Blue Owl Capital Corporation Reports First Quarter Net Investment Income Per Share of $0.47 and NAV Per Share of $15.47
FIRST QUARTER 2024 HIGHLIGHTS
- First quarter net investment income ("NII") per share of
$0.47 , exceeding the regular dividend by over 25% - As a result, the Board of Directors (the "Board") declared a first quarter supplemental dividend of
$0.05 per share - Total dividends for the first quarter were
$0.42 per share, representing a 10.9% annualized dividend yield based on first quarter net asset value ("NAV") per share - NAV per share increased to
$15.47 compared to$15.45 as ofDecember 31, 2023 , which represents the Company's highest NAV per share since inception
"OBDC's first quarter results reflect a strong start to the year, achieving record net asset value per share for the third consecutive quarter while maintaining solid credit performance," commented
Dividend Declarations
The Company's Board declared a second quarter 2024 regular dividend of
The Board also declared a first quarter 2024 supplemental dividend of
2024 Stock Repurchase Program
On
PORTFOLIO AND INVESTING ACTIVITY
For the three months ended
For the three months ended
For the three months ended
As of
As of
As of
As of
As of
As of
RESULTS OF OPERATIONS FOR THE FIRST QUARTER ENDED
Investment Income
Investment income increased to
Expenses
Total expenses increased to
Liquidity and Capital Resources
As of
CONFERENCE CALL AND WEBCAST INFORMATION
Conference Call Information:
The conference call will be broadcast live on
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 "
Replay Information:
An archived replay will be available for 14 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: 13745168
ABOUT
Blue
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
INVESTOR CONTACTS
Investor Contact:
BDC Investor Relations
credit-ir@blueowl.com
Media Contact:
pro-blueowl@prosek.com
FINANCIAL HIGHLIGHTS |
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|
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For the Three Months Ended |
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($ in thousands, except per share amounts) |
|
|
|
|
Investments at Fair Value |
$ 12,414,384 |
$ 12,713,348 |
|
$ 13,157,251 |
Total Assets |
$ 13,329,632 |
$ 13,511,396 |
|
$ 13,679,100 |
Net Asset Value Per Share |
$ 15.47 |
$ 15.45 |
|
$ 15.15 |
|
|
|
|
|
Investment Income |
$ 399,577 |
$ 411,227 |
|
$ 377,622 |
Net Investment Income |
$ 182,765 |
$ 199,021 |
|
$ 177,859 |
Net Income |
$ 182,517 |
$ 188,969 |
|
$ 201,842 |
|
|
|
|
|
Net Investment Income Per Share |
$ 0.47 |
$ 0.51 |
|
$ 0.45 |
Net Realized and Unrealized Gains (and Losses) Per Share |
$ — |
$ (0.03) |
|
$ 0.07 |
Net Income Per Share |
$ 0.47 |
$ 0.48 |
|
$ 0.52 |
Distributions Declared from Net Investment Income Per Share |
$ 0.37 |
$ 0.35 |
|
$ 0.33 |
Supplemental Distributions Declared from Net Investment Income Per Share |
$ 0.05 |
$ 0.08 |
|
$ 0.06 |
Weighted Average Yield of |
12.1 % |
12.4 % |
|
12.0 % |
Weighted Average Yield of |
12.3 % |
12.5 % |
|
12.0 % |
Percentage of Debt Investment Commitments at Floating Rates |
97.3 % |
97.4 % |
|
98.2 % |
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES |
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(Amounts in thousands, except share and per share amounts) |
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|
||||
|
|
|
|
|
Assets |
|
|
|
|
Investments at fair value |
|
|
|
|
Non-controlled, non-affiliated investments (amortized cost of |
|
$ 10,831,170 |
|
$ 11,264,956 |
Non-controlled, affiliated investments (amortized cost of |
|
32,223 |
|
19,988 |
Controlled, affiliated investments (amortized cost of |
|
1,550,991 |
|
1,428,404 |
Total investments at fair value (amortized cost of |
|
12,414,384 |
|
12,713,348 |
Cash (restricted cash of |
|
666,716 |
|
658,702 |
Foreign cash (cost of |
|
76,095 |
|
956 |
Interest receivable |
|
119,050 |
|
112,260 |
Receivable from a controlled affiliate |
|
25,985 |
|
22,978 |
Prepaid expenses and other assets |
|
27,402 |
|
3,152 |
Total Assets |
|
$ 13,329,632 |
|
$ 13,511,396 |
Liabilities |
|
|
|
|
Debt (net of unamortized debt issuance costs of |
|
$ 6,885,675 |
|
$ 7,077,088 |
Distribution payable |
|
144,201 |
|
136,407 |
Management fee payable |
|
47,243 |
|
47,711 |
Incentive fee payable |
|
38,768 |
|
42,217 |
Payables to affiliates |
|
6,252 |
|
3,835 |
Accrued expenses and other liabilities |
|
178,963 |
|
182,745 |
Total Liabilities |
|
7,301,102 |
|
7,490,003 |
Commitments and contingencies (Note 7) |
|
|
|
|
Net Assets |
|
|
|
|
Common shares |
|
3,897 |
|
3,897 |
Additional paid-in-capital |
|
5,924,002 |
|
5,924,002 |
Accumulated undistributed (overdistributed) earnings |
|
100,631 |
|
93,494 |
Total Net Assets |
|
6,028,530 |
|
6,021,393 |
Total Liabilities and Net Assets |
|
$ 13,329,632 |
|
$ 13,511,396 |
Net Asset Value Per Share |
|
$ 15.47 |
|
$ 15.45 |
CONSOLIDATED STATEMENTS OF OPERATIONS |
