Blue Owl Capital Corporation Reports Full Year Results and Fourth Quarter Net Investment Income Per Share of $0.51 and NAV Per Share of $15.45; Increases Quarterly Dividend

21.02.24 23:15 Uhr

NEW YORK, Feb. 21, 2024 /PRNewswire/ -- Blue Owl Capital Corporation (NYSE: OBDC, or the "Company") today announced financial results for its full year and fourth quarter ended December 31, 2023.

HIGHLIGHTS FOR FULL YEAR AND QUARTER ENDED DECEMBER 31, 2023

  • Fourth quarter net investment income ("NII") per share of $0.51, which represents the fourth consecutive quarter of record NII for the Company
  • As a result, Board declared a fourth quarter supplemental dividend of $0.08 per share
  • Total dividends for the fourth quarter were $0.43 per share, which represents an approximately 11% annualized yield based on fourth quarter net asset value ("NAV") per share
  • Total dividends of $1.59 per share paid to shareholders in 2023, an increase of approximately 25% from the prior year
  • Delivered a total return of greater than 40%1 for 2023
  • For the first quarter 2024, increased quarterly dividend by $0.02 to $0.37 per share, marking the third dividend increase since the fourth quarter 2022
  • NAV per share increased to $15.45 compared to $15.40 as of September 30, 2023

"OBDC achieved record NII for the fourth consecutive quarter and its highest NAV per share since inception in the fourth quarter," commented Craig W. Packer, Chief Executive Officer. "As a result of our strong earnings, OBDC earned a record 13.2%2 ROE in the fourth quarter, translating to an annual ROE of 12.7%."

Dividend Declarations
The Company's Board of Directors has declared a first quarter 2024 dividend of $0.37 per share for stockholders of record as of March 29, 2024, payable on or before April 15, 2024 and a fourth quarter 2023 supplemental dividend of $0.08 per share for stockholders of record as of March 1, 2024, payable on or before March 15, 2024.

PORTFOLIO AND INVESTING ACTIVITY

Full Year

For the full year ended December 31, 2023, new investment commitments totaled $2,155.1 million across 32 new portfolio companies and 34 existing portfolio companies.

This compares to $1,772.4 million for the full year ended December 31, 2022 across 52 new portfolio companies and 23 existing portfolio companies.

For the full year ended December 31, 2023, the principal amount of new investments funded was $1,680.5 million. For this period, the Company had $2,174.6 million aggregate principal amount in sales and repayments.

For the full year ended December 31, 2022, the principal amount of new investments funded was $1,177.1 million. For this period, the Company had $1,208.0 million aggregate principal amount in sales and repayments.

Fourth Quarter

For the three months ended December 31, 2023, new investment commitments totaled $1,296.9 million across 17 new portfolio companies and 14 existing portfolio companies.

This compares to $500.2 million for the three months ended September 30, 2023 across 7 new portfolio companies and 6 existing portfolio companies, and $211.2 million for the three months ended December 31, 2022 across 6 new portfolio companies and 2 existing portfolio companies.

For the three months ended December 31, 2023, the principal amount of new investments funded was $1,029.9 million. For this period, the Company had $1,142.6 million aggregate principal amount in sales and repayments.

For the three months ended September 30, 2023, the principal amount of new investments funded was $386.6 million. For this period, the Company had $389.7 million aggregate principal amount in sales and repayments.

For the three months ended December 31, 2022, the principal amount of new investments funded was $184.1 million. For this period, the Company had $115.7 million aggregate principal amount in sales and repayments.

As of December 31, 2023 and September 30, 2023, the Company had investments in 193 and 187 portfolio companies with an aggregate fair value of $12.7 billion and $12.9 billion, respectively. As of December 31, 2023, the average investment size in each portfolio company was $65.9 million based on fair value.

As of December 31, 2023, based on fair value, our portfolio consisted of 68.1% first lien senior secured debt investments, 14.0% second lien senior secured debt investments, 2.3% unsecured debt investments, 2.7% joint ventures3, 3.4% preferred equity investments, and 9.5% common equity investments.

