Blue Owl Capital Corp Files 2023 Annual Report (10-K)

TL;DR

<b>Blue Owl Capital Corp has submitted its 2023 10-K annual report detailing its financial performance and business operations.</b>

AI Summary

Blue Owl Capital Corp (OBDC) filed a Annual Report (10-K) with the SEC on February 21, 2024. Blue Owl Capital Corp filed its 10-K annual report for the fiscal year ending December 31, 2023. The filing was made on February 21, 2024. The company's principal executive offices are located at 399 Park Avenue, New York, NY. The filing covers the period from January 1, 2023, to December 31, 2023. The SEC file number for this report is 814-01190.

Why It Matters

For investors and stakeholders tracking Blue Owl Capital Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Blue Owl Capital Corp's financial health, operational strategies, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's performance and future outlook. The detailed risk factors outlined in the report, such as economic uncertainty, market disruptions, and cybersecurity threats, are essential for stakeholders to understand potential challenges and their impact on the company's investments and profitability.

Risk Assessment

Risk Level: high — Blue Owl Capital Corp shows elevated risk based on this filing. The company faces numerous risks including economic downturns, market volatility, cybersecurity threats, and regulatory changes, as detailed in the extensive list of risk factors within the 10-K filing.

Analyst Insight

Investors should carefully review the detailed risk factors section of the 10-K to understand potential headwinds and assess the company's resilience.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting Period)
• 2024-02-21 — Filing Date (Submission Date)
• 814-01190 — SEC File Number (Regulatory Identifier)

Key Players & Entities

• Blue Owl Capital Corp (company) — Filer
• 399 Park Avenue (location) — Business Address
• New York (location) — Business Address City
• NY (location) — Business Address State
• MD (location) — State of Incorporation
• 814-01190 (other) — SEC File Number
• 20231231 (date) — Fiscal Year End
• 20240221 (date) — Filed As Of Date

FAQ

Risk Factors

• EconomicRiskMember [high — market]: The company is subject to economic risks that could adversely affect its business.
• CapitalMarketDisruptionAndEconomicUncertaintyRiskMember [high — market]: Disruptions in capital markets and economic uncertainty pose risks to the company's operations.
• LiquidityRiskMember [high — financial]: The company faces liquidity risks that could impact its ability to meet financial obligations.
• BorrowingRiskMember [high — financial]: Risks associated with borrowing, including the ability to secure additional debt financing, are present.
• CybersecurityRiskMember [high — operational]: The company is exposed to cybersecurity risks that could disrupt operations or compromise data.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-21: Filing Date — Date the 10-K report was officially submitted to the SEC.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share OBDC The New York S
• $13.42 — ed on the closing price on that date of $13.42 on The New York Stock Exchange, was app
• $90.6 billion — iser and its affiliates have originated $90.6 billion aggregate principal amount of investmen
• $86.9 billion — incipal amount of investments, of which $86.9 billion of aggregate principal amount of invest
• $10 million — ion and amortization ("EBITDA") between $10 million and $250 million annually, and/or annua
• $250 million — tion ("EBITDA") between $10 million and $250 million annually, and/or annual revenue of $50
• $50 million — lion annually, and/or annual revenue of $50 million to $2.5 billion at the time of investme
• $2.5 billion — and/or annual revenue of $50 million to $2.5 billion at the time of investment. We may on oc
• $20 million — ars and generally range in size between $20 million and $250 million. The investment size w
• $932 million — had weighted average annual revenue of $932 million and weighted average annual EBITDA of $
• $204 million — n and weighted average annual EBITDA of $204 million. We invest in senior secured or unsecu
• $65.9 million — ur portfolio companies of approximately $65.9 million based on fair value. As of December 31
• $2 — ans that generally, we can borrow up to $2 for every $1 of investor equity. We cu
• $1 — rally, we can borrow up to $2 for every $1 of investor equity. We currently have
• $84.6 billion — , the Blue Owl Credit Advisers managed $84.6 billion in assets under management ("AUM"). The

