrias, siendo los principales sectores software y servicios de internet (11.1%), seguros (8.3%) y alimentos y bebidas (6.8%).
Se espera que la fusión mejore la liquidez, logre costos de financiamiento más bajos y genere eficiencias operativas. La entidad combinada mantiene una calidad de cartera saludable, con solo el 0.3% de las inversiones en estado de no acumulación.
블루 아울 캐피탈 (NYSE: OBDC)은 2024년 4분기 예비 재무 결과를 발표하고 2025년 1월 13일 블루 아울 캐피탈 III (OBDE)와의 합병 완료를 알렸습니다. 결합된 실체는 총 자산이 183억 달러와 총 순자산이 78억 달러로 강력한 재무 지표를 보여줍니다.
OBDC의 2024년 4분기 주요 지표로는 주당 총 투자 수익이 1.01달러, 주당 순 투자 수익이 0.47달러, 자기자본 수익률이 12.3%입니다. 프로 포르마 포트폴리오는 236개의 포트폴리오 회사로 구성되어 있으며, 1순위 담보 대출 투자에 중점을 두고 있습니다(77.9%). 이 포트폴리오는 인터넷 소프트웨어 및 서비스(11.1%), 보험(8.3%), 식음료(6.8%)가 주요 산업으로서 강력한 다각화를 보여줍니다.
이번 합병은 유동성을 향상시키고, 낮은 자금 조달 비용을 달성하며, 운영 효율성을 만들어낼 것으로 예상됩니다. 결합된 실체는 비누득 상태의 투자가 단 0.3%에 불과하여 건강한 포트폴리오 품질을 유지하고 있습니다.
Blue Owl Capital (NYSE: OBDC) a publié les résultats financiers préliminaires du quatrième trimestre 2024 et a annoncé l'achèvement de sa fusion avec Blue Owl Capital III (OBDE) le 13 janvier 2025. L'entité combinée présente des indicateurs financiers solides avec des actifs totaux de 18,3 milliards de dollars et des actifs nets totaux de 7,8 milliards de dollars.
Les indicateurs clés pour le quatrième trimestre 2024 de l'OBDC incluent un revenu total d'investissement par action de 1,01 dollar, un revenu net d'investissement par action de 0,47 dollar et un retour sur fonds propres de 12,3 %. Le portefeuille pro forma est composé de 236 sociétés de portefeuille axées sur les investissements en dette senior garantie de premier rang (77,9 %). Le portefeuille présente une forte diversification entre les secteurs, le logiciel et les services Internet (11,1 %), les assurances (8,3 %) et les aliments et boissons (6,8 %) étant les principaux secteurs.
On s'attend à ce que la fusion améliore la liquidité, réduise les coûts de financement et génère des gains opérationnels. L'entité combinée maintient une qualité de portefeuille saine, avec seulement 0,3 % des investissements en statut de non-accrual.
Blue Owl Capital (NYSE: OBDC) hat die vorläufigen Finanzzahlen für das vierte Quartal 2024 veröffentlicht und die Vollziehung seiner Fusion mit Blue Owl Capital III (OBDE) am 13. Januar 2025 bekannt gegeben. Die kombinierte Einheit weist starke Finanzkennzahlen mit Gesamtvermögen von 18,3 Milliarden US-Dollar und netto Gesamtvermögen von 7,8 Milliarden US-Dollar auf.
Die wichtigsten Kennzahlen für das vierte Quartal 2024 von OBDC umfassen ein Gesamteinkommen aus Investitionen pro Aktie von 1,01 USD, ein Nettoinvestitionseinkommen pro Aktie von 0,47 USD und eine Eigenkapitalrendite von 12,3%. Das pro forma Portfolio besteht aus 236 Portfoliounternehmen, wobei der Schwerpunkt auf vorrangigen besicherten Schuldeninvestitionen liegt (77,9%). Das Portfolio zeigt eine starke Diversifizierung über Branchen hinweg, wobei Internetsoftware und -dienste (11,1 %), Versicherungen (8,3 %) und Lebensmittel und Getränke (6,8 %) die wichtigsten Sektoren sind.
Die Fusion wird voraussichtlich die Liquidität erhöhen, niedrigere Finanzierungskosten erzielen und operationale Effizienzen erzeugen. Die kombinierte Einheit hält eine gesunde Portfoliowelte mit nur 0,3% der Investitionen im Status der Nicht-Akkumulation.
- Strong return on equity of 12.3% for OBDC in Q4 2024
- Low non-accrual rate of 0.3% in combined portfolio indicating high asset quality
- 90.8% of investments rated internally as 1- and 2-rated in combined portfolio
- Diversified portfolio across 236 companies reducing concentration risk
- Merger expected to generate cost savings and operational efficiencies
- Net realized/unrealized loss per share of $0.08 in Q4 2024
- Relatively high leverage with net debt-to-equity ratio of 1.20x post-merger
Insights
The Q4 2024 results and merger completion present a compelling financial picture. OBDC's total investment income per share of
The portfolio quality metrics are particularly strong, with
The merger enhances scale economies and should lead to improved financing costs and operational synergies. The combined entity's focus on first-lien senior secured debt (
The portfolio composition reveals sophisticated risk management. The highly diversified exposure across 236 companies with an average position size of
The merged entity's commitment to senior secured lending, combined with minimal exposure to higher-risk investments, creates a defensive positioning. The low non-accrual rate of
"OBDC's and OBDE's standalone fourth quarter performance reflects the consistent strength of our portfolios and positive momentum heading into 2025," commented Craig W. Packer, Chief Executive Officer of OBDC. "The successful closing of the merger subsequent to quarter end further improves our ability to deliver attractive risk-adjusted returns to all shareholders. The increased scale of the combined company positions OBDC to enhance its liquidity profile, achieve lower costs of financing and generate immediate operational efficiencies."