As of September 30, 2023, based on fair value, our portfolio consisted of 68.9% first lien senior secured debt investments, 13.8% second lien senior secured debt investments, 2.1% unsecured debt investments, 2.9% joint ventures3, 3.1% preferred equity investments, and 9.2% common equity investments.

As of December 31, 2023 and September 30, 2023, approximately 82.1% and 82.7% of the portfolio was invested in secured debt, respectively. As of December 31, 2023, 97.4% of our debt investments based on fair value in our portfolio were at floating rates.

As of December 31, 2023 and September 30, 2023, 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 12.4% and 12.3%, respectively, and the weighted average total yield of accruing debt and income-producing securities at amortized cost (which includes interest income and amortization of fees and discounts) was 12.5% and 12.4%, respectively.

As of December 31, 2023, 4 portfolio companies with an aggregate fair value of $116.6 million were on non-accrual status, representing 1.1% of the total fair value of the debt portfolio.

RESULTS OF OPERATIONS FOR THE FULL YEAR AND QUARTER ENDED DECEMBER 31, 2023

Investment Income
Investment income increased to $1.6 billion for the full year ended December 31, 2023 from $1.2 billion for the full year ended December 31, 2022, primarily due to an increase in our portfolio's weighted average yield, partially offset by a decrease in our debt portfolio at par. Included in investment income is dividend income which increased from period to period. Also included in investment income are other fees such as prepayment fees and accelerated amortization of upfront fees from unscheduled paydowns. Period over period, income generated from these fees increased due to an increase in repayment activity for the period. Other income decreased period over period due to a decrease in incremental fee income, which are fees that are generally available to us as a result of closing investments and normally paid at the time of closing. We expect that investment income will vary based on a variety of factors including the pace of our originations and repayments.

Investment income increased to $411.2 million for the three months ended December 31, 2023 from $350.5 million for the three months ended December 31, 2022.

Expenses
Total expenses increased to $815.7 million for the full year ended December 31, 2023 from $639.5 million for the full year ended December 31, 2022, primarily due to an increase in interest expense and incentive fees. The increase in interest expense was driven by an increase in average daily borrowings coupled with an increase in the average interest rate. As a percentage of total assets, professional fees, directors' fees and other general and administrative expenses remained relatively consistent period over period.

Total expenses increased to $207.9 million for the three months ended December 31, 2023 from $186.2 million for the three months ended December 31, 2022.

Liquidity and Capital Resources
As of December 31, 2023, we had $659.7 million in cash and restricted cash, $7.2 billion in total principal value of debt outstanding, and $1.4 billion of undrawn capacity on our credit facilities. The Company's weighted average interest rate on debt outstanding was 5.6% and 5.6% for the three months ended December 31, 2023 and September 30, 2023, respectively. Ending net debt to equity was 1.09x and 1.13x as of December 31, 2023 and September 30, 2023, respectively.

CONFERENCE CALL AND WEBCAST INFORMATION

Conference Call Information:
The conference call will be broadcast live on February 22, 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 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: 13743048








(1)

Total return calculated using LTM dividends paid and stock appreciation divided by net asset value.

(2)

NII ROE is calculated as annualized Q4'23 net investment income divided by average Q4'23 and Q3'23 net asset value.

(3)

This was disclosed as "Investment funds and vehicles" prior to Q2 2023.

ABOUT BLUE OWL CAPITAL CORPORATION

Blue Owl Capital Corporation (NYSE: OBDC) is a specialty finance company focused on lending to U.S. middle-market companies. As of December 31, 2023, OBDC had investments in 193 portfolio companies with an aggregate fair value of $12.7 billion. OBDC has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. OBDC is externally managed by Blue Owl Credit Advisors LLC, an SEC-registered investment adviser that is an indirect affiliate of Blue Owl Capital Inc. ("Blue Owl") (NYSE: OWL) and is a part of Blue Owl's Credit platform.

