Blue Owl Capital Q2 Earnings: NII Beats, NAV Dips, Dividend Maintained
OBDC is trading near its 52-week low of $10.52 (5.5% above the low).
Summary
Blue Owl Capital Corp posted Q2 adjusted NII of $0.34/share, up from $0.31, and declared a $0.33 total dividend. NAV dipped to $14.26 on modest markdowns, but the company bought back $35M in stock and maintained a strong liquidity position.
Key Events · Earnings and Guidance · OBDC
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Q2 NII Beats, Dividend Covered
Adjusted NII of $0.34 per share, up from $0.31 in Q1, covers the $0.33 total dividend (base $0.31 + supplemental $0.02). GAAP NII was $0.36.
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NAV Declines on Markdowns
NAV per share fell to $14.26 from $14.41, primarily due to markdowns on a small number of portfolio companies, partially offset by over-earning the dividend and accretive share repurchases.
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Non-Accruals Edge Higher
Investments on non-accrual rose to 2.8% of portfolio at cost (0.8% at fair value), up from 2.0% at cost last quarter, signaling some credit deterioration.
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Share Repurchases Accretive
The company repurchased approximately $35 million of common stock during Q2, which was accretive to NAV per share.
Analysis · OBDC · Unknown
Blue Owl Capital Corp reported Q2 2026 adjusted NII of $0.34 per share, up from $0.31 last quarter, comfortably covering the $0.33 total dividend. NAV per share slipped to $14.26 from $14.41, driven by markdowns on a few names, but the company repurchased $35M in stock, which was accretive. Non-accruals ticked up to 2.8% at cost, a watchpoint, but remain manageable at 0.8% of fair value. With leverage at a two-year low and $4.2B in undrawn credit, the company has ample dry powder to deploy into what management calls increasingly attractive opportunities. The results show a BDC navigating a tougher credit environment while still generating strong risk-adjusted returns.
How filings like this one have moved
In the 30 days to Sep 15, 2026, 29.9% of the 1678 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.25%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, OBDC was trading at $11.10 on NYSE in the Unknown sector, with a market capitalization of approximately $5.4B. The 52-week trading range was $10.52 to $14.53. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.