Filing Documents

• obdc-20231231.htm (10-K) — 15629KB
• ex45-descriptionofsecuriti.htm (EX-4.5) — 702KB
• ex141-coe.htm (EX-14.1) — 81KB
• ex211-subsidiarylist.htm (EX-21.1) — 29KB
• ex231-consentofkpmgllp.htm (EX-23.1) — 2KB
• ex311-12312023.htm (EX-31.1) — 11KB
• ex312-12312023.htm (EX-31.2) — 11KB
• ex321-12312023.htm (EX-32.1) — 5KB
• ex322-12312023.htm (EX-32.2) — 5KB
• ex97-clawbackpolicy.htm (EX-97) — 37KB
• ex991-reportoftheindepende.htm (EX-99.1) — 4KB
• image_0.jpg (GRAPHIC) — 43KB
• obdc-20231231_g1.jpg (GRAPHIC) — 40KB
• picture1.jpg (GRAPHIC) — 14KB
• 0001655888-24-000008.txt (&nbsp;) — 54377KB
• obdc-20231231.xsd (EX-101.SCH) — 120KB
• obdc-20231231_cal.xml (EX-101.CAL) — 59KB
• obdc-20231231_def.xml (EX-101.DEF) — 764KB
• obdc-20231231_lab.xml (EX-101.LAB) — 1039KB
• obdc-20231231_pre.xml (EX-101.PRE) — 873KB
• obdc-20231231_htm.xml (XML) — 11458KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 33 Item 1B. Unresolved Staff Comments 72 Item 1C. C y b ersec urity 73 Item 2.

Properties

Properties 73 Item 3.

Legal Proceedings

Legal Proceedings 73 Item 4. Mine Safety Disclosures 73 PART II Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 74 Item 6. Reserved. 84 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 84 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 170 Item 8. Consolidated Financial Statements and Supplementary Data F- 1 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 150 Item 9A.

Controls and Procedures

Controls and Procedures 150 Item 9B. Other Information 150 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 150 PART III Item 10. Directors, Executive Officers and Corporate Governance 151 Item 11.

Executive Compensation

Executive Compensation 163 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 164 Item 13. Certain Relationships and Related Transactions, and Director Independence 167 Item 14. Principal Accounting Fees and Services 169 PART IV Item 15. Exhibits and Financial Statement Schedules 170 Item 16. Form 10-K Summary 176

Signatures

Signatures 177 ii CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This report contains 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 Blue Owl Capital Corporation (the "Company," "we" or "our"), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our 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 our 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: an economic downturn could impair our portfolio companies' ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies; an economic downturn could disproportionately impact the companies that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies; the impact of elevated interest and inflation rates, ongoing supply chain and labor market disruptions, including those as a result of strikes, work stoppages or accidents, instability in the U.S. and international banking systems, and the risk of recession or a shutdown of government services could impact o

Business

Item 1. Business Our Company Blue Owl Capital Corporation was formed on October 15, 2015 as a corporation under the laws of the State of Maryland. We are a specialty finance company focused on lending to U.S. middle-market companies. Since its inception in April 2016 through December 31, 2023, our Adviser and its affiliates have originated $90.6 billion aggregate principal amount of investments, of which $86.9 billion of aggregate principal amount of investments prior to any subsequent exits or repayments, was retained by either us or a fund advised by our Adviser or its affiliates. Our capital will be used by our portfolio companies to primarily support growth, acquisitions, market or product expansion, refinancings and/or recapitalizations. On July 22, 2019, we closed our initial public offering ("IPO") and our common stock began trading on the New York Stock Exchange ("NYSE") on July 18, 2019. Since July 6, 2023, our common stock trades on the NYSE under the symbol "OBDC." We define "middle market companies" to generally mean companies with earnings before interest expense, income tax expense, depreciation and amortization ("EBITDA") between $10 million and $250 million annually, and/or annual revenue of $50 million to $2.5 billion at the time of investment. We may on occasion invest in smaller or larger companies if an attractive opportunity presents itself, especially when there are dislocations in the capital markets, including the high yield and syndicated loan markets. Our target credit investments will typically have maturities between three and ten years and generally range in size between $20 million and $250 million. The investment size will vary with the size of our capital base. As of December 31, 2023, excluding certain investments that fall outside of our typical borrower profile, our portfolio companies representing 83.2% of our total debt portfolio based on fair value, had weighted average annual revenue of $932 million and weighted average ann

View Full Filing

View this 10-K filing on SEC EDGAR