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:
Dana Sclafani
212-419-3000
credit-ir@blueowl.com

Media Contact:
Prosek Partners
Josh Clarkson
pro-blueowl@prosek.com

 

FINANCIAL HIGHLIGHTS



For the three months ended

($ in thousands, except per share amounts)

December 31,
2023

September 30,
2023


December 31,
2022

Investments at Fair Value

$        12,713,348

$        12,896,158


$        13,010,345

Total Assets

$        13,511,396

$        13,461,820


$        13,584,853

Net Asset Value Per Share

$                 15.45

$                 15.40


$                 14.99






Investment Income

$             411,227

$             399,022


$             350,506

Net Investment Income

$             199,021

$             190,053


$             162,464

Net Income

$             188,969

$             206,938


$             191,888






Net Investment Income Per Share

$                   0.51

$                   0.49


$                   0.41

Net Realized and Unrealized Gains (and Losses) Per Share

$                  (0.03)

$                   0.04


$                   0.07

Net Income Per Share

$                   0.48

$                   0.53


$                   0.49

Distributions Declared from Net Investment Income Per Share

$                   0.35

$                   0.33


$                   0.33

Supplemental Distributions Declared from Net Investment Income Per Share

$                   0.08

$                   0.08


$                   0.04

Weighted Average Yield of Accruing Debt and Income Producing Securities at Fair Value

12.4 %

12.3 %


11.5 %

Weighted Average Yield of Accruing Debt and Income Producing Securities at Amortized Cost

12.5 %

12.4 %


11.5 %

Percentage of Debt Investment Commitments at Floating Rates

97.4 %

97.7 %


98.3 %

 

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(Amounts in thousands, except share and per share amounts)




December 31, 2023


December 31, 2022

Assets





Investments at fair value





Non-controlled, non-affiliated investments (amortized cost of $11,271,962 and $12,133,062, respectively)


$             11,264,956


$              12,010,369

Non-controlled, affiliated investments (amortized cost of $19,004 and $6,224, respectively)


19,988


6,175

Controlled, affiliated investments (amortized cost of $1,341,236, and $906,846, respectively)


1,428,404


993,801

Total investments at fair value (amortized cost of $12,632,202 and $13,046,132, respectively)


12,713,348


13,010,345

Cash (restricted cash of $87,067 and $96,420, respectively)


658,702


444,278

Foreign cash (cost of $946 and $809, respectively)


956


809

Interest receivable


112,260


108,085

Receivable from a controlled affiliate


22,978


17,709

Prepaid expenses and other assets


3,152


3,627

Total Assets


$             13,511,396


$              13,584,853

Liabilities





Debt (net of unamortized debt issuance costs of $81,492 and $95,647, respectively)


$               7,077,088


$                7,281,744

Distribution payable


136,407


129,517

Management fee payable


47,711


47,583

Incentive fee payable


42,217


34,462

Payables to affiliates


3,835


6,351

Accrued expenses and other liabilities


182,745


202,793

Total Liabilities


7,490,003


7,702,450

Commitments and contingencies (Note 7)





Net Assets





Common shares $0.01 par value, 500,000,000 shares authorized; 389,732,868 and 392,476,687

shares issued and outstanding, respectively


3,897


3,925

Additional paid-in-capital


5,924,002


5,970,674

Accumulated undistributed (overdistributed) earnings


93,494


(92,196)

Total Net Assets


6,021,393


5,882,403

Total Liabilities and Net Assets


$             13,511,396


$              13,584,853

Net Asset Value Per Share


$                      15.45


$                       14.99

 

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except share amounts)



For the Year Ended December 31,


2023


2022


2021

Investment Income






Investment income from non-controlled, non-affiliated investments:






Interest income

$ 1,209,536


$     931,870


$     887,753

Payment-in-kind ("PIK") interest income

169,763


113,256


53,185

Dividend income

72,936


52,422


28,052

Other income

14,755


18,514


25,845

Total investment income from non-controlled, non-affiliated investments

1,466,990


1,116,062


994,835

Investment income from non-controlled, affiliated investments:






Dividend income

252



Total investment income from non-controlled, affiliated investments:

252



Investment income from controlled, affiliated investments:






Interest income

20,174


8,206


5,531

Payment-in-kind ("PIK") interest income

1,934



Dividend income

91,802


77,047


20,394

Other Income

942


689


643

Total investment income from controlled, affiliated investments

114,852


85,942


26,568

Total Investment Income

1,582,094


1,202,004


1,021,403

Expenses






Interest expense

436,306


307,539


219,132

Management fees

191,622


188,755


178,472

Performance based incentive fees

159,857


118,091


103,968

Professional fees

15,532


14,709


15,071

Directors' fees

1,280


1,092


1,021

Other general and administrative

11,127


9,290


9,593

Total Operating Expenses

815,724


639,476


527,257

Net Investment Income (Loss) Before Taxes

766,370


562,528


494,146

Income tax expense (benefit)