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(Amounts in thousands, except share amounts) |
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(Unaudited) |
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|
|||
|
For the Three Months Ended
|
||
|
2024 |
|
2023 |
Investment Income |
|
|
|
Investment income from non-controlled, non-affiliated investments: |
|
|
|
Interest income |
$ 294,450 |
|
$ 288,678 |
Payment-in-kind ("PIK") interest income |
41,235 |
|
43,055 |
Dividend income |
21,336 |
|
17,833 |
Other income |
5,313 |
|
2,964 |
Total investment income from non-controlled, non-affiliated investments |
362,334 |
|
352,530 |
Investment income from non-controlled, affiliated investments: |
|
|
|
Interest income |
$ 68 |
|
— |
Dividend income |
16 |
|
— |
Total investment income from non-controlled, affiliated investments: |
84 |
|
— |
Investment income from controlled, affiliated investments: |
|
|
|
Interest income |
8,002 |
|
2,674 |
Payment-in-kind ("PIK") interest income |
176 |
|
— |
Dividend income |
28,789 |
|
22,026 |
Other Income |
192 |
|
392 |
Total investment income from controlled, affiliated investments |
37,159 |
|
25,092 |
Total Investment Income |
399,577 |
|
377,622 |
Expenses |
|
|
|
Interest expense |
119,129 |
|
103,955 |
Management fees |
47,243 |
|
48,093 |
Performance based incentive fees |
38,768 |
|
37,728 |
Professional fees |
3,596 |
|
3,673 |
Directors' fees |
320 |
|
258 |
Other general and administrative |
2,516 |
|
2,671 |
Total Operating Expenses |
211,572 |
|
196,378 |
Net Investment Income (Loss) Before Taxes |
188,005 |
|
181,244 |
Income tax expense (benefit) |
5,240 |
|
3,385 |
Net Investment Income (Loss) After Taxes |
$ 182,765 |
|
$ 177,859 |
Net Realized and Change in Unrealized Gain (Loss) |
|
|
|
Net change in unrealized gain (loss): |
|
|
|
Non-controlled, non-affiliated investments |
$ (951) |
|
$ 65,423 |
Non-controlled, affiliated investments |
214 |
|
(1) |
Controlled, affiliated investments |
9,338 |
|
10,254 |
Translation of assets and liabilities in foreign currencies |
(1,946) |
|
1,210 |
Income tax (provision) benefit |
(10) |
|
(281) |
Total Net Change in Unrealized Gain (Loss) |
6,645 |
|
76,605 |
Net realized gain (loss): |
|
|
|
Non-controlled, non-affiliated investments |
(5,193) |
|
(52,483) |
Foreign currency transactions |
(1,700) |
|
(139) |
Total Net Realized Gain (Loss) |
(6,893) |
|
(52,622) |
Total Net Realized and Change in Unrealized Gain (Loss) |
(248) |
|
23,983 |
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ 182,517 |
|
$ 201,842 |
Earnings Per Share - Basic and Diluted |
$ 0.47 |
|
$ 0.52 |
Weighted Average Shares Outstanding - Basic and Diluted |
389,732,868 |
|
391,049,102 |
PORTFOLIO AND INVESTMENT ACTIVITY |
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|
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|
|
For the Three Months Ended |
||
($ in thousands) |
|
2024 |
|
2023 |
New investment commitments |
|
|
|
|
Gross originations |
|
$ 1,240,198 |
|
$ 175,114 |
Less: Sell downs |
|
(37,500) |
|
— |
Total new investment commitments |
|
$ 1,202,698 |
|
$ 175,114 |
Principal amount of investments funded: |
|
|
|
|
First-lien senior secured debt investments |
|
$ 844,033 |
|
$ 36,809 |
Second-lien senior secured debt investments |
|
— |
|
— |
Unsecured debt investments |
|
— |
|
— |
Preferred equity investments |
|
732 |
|
24,194 |
Common equity investments |
|
69,042 |
|
9,653 |
Joint Ventures(1) |
|
6,563 |
|
23,625 |
Total principal amount of investments funded |
|
$ 920,370 |
|
$ 94,281 |
Principal amount of investments sold or repaid: |
|
|
|
|
First-lien senior secured debt investments |
|
$ (412,299) |
|
$ (56,696) |
Second-lien senior secured debt investments |
|
(800,422) |
|
(19,200) |
Unsecured debt investments |
|
(28,278) |
|
(193) |
Preferred equity investments |
|
(373) |
|
— |
Common equity investments |
|
— |
|
— |
Joint Ventures(1) |
|
— |
|
— |
Total principal amount of investments sold or repaid |
|
$ (1,241,372) |
|
$ (76,089) |
Number of new investment commitments in new portfolio companies(2) |
|
18 |
|
3 |
Average new investment commitment amount |
|
$ 51,899 |
|
$ 941 |
Weighted average term for new debt investment commitments (in years) |
|
5.8 |
|
3.0 |
Percentage of new debt investment commitments at floating rates |
|
99.9 % |
|
100.0 % |
Percentage of new debt investment commitments at fixed rates |
|
0.1 % |
|
— % |
Weighted average interest rate of new debt investment commitments(3) |
|
11.1 % |
|
12.4 % |
Weighted average spread over applicable base rate of new floating rate debt investment commitments |
|
5.7 % |
|
7.2 % |
________________ |
|
(1) |
This was disclosed as "Investment funds and vehicles" as of |
(2) |
Number of new investment commitments represents commitments to a particular portfolio company. |
(3) |
For the three months ended |
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