Blue Owl Capital Inc. · NYSE:OWL
Blue Owl Capital — Blue Owl Capital Corporation II — Q4 2023 Earnings Presentation
15 slides from Blue Owl Capital's earnings presentation, March 2024
Slide 1: Blue Owl Capital Corporation II Quarterly Earnings Presentation
December 31, 2023 Blue Owl Capital Corporation II Quarterly Earnings Presentation FOR EXISTING INVESTORS ONLY. OBDC II IS CLOSED TO NEW INVESTMENTS. 1
Slide 2: Review of 4Q 2023
Review of 4Q 2023 • Net asset value per share of $9.00, flat compared to $9.00 as of 9/30/2023 • Net investment income per share of $0.22, down from $0.24 as of 9/30/2023 • Net income per share of $0.21, down from $0.26 as of 9/30/2023 Earnings Summary • Annualized ROE on net investment income and n
Slide 3: 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) Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Net Investment Income Per Share $0.20 $0.18 $0.19 $0.24 $0.22 Net Realized a
Slide 4: Portfolio Highlights
Portfolio Highlights As of and For Three Months Ended Dec. 31, 2022 Mar. 31, 2023 Jun. 30, 2023 Sept. 30, 2023 Dec. 31, 2023 (Dollar amounts in thousands) Investments at Fair Value $2,259,492 $2,231,038 $2,148,826 $2,104,272 $2,045,864 Number of Portfolio Companies 159 159 156 155 159 Average Invest
Slide 5: Portfolio Highlights – New Portfolio Activity
Portfolio Highlights – New Portfolio Activity For Three Months Ended (Dollar amounts in thousands) Dec. 31, 2022 Mar. 31, 2023 Jun. 30, 2023 Sept. 30, 2023 Dec. 31, 2023 Investment Activity at Par: New Investment Commitments (Net of Sell Downs) $5,371 $2,879 $23,389 $51,027 $187,110 New Investment
Slide 6: Portfolio Highlights – Asset Mix
Portfolio Highlights – Asset Mix $2.0bn 159 29 $188mm 12.4% Portfolio Portfolio Portfolio Company Portfolio Size Portfolio Yield2 Companies Industries EBITDA1 Weighted Average Borrower Statistics1: 3% 5% 2% Q3 2023 Q4 2023 22% Revenue $831mm $879mm 90% Senior Secured EBITDA $180mm $188mm 68% Net LTV
Slide 7: Portfolio Highlights – Diversification
Portfolio Highlights – Diversification Borrower Diversification Industry Diversification Internet software and services 11.5% Inovalon: 2.9% Troon Golf: 2.9% Insurance 8.5% Associa: 2.7% Weiman Products: 2.3% Food and beverage 8.4% Windows Entities: 2.3% PCI Pharma: 2.2% Manufacturing 7.5% Conair: 2
Slide 8: Portfolio Highlights – Internal Portfolio Ratings
Portfolio Highlights – Internal Portfolio Ratings Non-accrual investments at 12/31/2023 as a percentage of total debt investments at cost and fair value were 0.6% and 0.5%, respectively. At quarter end 12/31/2023, there were 3 investments in 2 portfolio companies on non-accrual. (Dollar amounts in t
Slide 9: Quarterly Statements of Financial Condition
Quarterly Statements of Financial Condition As of (Dollar amounts in thousands, except per share data; per share Dec. 31, 2022 Mar. 31, 2023 Jun. 30, 2023 Sept. 30, 2023 Dec. 31, 2023 data is based period end shares, except as otherwise noted) Assets Investments at Fair Value $2,259,492 $2,231,038 $
Slide 10: Quarterly Operating Results Detail
Quarterly Operating Results Detail For the Three Months Ended (Dollar and share amounts in thousands) Dec. 31, 2022 Mar. 31, 2023 Jun. 30, 2023 Sept. 30, 2023 Dec. 31, 2023 Investment Income Interest Income $58,693 $62,506 $63,162 $63,764 $64,726 Dividend Income $3,985 $4,205 $3,650 $4,021 $4,498 Ot
Slide 11: Debt Obligations and Maturity Ladder
Debt Obligations and Maturity Ladder Aggregate Principal Amount Principal Committed / Amount Debt Maturities ($mm) Outstanding Outstanding Interest Rate Maturity Date Revolving Credit $250 million $25 million SOFR + 200 1/12/2029 Facility1 SPV Asset Facility 1 $250 million $60 million SOFR + 270 11/
Slide 12: Dividend History
Dividend History Total Dividend Per Total Dividend Per Date Declared Dividend Type Share Date Declared Dividend Type Share 2/27/2019 Weekly Distributions for Aor. 2019 – Jun. 2019 $0.17 8/2/2022 Monthly Distributions for Oct. 2022 – Dec. 2022 $0.15 5/8/2019 Weekly Distributions for Jul. 2019 – Sep
Slide 13: Risk Factors
Risk Factors An investment in Blue Owl Capital Corporation II (“OBDC 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 following are some of the risk
Slide 14: Important Information
Important Information Unless otherwise noted the Report Date referenced herein is as of 12/31/2023. Past performance is not a guarantee of future results. The information contained in this presentation should be viewed in conjunction with the Company’s most recently-filed Quarterly Report on Form 10
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