12,759


5,810


4,009

Net Investment Income (Loss) After Taxes

$     753,611


$     556,718


$     490,137

Net Realized and Change in Unrealized Gain (Loss)






Net change in unrealized gain (loss):






Non-controlled, non-affiliated investments

$       90,497


$   (133,980)


$     148,300

Non-controlled, affiliated investments

1,033


(49)


Controlled, affiliated investments

213


45,602


44,081

Translation of assets and liabilities in foreign currencies

5,808


(2,118)


(3,953)

Income tax (provision) benefit

(4,605)


(3,964)


(8,604)

Total Net Change in Unrealized Gain (Loss)

92,946


(94,509)


179,824

Net realized gain (loss):






Non-controlled, non-affiliated investments

(52,003)


5,171


(46,332)

Foreign currency transactions

(1,242)


(1,025)


1,253

Total Net Realized Gain (Loss)

(53,245)


4,146


(45,079)

Total Net Realized and Change in Unrealized Gain (Loss)

39,701


(90,363)


134,745

Net Increase (Decrease) in Net Assets Resulting from Operations

$     793,312


$     466,355


$     624,882

Earnings Per Share - Basic and Diluted

$           2.03


$           1.18


$           1.59

Weighted Average Shares Outstanding - Basic and Diluted

390,104,585


394,006,852


392,297,907

 

PORTFOLIO AND INVESTMENT ACTIVITY




For the Year Ended December 31,

($ in thousands)


2023


2022


2021

New investment commitments







Gross originations


$       2,165,911


$       1,997,087


$       7,456,901

Less: Sell downs


(10,803)


(224,665)


(632,072)

Total new investment commitments


$       2,155,108


$       1,772,422


$       6,824,829

Principal amount of investments funded:







First-lien senior secured debt investments


$       1,523,503


$          788,717


$       4,369,794

Second-lien senior secured debt investments



6,883


846,299

Unsecured debt investments



90,451


132,288

Preferred equity investments


36,377


90,110


238,367

Common equity investments


86,457


131,777


113,780

Joint Ventures(4)


34,125


69,125


141,876

Total principal amount of investments funded


$       1,680,462


$       1,177,064


$       5,842,404

Principal amount of investments sold or repaid:







First-lien senior secured debt investments


$      (2,069,540)


$      (1,116,583)


$      (3,343,381)

Second-lien senior secured debt investments


(97,713)


(29,800)


(910,582)

Unsecured debt investments


(193)


(31,427)


Preferred equity investments


(6,952)


(22,843)


Common equity investments


(195)


(7,350)


(4,827)

Joint Ventures(4)




Total principal amount of investments sold or repaid


$     (2,174,593)


$     (1,208,003)


$     (4,258,790)

Number of new investment commitments in new portfolio companies(1)


32


52


67

Average new investment commitment amount


$           53,397


$           22,757


$           82,831

Weighted average term for new debt investment commitments (in years)


5.6


5.6


6.3

Percentage of new debt investment commitments at floating rates


96.2 %


95.1 %


98.1 %

Percentage of new debt investment commitments at fixed rates


3.8 %


4.9 %


1.9 %

Weighted average interest rate of new debt investment commitments(2)(3)


11.7 %


10.4 %


7.3 %

Weighted average spread over applicable base rate of new floating rate debt investment commitments


6.3 %


6.9 %


6.4 %









(1)

Number of new investment commitments represents commitments to a particular portfolio company.

(2)

For the year ended December 31, 2023 and December 31, 2022, assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 5.33% and 4.59% as of December 31, 2023 and December 31, 2022, respectively.

(3)

For the year ended December 31, 2021, assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month LIBOR, which was 0.21% as of December 31, 2021.

(4)

This was disclosed as "Investment funds and vehicles" as of December 31, 2022 and 2021.

 

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