Blue Owl Capital Inc. · NYSE:OWL
Blue Owl Capital — Blue Owl Capital Corporation II — Q1 2023 Earnings Presentation
16 slides from Blue Owl Capital's earnings presentation, Mar 31, 2023
Slide 1: Blue Owl Capital Corporation II Quarterly Earnings Presentation
Blue Owl Capital Corporation II Formerly known as: Owl Rock Capital Corporation II Quarterly Earnings Presentation March 31, 2023 FOR EXISTING INVESTOR USE ONLY. BLUE OWL CAPITAL CORPORATION II IS NOT OPEN TO NEW INVESTORS.
Slide 2: Risk Factors
Risk Factors An investment in Blue Owl Capital Corporation II ("Blue Owl Capital Corporation II") is speculative and involves a high degree of risk, including the risk of a substantial loss of investment, as well as substantial fees and costs, all of which can impact an investor's return. The follow
Slide 3: Risk Factors (Cont'd)
Risk Factors (Cont’d) • The Adviser and its affiliates face a number of conflicts with respect to us. Currently, the Adviser and its affiliates manage other investment entities, including the Blue Owl BDCs, other investment funds, client accounts and proprietary accounts, and are not prohibited from
Slide 4: Review of 1Q 2023
Review of 1Q 2023 • Net asset value per share of $8.89, up from $8.85 as of 12/31/22 • Net investment income of $26.9 million, down from $29.8 million as of 12/31/22 Earnings • Net income of $31.3 million, down from $38.3 million as of 12/31/22 summary • 1Q’23 dividend per share of $0.171 • 1Q’23 di
Slide 5: OBDC II portfolio snapshot
OBDC II portfolio snapshot Quick Facts Breakdown by asset type Commenced Operations: April 2017 Equity Raised: $1.4 billion Portfolio Size: $2.2 billion (at fair value) First lien senior Diversification: 159 portfolio companies across 28 industries 4% secured with a target of 1-2% position sizes 3%
Slide 6: Blue Owl Capital Corporation II fund level performance – relative track record
Blue Owl Capital Corporation II fund level performance – relative track record Since inception, Blue Owl Capital Corporation II has generated an attractive annualized total return of 8.7% 2 and an annualized distribution yield of 7.5%1 NAV Performance and Distributions1 Performance Blue Owl $8.90 $8
Slide 7: Financial highlights
Financial highlights Dollar amounts in thousands, except per share data; per share data is based on weighted average shares outstanding during the period, except as otherwise noted. Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Net investment income per share $0.15 $0.15 $0.18 $0.20 $0.19 Net realized and
Slide 8: Portfolio highlights – selected metrics
Portfolio highlights – selected metrics As of and For Three Months Ended September 30, December 31, (Dollar amounts in thousands) March 31, 2022 June 30, 2022 March 31, 2023 2022 2022 Investments at Fair Value $2,384,686 $2,289,875 $2,275,632 $2,259,492 $2,231,038 Number of Portfolio Companies 147 1
Slide 9: Quarterly statements of financial condition
Quarterly statements of financial condition Dollar amounts in thousands, except per share data; per As of share data is based on weighted average shares outstanding during the period, except as otherwise noted) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 Assets I
Slide 10: Quarterly operating results detail
Quarterly operating results detail For the Three Months Ended (Dollar amounts in thousands) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 Investment Income Interest Income – Excluding Payment-In-Kind (“PIK”) $41,047 $41,292 $46,028 $51,993 $55,465 Interest Income I
Slide 11: Portfolio highlights – originations
Portfolio highlights – originations Blue Owl Capital Corporation II Originations and Net Funds Growth1 • New investment commitments and fundings totaled $4 million and $3 million, respectively, for the quarter. These commitments were distributed across 3 investments in 3 portfolio companies, all of
Slide 12: Portfolio Highlights – Asset Mix
Portfolio Highlights – Asset Mix New Investment Fundings End of Period Investments (At par value, Dollar amounts in millions) (At fair value, Dollar amounts in millions) $38 $37 3% $2,385 3% $2,290 3% 2% $2,276 $2,259 4% $2,231 $33 16% 1% 2% 2% 2% 4% 3% 4% 1% 3% <1 1% 2% % $27 2% 20% $28 2% 20% 21%
Slide 13: Portfolio Highlights – Diversification
Portfolio Highlights – Diversification Borrower Diversification Industry Diversification Top 10 positions Internet software and services 13.8% represent 22% of Insurance 8.1% the portfolio at FV Manufacturing 7.1% Food and beverage 7.0% Healthcare technology 6.1% Financial services 5.5% Healthcare p
Slide 14: Financing Landscape
Financing Landscape SPV Asset Facility I SPV Asset Facility II Unsecured Notes Size $500 million $325 million Size $450 million Maturity Date November 30, 2024 April 14, 2030 Maturity Date November 26, 2024 Interest Rate SOFR + 253 SOFR + 250 Fixed Coupon 4.625% $106 $170 $450 0.78x 0.77x 0.77x 0.76
Slide 15: Important Information
Important Information Unless otherwise indicated, the Report Date referenced herein is March 31, 2023. Past performance is not a guarantee of future results. Assets Under Management (“AUM”) refers to the assets that we manage and are generally equal to the sum of (i) net asset value (“NAV”); (ii) dr
Slide 16: FOR EXISTING INVESTOR USE ONLY. BLUE OWL CAPITAL CORPORATION II IS NOT OPEN TO
OBDC II-EARNINGS- 1Q23 FOR EXISTING INVESTOR USE ONLY. BLUE OWL CAPITAL CORPORATION II IS NOT OPEN TO NEW INVESTORS. 4710152
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