Blue Owl Capital Corp. Files 10-Q for Q1 2024

TL;DR

<b>Blue Owl Capital Corp. filed its Q1 2024 10-Q, detailing investments across various sectors and portfolio companies.</b>

AI Summary

Blue Owl Capital Corp (OBDC) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Blue Owl Capital Corp. reported its Q1 2024 financial results on May 8, 2024. The filing covers the period ending March 31, 2024. Key investment categories include unaffiliated issuers, affiliated non-controlled issuers, and affiliated controlled issuers. Specific portfolio companies mentioned include Broadcast Music, Inc., Circana Group, L.P., and Monotype Imaging Holdings Inc. The company's business address is 399 Park Avenue, New York, NY.

Why It Matters

For investors and stakeholders tracking Blue Owl Capital Corp, this filing contains several important signals. This 10-Q provides investors with a detailed look at Blue Owl's investment portfolio and financial health as of the end of the first quarter of 2024. Understanding the specific investments and their classifications (affiliated vs. unaffiliated) is crucial for assessing the company's risk exposure and growth strategy.

Risk Assessment

Risk Level: — Blue Owl Capital Corp shows moderate risk based on this filing. The company's investments are concentrated in debt securities, which can be sensitive to interest rate fluctuations and economic downturns, as evidenced by the various loan types listed.

Analyst Insight

Investors should review the detailed breakdown of the investment portfolio to understand the specific risks and potential returns associated with Blue Owl's lending activities.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-05-08 — Filing Date (10-Q filing)

Key Players & Entities

• Blue Owl Capital Corp. (company) — Filer of the 10-Q
• 2024-03-31 (date) — End of reporting period
• 2024-05-08 (date) — Filing date
• Broadcast Music, Inc. (company) — Portfolio company
• Circana Group, L.P. (company) — Portfolio company
• Monotype Imaging Holdings Inc. (company) — Portfolio company
• 399 Park Avenue, New York, NY (address) — Business address

FAQ

Risk Factors

• Investment Portfolio Concentration [medium — financial]: The company's investments are primarily in debt securities, which exposes it to risks related to interest rate changes and economic conditions.
• Regulatory Compliance [medium — regulatory]: As a regulated investment company, Blue Owl Capital Corp. must comply with various securities laws and regulations.

Key Dates

• 2024-03-31: Quarterly Period End — Marks the end of the reporting period for the 10-Q.
• 2024-05-08: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a comprehensive overview of a company's financial performance during a specific quarter.)

Debt Securities

Financial instruments that represent a loan made by an investor to a borrower. (Key asset class for Blue Owl Capital, indicating exposure to credit risk and interest rate sensitivity.)

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share OBDC The New York S

Filing Documents

• obdc-20240331.htm (10-Q) — 10185KB
• ex311-03312024.htm (EX-31.1) — 11KB
• ex312-03312024.htm (EX-31.2) — 11KB
• ex321-03312024.htm (EX-32.1) — 5KB
• ex322-03312024.htm (EX-32.2) — 5KB
• 0001655888-24-000014.txt (&nbsp;) — 44429KB
• obdc-20240331.xsd (EX-101.SCH) — 83KB
• obdc-20240331_cal.xml (EX-101.CAL) — 58KB
• obdc-20240331_def.xml (EX-101.DEF) — 698KB
• obdc-20240331_lab.xml (EX-101.LAB) — 771KB
• obdc-20240331_pre.xml (EX-101.PRE) — 787KB
• obdc-20240331_htm.xml (XML) — 9724KB

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 60 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 113 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 173 Item 4.

Controls and Procedures

Controls and Procedures 174 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 175 Item 1A.

Risk Factors

Risk Factors 175 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 175 Item 3. Defaults Upon Senior Securities 175 Item 4. Mine Safety Disclosures 175 Item 5. Other Information 175 Item 6. Exhibits 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

Consolidated Financial Statements

Item 1. Consolidated Financial Statements Blue Owl Capital Corporation Consolidated Statements of Assets and Liabilities (Amounts in thousands, except share and per share amounts) March 31, 2024 (Unaudited) December 31, 2023 Assets Investments at fair value Non-controlled, non-affiliated investments (amortized cost of $ 10,843,376 and $ 11,271,962 , respectively) $ 10,831,170 $ 11,264,956 Non-controlled, affiliated investments (amortized cost of $ 31,026 and $ 19,004 , respectively) 32,223 19,988 Controlled, affiliated investments (amortized cost of $ 1,454,485 , and $ 1,341,236 , respectively) 1,550,991 1,428,404 Total investments at fair value (amortized cost of $ 12,328,887 and $ 12,632,202 , respectively) 12,414,384 12,713,348 Cash (restricted cash of $ 89,838 and $ 87,067 , respectively) 666,716 658,702 Foreign cash (cost of $ 76,145 and $ 946 , respectively) 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 $ 90,019 and $ 81,492 , respectively) $ 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 $ 0.01 par value, 500,000,000 shares authorized; 389,732,868 and 389,732,868 shares issued and outstanding, respectively 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 The accompanying notes are an integral part of these consolidated financial state

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View this 10-Q filing on SEC EDGAR