SELECT FINANCIAL RESULTS
For the Three Months Ended December 31, 2024 | ||
($ in millions, except per share amounts) | Actual (unaudited) | Actual (unaudited) |
Total investment income per share | $ 1.01 | $ 1.05 |
Net investment income per share | $ 0.47 | $ 0.43 |
Net realized/unrealized gain/(loss) per share | $ (0.08) | $ (0.08) |
Earnings gain/(loss) per share | $ 0.39 | $ 0.35 |
Return on equity1 | 12.3 % | 11.3 % |
As of December 31, 2024 | |||
($ in millions, except per share amounts) | Actual (unaudited) | Actual (unaudited) | Pro forma |
Cash, cash equivalents and restricted cash | $ 514 | $ 210 | $ 725 |
Total assets | $ 13,852 | $ 4,485 | $ 18,337 |
Total outstanding debt | $ 7,579 | $ 2,503 | $ 10,082 |
Total committed debt | $ 10,271 | $ 3,102 | $ 13,373 |
Total net assets | $ 5,953 | $ 1,839 | $ 7,792 |
Net asset value per share | $ 15.26 | $ 14.91 | $ 15.26 |
Net debt-to-equity | 1.19x | 1.25x | 1.20x |
Funding mix (on a committed basis): | |||
Revolving credit facility | 29.1 % | 22.6 % | 27.6 % |
CLO | 21.5 % | 8.4 % | 18.5 % |
SPV facility | 2.9 % | 42.7 % | 12.2 % |
Unsecured notes | 46.5 % | 26.3 % | 41.8 % |
PORTFOLIO HIGHLIGHTS
As of December 31, 2024 | |||||
At fair value unless otherwise noted ($ in millions) | Actual (unaudited) | Actual (unaudited) | Pro forma | ||
Total investments | $ 13,195 | $ 4,223 | $ 17,417 | ||
Top 15 investments | 32 % | 28 % | 29 % | ||
Top 25 investments | 44 % | 41 % | 40 % | ||
Number of portfolio companies | 227 | 189 | 236 | ||
Average position size | 0.4 % | 0.5 % | 0.4 % | ||
Asset class: | |||||
First lien senior secured debt investments | 75.6 % | 85.2 % | 77.9 % | ||
Second lien senior secured debt investments | 5.4 % | 4.5 % | 5.2 % | ||
Unsecured debt investments | 2.3 % | 1.6 % | 2.1 % | ||
Preferred equity investments | 2.8 % | 3.2 % | 2.9 % | ||
Common equity investments | 11.7 % | 5.4 % | 10.2 % | ||
Joint ventures | 2.2 % | 0.1 % | 1.7 % | ||
Industry diversification: | |||||
Internet software and services | 10.5 % | 12.8 % | 11.1 % | ||
Insurance | 7.6 % | 10.8 % | 8.3 % | ||
Food and beverage | 7.3 % | 5.5 % | 6.8 % | ||
Healthcare providers and services | 6.3 % | 8.4 % | 6.8 % | ||
Healthcare technology | 6.2 % | 7.3 % | 6.5 % | ||
Asset based lending and fund finance | 5.9 % | 1.0 % | 4.7 % | ||
Manufacturing | 5.9 % | 3.3 % | 5.2 % | ||
Business services | 4.7 % | 7.1 % | 5.3 % | ||
Buildings and real estate | 3.9 % | 3.3 % | 3.8 % | ||
Consumer products | 3.6 % | 2.8 % | 3.4 % | ||
Other industries | 38.1 % | 37.7 % | 38.0 % | ||
Non-accruals as a percentage of total investments | 0.4 % | 0.1 % | 0.3 % | ||
Internal 1- and 2-rated investments | 90.3 % | 92.6 % | 90.8 % | ||
1. Annualized Q4 2024 net investment income per share divided by average beginning and ending period net asset value per share. |
DISCLAIMERS
The preliminary financial estimates provided herein have been prepared by, and are the responsibility of, the Company's management. Neither KPMG LLP, the Company's independent registered public accounting firm, nor any other independent accountants, have audited, reviewed, compiled, or performed any procedures with respect to the accompanying preliminary financial data.
These estimates are subject to the completion of the Company's financial closing procedures and are not a comprehensive statement of our financial results as of December 31, 2024. Actual results may differ materially from these estimates as a result of the completion of the period and the Company's financial closing procedures, final adjustments and other developments which may arise between now and the time that the Company's financial results are finalized.
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
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SOURCE Blue Owl Capital Corporation
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